I saw Transamerica lowering fe commissions effective today

[FETalk]

I see this as a slap in the face of the agent force. They are totally unable to answer their phones in timely fashion, and some how they feel that the way to fix it is to change rates and run commission lower?!?

One bad mistake after another, after another. It's like watching an alcoholic tend bar.

They were always asking for agent feed back... which one of you wise guys suggested changing rates and paying less in commissions as an answer to the problem!

It's a sinking ship, and someone just decided that it was a good idea to fill up all the ballast tanks.

Some one please help them... they need help.

Maybe they're not trying to "fix it". Can anybody say "short sell"?

 

[Agentguy5]

Well it looks like the peanut gallery missed something kind of important. As of Yesterday, Transamerica has become once again, a competetively priced product.

Of course that doesn't change the long application and newly stricter underwriting, but agents in states like Florida, where the little carriers tend to cringe away from, now have another product to work with...

 

[DonP]

I was looking at my quotes a few mins ago . Age 50-70 right in line with family benefit . The question one must ask themselves. Do you want to go threw a 20 min plus app and then get a rejection ? Has anyone done 10 or more apps the past yr to gauge their underwriting? Unless they fix their customer service I'd not even look at them .Did they lower commissions ?

 

[Baseball7]

Has anyone done 10 or more apps the past yr to gauge their underwriting?

no niche's outside of de / copd assuming no other conditions

Unless they fix their customer service I'd not even look at them .

no

Did they lower commissions ?

Yes

 

[DonP]

How much did they lower ?

 

[OhU812]

the peanut gallery

Really? ...and you recruit with that stance of respect?
Good luck with that....

 

[Todd King]

How much did they lower ?

They lowered the renewals, not the first year commission.

 

[Life Hawk]

I was looking at my quotes a few mins ago . Age 50-70 right in line with family benefit . The question one must ask themselves. Do you want to go threw a 20 min plus app and then get a rejection ? Has anyone done 10 or more apps the past yr to gauge their underwriting? Unless they fix their customer service I'd not even look at them .Did they lower commissions ?

Spot on... if you sale a company like trans, you might win margins on the cost, you will loose major points on the service. They aren't servicing their agents... who in the world thinks that 1hr and 30 min hold times is servicing their clients.

That dog continues to bite the hand that feeds it. Time to stop feeding if.

Aside: If I run into a policy in the field I'll just call the customer service number and let the client decide.

 

[noah]

Spot on... if you sale a company like trans, you might win margins on the cost, you will loose major points on the service. They aren't servicing their agents... who in the world thinks that 1hr and 30 min hold times is servicing their clients.

That dog continues to bite the hand that feeds it. Time to stop feeding if.

Aside: If I run into a policy in the field I'll just call the customer service number and let the client decide.

How do you like their automated stall tactics when you call them ? Do you play their game and listen to their automated options ? Do they think they can just play with your time like you really don't have any other companies to write with ?

 

[FETalk]

They lowered the renewals, not the first year commission.

TA Exec #1: "Did you see last quarter's Final Expense dept.'s earnings report - SALES ARE DOWN BY 1000%! We're losing money hand over fist, we have to do something to stop the bleeding - NOW!"

TA Exec #2: "Yeah I know, my quarterly bonus check was down a half a mil last quarter"

TA Exec#3: "You're telling me, if this keeps up, me and the family, might have to skip this year's trip to the Hampton's"

TA Exec #1: "Enough talking, I needs some ideas - Now!"

TA Exec #2: "I know, why don't we bring back the $40 per app. bonus contest?"

TA Exec #1: "What are you talking about, that failed miserably!"

TA Exec #2: I know, but what if this time we paid them $48 per app., instead of $40?"

TA Exec #1: "You know, that's so crazy, it just might work, good idea. OK, what else - anybody?"

TA Exec#3: "Well, what if we held a contest, but instead of money, we awarded the winners with a 1 day all expense paid trip to Corporate headquarters, with a free luncheon and award ceremony in their honor"

TA Exec #1: "Interesting idea, but I think we need something a little bit more robust"

Low level marketing Intern: "Sirs, I have an idea"

TA Exec #1: " Who is this guy?"

TA Exec #2: "He's the new marketing intern, I think his name is Johnson"

Low level marketing intern: "Ah, it's Davidson sir"

TA Exec #1: "Well Johnson, what is it, "spit it out"

Low level marketing Intern: "ah, Davidson sir"

TA Exec #2: "Whatever Johnson, we don't have all day, what's your bright idea"

Low level marketing Intern: "Well sir, I think that we're losing money primarily due to our agents not being happy with the lower commission rates compared to the competition, uncompetitive premiums, super long app., extremely long hold times, and slow approval process.

So I was thinking, what if we just addressed those issues, by improving dramatically in all those areas?"

TA Exec #3: "Improve dramatically - Absolute rubbish! Who hired this guy - he should be fired immediately?"

TA Exec #2: "I think it was Tom, over in acquisitions"

TA Exec #1: "No, wait a minute, he's actually made some good points"

TA Exec #3: "Like I said, who hired this guy - we need to give him a raise"

TA Exec #1: "If we lowered the premiums, and made an appeal to our agents to consider us for their top-tier business, that just might work!'"

TA Exec #2: " But if we did that, we would be facing an immediate budget shortfall"

TA Exec #3: "Not if we take it out of the agents commissions"

TA Exec #2: "That won't work, it too obvious, they're not that stupid"

TA Exec #1: "You're right, so we'll just take out of their back end commissions instead"

TA Exec #3: "Excellent idea, as always, Sir!"

TA Exec #1: "Yeah, I know!"

TA Exec #1: "So it's settled then, lower the FE premiums across the board, and make up for the shortfall from the agents renewals!"

TA Exec #1: "Oh by the way, first thing tomorrow morning, make sure you fire both Johnson, and Tom in acquisition's!"

TA Exec #2: "I think you mean Davidson, sir"

TA Exec #1: "That's what I said - Johnson!"