- 26,145
True and True.
It is a great resource.
But a new agent will read here and think "hey, all of these guys are making $200,000 a year, sounds easy, I can do that".
Immediate coverage.. Lol
- Thread starter TPAAgent
- Start date
True and True.
It is a great resource.
But a new agent will read here and think "hey, all of these guys are making $200,000 a year, sounds easy, I can do that".
- 17,073
It's getting worse. When they call now they aren't planning to sell $200,000. They want to (and expect to) sell $500,000+ their 1st year. You tell them slow down there buddy. Let's get you to your 1st $10,000 month and build from there. But no, they know a guy with magic beans that says they will be selling $50,000 per month easy.
- 26,145
I hope they save some, so they have something to eat in about 6 months.
I've had claims go both ways and pay. If you are doing everything by the book, there is no reason at all why they shouldn't pay the claim. Of course I understand the logic that no insurance company ever wants to pay a claim, but if they are legitimately underwritten and the client is approved with a level death benefit and the client didn't lie to you or on a phone interview, the carrier should pay.
I disagree that no insurance company wants to pay a claim. They do not want to pay claims that are not supposed to be paid but paying a claim is one of the best ways to build business. I have never had a claim that did not bring in additional business.. That goes for both Life and Cancer products.
- 17,073
I think that all insurance companies should be required to disclose what % of their TOTAL claims get paid. Like Settlers used to do. And some agents would argue that only the contested claims number is important but I've always disagreed with that. It's total claims that is important.
For instance if company A underwrites very tightly going in they might have 2 contestible claims per 100 and let's say for example they pay one and rescind one. That's 50% of contested claims paid. But 99% of total claims paid.
Company B is loose going in. Very sketchy underwriting. Let's say they have 10 contestible claims per 100 and pay five of them. So an equal 50% of contestible claims got paid but only 95% of total claims paid. That is the difference.
All companies should be required to disclose those figures. It's a definite quality control figure that would be important to many agents when selecting companies and would incentivize companies to do better.
For instance if company A underwrites very tightly going in they might have 2 contestible claims per 100 and let's say for example they pay one and rescind one. That's 50% of contested claims paid. But 99% of total claims paid.
Company B is loose going in. Very sketchy underwriting. Let's say they have 10 contestible claims per 100 and pay five of them. So an equal 50% of contestible claims got paid but only 95% of total claims paid. That is the difference.
All companies should be required to disclose those figures. It's a definite quality control figure that would be important to many agents when selecting companies and would incentivize companies to do better.
- 26,145
That.
Claims and service is definitely one of the barometers that determines if I keep a company.
Of course, I understand that they are in the business of insurance and paying claims is an attractive thing for new customers. I still don't think they want to stroke checks
- 26,145
That is where the actuary, underwriter and agents come in. Before the claims.
Most claims that I have worked where Lincoln Heritage was involved, the claimant was happy. Most of the claims I have worked where Bankers was involved, not so much.
Casinos don't want you to win,,, to much. But they definitely want winners.
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