Insphere Insurance Solutions. Any Info About Career ?

[Crabcake Johnny]

Unless it's changed, they have a debt account. The normal procedure if if you have a chargeback, it's taken out of your next check.

With InSphere, if there's a chargeback it's not taken out of your next check. Instead, it goes in a debt account and you're charged interest. If you quit or are terminated then your debt is owed immediately.

 

[justwondering]

Thanks in advance for your patience with a newbie - So if there are no chargebacks, there is no incurred debt? How common are chargebacks? (signed, brand new newbie)

 

[Crabcake Johnny]

Correct. Chargebacks should be minimal and it's something you have a degree of control over. Don't write junk.

That said, back when I was with UGA (now InSphere) we were paid on submit. That means if the application is not approved/taken you still got advanced and now owe it back.

That's a lot more liability than the regular system of only getting paid upon approval.

Also back when I was there, the interest rate on the debt account was 1.5% per month - or 18%. I knew agents with 50K+ of debt. Do that math - $50,000 X 18% = $9,000 a year in interest.

 

[justwondering]

Thanks for your answers. Obviously, I am considering joining them and am spending time reading this forum (and anything else I can find) to get info re pros and cons.

Can an agent clear out the chargebacks on a monthly basis? I am debt free and obviously don't want to incur debt to the company I'm representing when I don't carry any debt myself.

 

[HomeService]

These companies make more off the debt of the agents than they make off the policies they sell. Same with the outfits that sell leads at way high prices, they make more off selling leads to agents.

 

[Crabcake Johnny]

Let's not forget that when I was with UGA, there was a $250 "sign-up" fee. Our division's goal was to hire 20 new people per month.

Notice I didn't say "agents" because they didn't target agents. Regular people recruited had to pay the $250 upfront.

20 X $250 = $5,000 a week ain't bad.

 

[justwondering]

Thanks for the input.

 

[Johnnymc]

The health insurance that you have to offer are garbage...
all high deductible stuff with crazy premiums thru Golden Rule and Aetna....then you "fill the holes" in their plan with shitty supplimental "coverage". The life insurance isn't bad..ING and Minnesota Life...its the health that gets you in the door and for the most part...people look at it as temporary insurance...so I would say that all agents that are selling a lot with them have HUGE debit balances.

 

[Corey_Dahl]

I'm not an insurance agent, obviously, but I just profiled an Insphere agent for the April issue of Life Insurance Selling magazine. For what it's worth, he seemed very happy with the company and is doing quite well, sales-wise -- though who can say if his experience is typical. You can read the story at LifeHealthPro.com -- search "He Shoots, He Scores."

 

[bill3173]

I'm not an insurance agent, obviously, but I just profiled an Insphere agent for the April issue of Life Insurance Selling magazine.

Thank you for sharing that, it underscores the need to ignore these magazines.