Live Updates - Cigna Phone Conference

[jbage007]

there are too many Bill Petersons out there I'm afraid

--based on some of the irate questions (re: 40% income cut) it sounds like a large number of agents are ready to pack it up and head for the hills....

if so, that's great

I don't mind working for 15% - especially if it were guaranteed issue and piece of cake.....ha!

that's the whole problem at least for the next 3 years - much more work (to get business placed) and lots less income

maybe this place has some openings?

 

[YouGotMyMoney]

just heard this cigna bonus is per member?

garbage.

 

[AllenChicago]

Just had to log in for a sec to say GREAT JOB ON THIS THREAD! Real-time reports from the front lines are the sheet!
-ac

 

[jbage007]

Re: Cigna Bonus!

~Update
Here is Cigna's Bonus Program for Q1-2011

10-14 new members pays $500
15-19 new members pays $1000
20-24 new members pays $1500
25-29 new members pays $2000
30-39 new members pays $2500
40-49 new members pays $4000
50-74 new members pays $5500
75-99 new members pays $7500
100-149 new members $10,000
150-199 new members $15,000
200-249 new members $20,000
250-299 new members $30,000
300+ new members $40,000
Add'l $10,000 for each 50 more new members
----
Bam!
----
I have GOT to find a way to mass market this stuff!

 

[YouGotMyMoney]

Do you have a source w/disclaimers?

I hate these "member" bonuses.

 

[Crabcake Johnny]

So lets' do the math based on three 3K deals per week with 18 lives for the year.

Annual volume: 468K X .12 = $56,160
936 lives (if that's what they go by) maxes out at $40K for the 1st 300 then 12K more for the additional members.

Total: $108,160 then back into 156 cases and you have $692 per case or 23%.

 

[YouGotMyMoney]

You are forgetting the bonuses you will lose, by members cancelling, flipping to other carriers.....etc.

And I'm not saying you won't get any bonus, but if you're customer base (which sad to say is most broker's book on this forum) is mostly internet leads, you will won't get anywhere near what you think you should have coming.

 

[Crabcake Johnny]

Sorry, I need to put the crack pipe down. Way off. 6 lives per week X 52 weeks = 312 lives or just the 40K bonus. Disregard the extra 12K.

 

[djs]

John, your math is still off. Bonus is only $7500 based on your numbers. New members are per quarter, not per year. Assuming you get a growth of 75 members for the quarter, then the bonus is $7500. Multiply that by 4, you are at $30,000 in bonus, not $40K.

If I understand this correctly, the problem is you need member growth, not policies issued. This means after a while, you grow a decent book, you are writing new stuff, but the cancellations keep the bonuses out of the picture. In all honesty, you will run into this in the first year, definitely by the second.

Also, keep in mind, commission structures will probably change again in 2014. I'm guessing, but GI will play a big part in commission here.

Dan

 

[bill3173]

Cigna's bonus is good, but it's like a horse race. I had 30 new members last quarter, and was ready to start spending the money, and had a family of 5 cancel 5 days before the end date for the bonus.

They were with me for two years with another carrier, and then the wife goes and gets a job and takes the group policy(which wasn't cheaper than what she had with me). I begged her to let her husband and children stay with me, but she said no. I started crying and begging on the phone, and she thought about it for a few more days, but still came back with a no.

It's a cruel world.