Mega/Healthmarkets Agents Selling Golden Rule???

[insurfoless]

I heard they are paying new agents 15%, agents older than three years 18%, 5% for some kind of cross sell commision, and 7% bonus if you hit some production level, so I guess that pays 30%. 1/2% interest on advances, 4 or 8 month advance depending whether you want to be paid on submission or approved, 8 month advance and not sure if you get anything beyond the advance(Am told you get 0 renewals on life). Also heard you only get 90% credit on GR(6,000 AV=5,400AV), "No Chargebacks" and apparently there is a manual with more formulas than anyone could ever imagine.

 

[Crabcake Johnny]

Someone faxed the Insphere contract to me this morning. GR commissions for a writing agent are 10.5% and if you hit the first year bonus it's 15%.

If anyone has higher comp figures just reference the commission schedule.

 

[celestrill]

Phillip Hildebrand - mentioned in above article from Texas that is fining Mega again (I got burned in 2001 by Mid-West insurance that refused to pay my emergency surgery claim, which led me to becoming an agent in the first place) is the CEO fo Insphere:

(see their web site - insphereinsurancesolutions dot com and then the "about us" page)

Same guy?

I got a call from one of their recruiters today. I am already appointed as an independent broker for UHC so I don't know what the advantage would be to work with them. Any clues?

 

[Crabcake Johnny]

Wouldn't matter, if you're direct you can't get a release anyway.

 

[Colorado Newbie]

I wonder if this would explain why the hold times with GR agent services is so incredibly long now

Update: during a conversation with a GR call center rep I asked about the long hold times and she did indeed say that the recent acqusition of Health Markets had increased their call volume. She went on to say that all of their underwriters are working mandatory overtime and that they are hiring and training both new underwriters and call center employees.

 

[ins.dave]

And they get popped again.....

North Richland Hills insurance company again runs afoul of state regulator | Business | Star-Te...

After all this time I'm starting to think that they just let them stay in business so that they can fine them for revenue every once in a while.

 

[Colorado Newbie]

I just had a conversation with my old Mega Regional. Sounds like Insphere is picking up as many national carriers and their products as they can. They already have Aetna and Cigna will be next and so forth. They'll be picking up small group from all of their carriers as well.

Their agents will be selling HealthMarket riders alongside the national carrier products. It sounds like the "cross over" selling will be their business model. No more "taken rate". I'm can't remember what the commission level is for a nwebie agent but an experienced agent would be at 19% plus a wide variety of bonuses for selling the ancillary products.

Like it or not they have now crossed over. UnitedHealthOne says the Insphere Agents are breaking records. And they added that they are writing good policies. Not junk policies that get declined. So with that being said I wonder if they did away with their paid on submission.

 

[Crabcake Johnny]

They still offer pay on submit - 4 month advance.

 

[ins.dave]

It sounds like the "cross over" selling will be their business model. No more "taken rate". I'm can't remember what the commission level is for a nwebie agent but an experienced agent would be at 19% plus a wide variety of bonuses for selling the ancillary products.
Like it or not they have now crossed over. UnitedHealthOne says the Insphere Agents are breaking records. And they added that they are writing good policies. Not junk policies that get declined. quote]

Say what?
Healthmarket riders?
They provide marketing and pay out 19 points ...
Renewals?
- - - - - - - - - - - - - - - - - -

Someone faxed the Insphere contract to me this morning. GR commissions for a writing agent are 10.5% and if you hit the first year bonus it's 15%.

If anyone has higher comp figures just reference the commission schedule.

Marketing muscle?
Renewals?