I have a potential customer that recently purchased a MOO Med Sup. I'm not a fan of MOO due to their history of selling under different names once their rates skyrocket. I was wondering if someone could point me to a article that covers their history. You know United world, United Of Omaha ect. I use CSG but I don't think it lets me pull rates for companies that are no longer sold. I would like to be able to show something to him rather then just have him take my word for it. Thanks in advance
Mutual of Omaha Article or Rate History
- Thread starter perk44
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Go back thru their blog for your state(s). That's what I did to discover they raised rates 10 times since 2012
Express » Blog Archive » April Rate Adjustments in Oklahoma and Mississippi
Express » Blog Archive » April Rate Adjustments in Oklahoma and Mississippi
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- #3
What will you do for the client, if you switch them to carrier x, and then if carrier x goes up at a greater % than MoO?
How good are you at "predicting" the future of your proposed carrier?
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If carrier X would go up a high % I would move them to a different carrier as long as they would qualify medically. Obviously this always can't be done. Some people get "stuck". As far as how good I am at "predicting" the future. I can't predict the future. I can only try to steer clear of carriers with a history of high rate increases. If you have a different method please share it with the forum I'm sure we would all like to hear it.
The original writing agent... Are they able to move the client, just like you, if rates go up with MoO?
How much are you saving them *today* by recommending something else? $500 yearly? More?
If the original agent is also a broker... And you aren't saving them money today... Then I wouldn't recommend a switch off the (shaky) grounds of "better future rates." I'd look for another prospect with an immediate need.
Doesn't mean there is no opportunity. Put them in your CRM, and if your prediction holds true you can call them in 2 years after their rates "skyrocket."
At that point, you'll be providing more value to the client above and beyond "exposing" MoO.
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I am quite open about the history of the MOO carriers and even go so far as to tell prospects if they want MOO to buy direct and I give them the number.
We have a number of carriers here including some that are within a few dollars of MOO (either way) and almost always 1 or 2 that are at least $10/less.
And no, I can't predict the future but I know that carriers that change names every few years do not have a good track record. And some, including MOO, raise rates more and at a faster clip on legacy policyholders vs new ones.
At some point a new policyholder will be in the legacy class and most likely go through the same thing again.
Just since 2010 we have had United World, United of Omaha and now Omaha insurance company.
We had CLI and now AHL. Could be wrong but I think Genworth preceeded CLI. If so we had Genworth, CLI and now AHL. Almost positive that Aetna dropped CLI rates a bunch after buying them from Genworth. They ran with CLI from 2011 through 2015 before replacing with AHL at roughly 25% below CLI.
Can I predict the future?
No, but I can tell you what happened in the past and let the prospect draw their own conclusions.
We have a number of carriers here including some that are within a few dollars of MOO (either way) and almost always 1 or 2 that are at least $10/less.
And no, I can't predict the future but I know that carriers that change names every few years do not have a good track record. And some, including MOO, raise rates more and at a faster clip on legacy policyholders vs new ones.
At some point a new policyholder will be in the legacy class and most likely go through the same thing again.
Just since 2010 we have had United World, United of Omaha and now Omaha insurance company.
We had CLI and now AHL. Could be wrong but I think Genworth preceeded CLI. If so we had Genworth, CLI and now AHL. Almost positive that Aetna dropped CLI rates a bunch after buying them from Genworth. They ran with CLI from 2011 through 2015 before replacing with AHL at roughly 25% below CLI.
Can I predict the future?
No, but I can tell you what happened in the past and let the prospect draw their own conclusions.
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- #8
If the original agent is a broker I would be curious why MOO was recommended in the first place? They aren't the lowest rate in this situation. So if you can offer a lower rate with a company that doesn't have MOO's history why wouldn't you do so? Or should I ask if their agent is a broker and tell them to call him and ask if he has a better rate? You are also assuming that they would medically qualify in 2 years. If I can't predict future rates, I sure as hell can't predict future health. This is what annoys me about this forum. I don't post a lot. But I do read it often. Someone ask a question and a guy like Somarco gives an answer that is helpful. Then others jump in with non helpful answers or opinions. I wasn't looking for a debate or a lesson on how to do my job.
