Mutual of Omaha Commission

Dec 23, 2008

  1. Russ
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    Russ Guru

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    I've been writing for Mutual of Omaha for over 8 years....great company, well maybe not so great. First off, if anyone wants to tell me...hey, it was your choice to write for them, go ahead.

    One thing I've NEVER understood about this company....they send out no commission schedule....none. Most companies send out a schedule of cutoff dates for the year, then the date they send the commission to your bank, so you can expect it the next day. Not Mutual of Omaha....nothing. Go on their website....nothing.

    So I called them this morning to find out when their cutoff for this week is.....much to my surprise, it was last Friday. Commissions were sent out yesterday and should hit my bank this morning. Of course, since it was a short week and none of the several med-supps I've written for them have been issued yet, I get nothing. Their running behind on getting policies issued because of being flooded with applications with folks getting off of MA plans and going back to Medicare.

    Okay..so I should have a nice big check with them next week being I've got nearly a grand in renewals they owe me too....but, uh-oh, when I called this morning to check on this weeks cutoff date, here's what the lady tells me.....

    """We won't have a payout next week. Our next pay will be January 8th of 2009, hitting your account on January 9th, 2009.""" That's 2 1/2 weeks away!

    Thanks for everything M of O. Oh yeah, Merry Christmas and a Happy New Year to you to.

    I could start another thread about how lousy AARP is at paying, but why should I waste my time.

    Whose looking out for the agent anymore? I've busted my ass since OE started....writing PDP plans(Coventry) and med-supps, both through M of O. What a fool I am!

    24 years of this.......
     
    Last edited: Dec 23, 2008
    Russ, Dec 23, 2008
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  2. G.Gordon
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    G.Gordon Guru

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    24 years and your bitching about a couple bucks from "one" carrier????...


    It does grip you though. I have one carrier that drafts on the Tuesday after the requested draft date. Most of my clients choose the 10th. So the $4000 I was expecting from them on the 16th/17th pay period... was $1700. The 10th was on a Wed. this month so they didn't draft those folks till the 16th. I'll get the balance Jan. 8th or so. I've since learned to make draft dates no later than the 5th.
     
    G.Gordon, Dec 23, 2008
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  3. Russ
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    Russ Guru

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    Money doesn't grow on trees. I was doing real good with my agency until.....Oct. 1st, 2001....the day Tricare started...losing 20 grand a year in renewals isn't that easy to overcome. I live close to the largest AFB there is. I've built my agency back up and have had an excellent finish to the year.

    Oh well...at least it won't be included on my 2008 taxes.
     
    Last edited: Dec 23, 2008
    Russ, Dec 23, 2008
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  4. insuranceexec
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    insuranceexec Guru

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    I would say that it does not matter how much a company owes; if it is my money, it is my money. I would say that by most insurance professionals standards I am successful. I run a 7 figure agency and am able to keep a nice 6 digit income for myself. I have more than 65 agents that our top of the court MDRT, myself included. With that being said I will hunt down 10 bucks if it is mine. Every month when I get the comp breakdowns from the carriers I study them to make sure that every dime was paid. If I find a discrepancy, which is not often, I take care of it immediately. I will not allow the carriers to place it on the next pay cycle, they will cut a special check or issue a special EFT.

    I do not know what makes so many people complacent in this business, not to care if they get paid this month or the next. It does not matter. Your money is your money.

    the next time you decide to write into a post about a guy who is upset about not getting paid. Remember that you too were once in his position and try to empathize with him not humiliate him.

    Money does not grow on trees and you have every right to gripe. Thanks for posting!
     
  5. Russ
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    Russ Guru

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    I called M of O back to find out why their not running a commission cycle next week...their response...."we don't have time based on how the holiday falls.":skeptical:


    I also asked why they never issue a commission schedule. She told me they do.....they send one to the marketers only. Okay....I'll solve this problem next year. I guess GA's aren't important enough to receive one. My marketer can supply me one...hopefully.
     
    Russ, Dec 23, 2008
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  6. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    There's only one effective protest to this type of attitude...
     
  7. Russ
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    Russ Guru

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    Russ, Dec 23, 2008
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  8. stormtracker
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    stormtracker Guru

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    I can fully sympathize with 'ya. This happens every year with the carriers although it has been my experience that once the dust settles out, an FMO was the real problem (in many cases). I figured I'd cure that by going captive, and even as an EMPLOYEE-- promised paychecks would not be there on Friday. The only other option must be direct contract? If that is failing you too, then perhaps the true solution is a bailout? I just wonder as my commissions are "delayed" due to the holidays, if the head-honcho's bonuses were likewise??? :twitchy:
     
  9. insuranceexec
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    insuranceexec Guru

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    Very well said!!!!!!!
     
  10. Russ
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    Russ Guru

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    M of O has always paid every week since I got licensed with them...which was actually in 2000(time flies when you're writing business). Just surprised to find out what I did. Bet those head-honcho's are at a resort somewhere right now enjoying a nice Christmas weekend.
     
    Russ, Dec 23, 2008
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