Oxford Life - Why or Why Not?

[Todd King]

I'm just trying to gather some info here.

Oxford has some great pricing and there are agents who use them and agents who do not.

What is some of your reasons for using or not using Oxford.

Oxford is wanting to know what your thoughts are and I will go back to them with the results (without names of course).

 

[bboman23]

If you live in Mississippi, you can't contract with them (Even though I have non resident licenses)

I have heard they turn down many people. They are like fully underwritten, but call it SIWL.

I also have heard that their phone interview goes way off script.

 

[NSRH]

Last I heard, they can only handle 2 million of premium per IMO. Thats too little for some of the bigger players in the industry to pick up. They may have changed it however, Im going off memory from about a year and a half ago.

 

[Todd King]

If you live in Mississippi, you can't contract with them (Even though I have non resident licenses)

I have heard they turn down many people. They are like fully underwritten, but call it SIWL.

I also have heard that their phone interview goes way off script.

I'm told that the phone interview issue has now been taken care of. We'll see.

 

[Todd King]

Last I heard, they can only handle 2 million of premium per IMO. Thats too little for some of the bigger players in the industry to pick up. They may have changed it however, Im going off memory from about a year and a half ago.

I have never heard that, but then again we have never come close to being able to put that much business with them.

I actually like the company. I (we) are trying to figure out what it would take to put Oxford on the map, for real.

 

[wealth2u]

Their new process makes for a 10 minute interview which is great (from what I hear from others).

The 30 day rule from signing the app to first draft hurts (45 days would be better)

Not getting paid if prospect EVER had an Oxford in the past sucks.

 

[Todd King]

Their new process makes for a 10 minute interview which is great (from what I hear from others).

The 30 day rule from signing the app to first draft hurts (45 days would be better)

Not getting paid if prospect EVER had an Oxford in the past sucks.

Yeah, that's one thing that has got to change for sure!

 

[Rearden]

My problems with Oxford:

1) Don't like that they don't pay commission on the policy fee.
2) Too niche for lots of production. Carriers like Transamerica, (sorta) Security National, that offer more flexibility, will get more of my focused business.
3) Limited experience with Agent Support sucked. This was several years ago, so my opinion may be out of date.

 

[donamese]

I work with them quite a bit since they are local so I can swing by and meet with the RD more regularly. Some items I know are that the new interview is much better, it takes about 5 min and they should have the electronic version up soon which will eliminate the phone call all together.

I hear a lot about the not getting paid if the client lapsed a policy with Oxford prior but how many policies does that really effect? I have had it happen once ever. That being said, I have heard rumors that they are reviewing that policy.

They are very upfront about wanting healthy clients and that is it. I have asked repeatedly for a graded or modified and they are not interested.

 

[bboman23]

I think a go-to company has to be more open to health conditions. They want ONLY the healthy, which means another company that is willing to take healthy/mildly healthy/and unhealthy has to be stuck only getting the unhealthy since we send all the healthy ones to Oxford.

So technically what they are saying is "We want to be your go-to company and ONLY want healthy clients. You can send all the other clients to another company and let them have em." Why not just make the more open, secondary company the go-to carrier?

I have never made a penny from Oxford and I am not missing anything.

Also, they contract direct. I work hard and spend a ton of money on building my company and recruiting. If I find an agent, train them, put them on a lead program that I am financing and then I decide the agent should write a company other than Oxford, Oxford could just call them up and offer them to go direct? Oxford would not even know the agent existed if I had not got them contracted with Oxford. But they all of a sudden have the right to allow them direct?

That is kinda like what Todd is dealing with in the other thread. I am not sending 50-100 agents that I spent money/time finding/training to a company that would just take them away if I decided to stop doing business with them.