Settlers is Gone!
- Thread starter rousemark
- Start date
- 26,171
Tomorrow, I will begin the process of calling on each of my Settlers policy-owners in person to explain what this means to them just in case an agent comes by and tries to convince them Settlers is out of business and they should change their insurance. Who knows? Might write some additional coverage or at the worst get a referral or two. It is a good time to be a Settlers agent
Smart *
Keep score of the feed back, Referrals, business written, surrenders.
Just take a stack of bene (lead) change forms with you.
- 17,077
Wow if I quit selling every company that had any incompetent people working there...I'd be supersizing people's French fries!
- 4,875
More marketer talk....lol.
- 4,875
Adverse selection is a killer in this industry. Seems the business is slowly turning to a more captive model as that's the time tested way to get a handle on that. And the only way companies can survive in FE over the long haul.
I believe you are correct. As FE companies start to realize how they are abused by brokers who roll business from carrier to carrier just so they can get another advance from the same MS. Jones, how giving immediate coverage at pretty good rates to people with COPD (this actuary is probably more wacko than who Settlers had), agents exploiting weaknesses in underwriting because the carrier's leaders/actuaries are inept, etc. will force FE carriers to exit the business or tighten up their underwriting. We've seen both starting to happen the last few years.
- Thread starter
- #26
JD? Is that you JD?..What have you done with Greg?
- 7,012
There are some carriers out there that listen to agents input. But if they listened & implemented everything an agent wanted they'd run themselves right outta the business
I am currently helping a Carrier develop their FE product. I put in all of my recommendations & then the actuaries and others get to work & tweak it to make sense for the company as well since my recommendations heavily favor the agents. Finding that middle ground to where everyone is happy is not easy to do. Especially when most carriers don't profit in FE until many years out.
This is good when carriers will listen to an experienced agent's recommendation first.
- Thread starter
- #28
Even better when they actually take action on what they hear..
- 4,875
Even better when they actually take action on what they hear..
True, as long as it's profitable. Just look at 5 Star and Settlers.
- 17,077
And ForeThought and London and Shenandoah and ...
