The Amber Scherloz Thread

Re: Multiple Insurance Companies

""Just because I PREFER to place most of my business with one company does not mean that I'm not doing what's best for the client.""

Just curious on how you figure that to be true? Are you talking life or health insurance?

We have an agent in my area that writes a lot of business for Assurant. I replace most of his insurance with either Blue Cross or UHC, as their rates are better for the same basic type of policy. I know Assurant pays him a higher commission as he sells so much of it, but it is not in the best interest of the client.

When your client wants, say a $5000 100% HSA plan for his family and you compare all the variables, networks, riders, price etc, how can you have only one company that provides the best for your client?

I always offer the best plan/company to my clients regardless of advances, commissions, trips, etc.
 
Re: Multiple Insurance Companies

Just because I PREFER to place most of my business with one company does not mean that I'm not doing what's best for the client.

My commentary came from your statement about making more money by doing business with one carrier. I don't believe in the major med field you can "Prefer" ONLY one carrier and be doing whats best for your clients. Too many factors to consider that separate them:

Underwriting, Pricing, Plan Design, Networks and so many other variables that I go over with each client. In other fields there aren't as many variables I don't know what you sell.

In Health, If you're not comparing multiple plans to let the client decide whats best and help them along the way with your expertise than I hope I'm the agent who ends up coming in behind 4 months later when they had some minor claim not get paid like they thought it would!
 
Re: Multiple Insurance Companies

Everyone has their favorite carriers, sure, but it comes down to what's best for the client. In a perfect world, everyone would be a 100% match for my highest-comp company - but it just doesn't work out that way. Do right by the client and the money will follow.
 
Re: Multiple Insurance Companies

I sell life and health.

As Full Throttle said, I am not concerned about being the bottom dollar, cheapest thing in town.

Concerns from CHP and COInsguy seem to center on health insurance. As it turns out there is one company in my area that almost always has the better offer for health insurance, I've seen it enough times that I rarely even look at other companies. I'm certainly not even going to consider a second or third tier company, I've seen too many companies pull out of the state and, as they say, close the pool. If Imerica (just an example) is fifty dollars a month cheaper, has a lower office copay, and has a better prescription benefit, am I going to present them? No.

It will drive you bananas if you feel like you have to be able to offer the cheapest policy to 45-65 year old men who have one testicle, smokes a cigar while golfing, and flies his own plane to Costa Rica to fish.

Find three to five companies that can meet most of your needs and license with them. Prefer them, send them most of your business. Get to know your underwriters, after you build a relationship with them by placing clean and consistent business you'll be able to make things happen more favorably and quicker than someone who shoots them three cases a year.

Many companies have "goodies" like persistency bonuses, subsidized health insurance, extra compensation in the form of increased renewals, retirement plans, trips, education reimbursement, group life, cash bonuses, and other things that the occasional producer will never have access to.

You gain access to these things by trying your best to make them your carrier of choice.

So yes, I am biased towards just a couple of companies, but I've looked around enough to know that those companies can meet the needs of my clients 99.95% of the time.
 
Re: Multiple Insurance Companies

""As it turns out there is one company in my area that almost always has the better offer for health insurance""



I am just curious, what company do you sell, and what state are you selling it in? How long have you been selling it? I only ask as here in SC Assurant HAD good rates, then went crazy with their rates. Then UHC was the top dog price wise, now it is a toss up between them and Blue Cross. What company do you have that almost always has the better offer? With the constant plan changes, rate changes, you dont find that other companies can be the better fit for clients?
 
Re: Multiple Insurance Companies

David,

I am also curious where you live and who you write for? I also was never insinuating that you should sell insurance based on price. It's a factor but not the only factor by far. However, if you have someone looking at a family HSA with no health issues and I'm in between a Humana or Golden Rule HSA and one is $50 cheaper than that's probably what I'll recommend.

When it comes down to health & underwriting & plan design there is a need for 3-4 carriers to work with regularly in Colorado and in most states. But if it works for you and one carrier is the only competitive plan with good uw guidelines than that makes your life easier than mine!
 
Re: Multiple Insurance Companies

Health is a different animal than life as far as spreading it around and it can change every year. We have five main carriers in my state:

Carrier A: 45% of business (perfectly clean apps)
Carrier B: 45% of business (not perfectly clean, but healthy)
Carrier C: 10% Most lax underwriting for marginal cases
Carriers D & E: 1 or 2 apps a year.

For group, it's all over the board. We usually apply to the other three main carriers and let them compete. The company that comes back best, usually gets the business, all else being equal.

Life insurance is much easier to group with a primary company and as David said, have a few in your back pocket for unique situations or conditions. I usually look first to a primary carrier, if it's unique, then bring it to an MGA for their help.
 
Re: Multiple Insurance Companies

I agree you need to do whats in the best interest of the customer however, what i've noticed is the company I end up writing alot of my business with probsbly won't be the same company next year. New plans cme out all the time.
 
Internship

I'd like to ask some senior insurance agents if in deciding to enter into a career as an insurance agent do you advise newbies to undergo an internship as a training ground?
 
Back
Top