Trinity IMO

[Baseball7]

And with a small carrier with tight margins I get it. Even with the quick click to sign app’s there is less “comittment” or “buy in” if the client isn’t putting pen to paper.

There might’ve been something to be said for having to sign their name 812 times on a Transamerica application.

 

[DonP]

Fraud prevention is the reason.

There's a well-known FE company that had one agent issue $1,000,000 in fraudulent business over 18 months.

The kicker: 400+ of the fraudulent applications were on *dead people* - who'd been dead for YEARS!

Hard to scam an insurance company when it takes two to tango (applicant and agent verbal applications).

How could an agent have sustained fraudulent checking accounts on 1500 or so policys over 18 months to sustain premium payments ? Was he trying to collect the death benefits ? Must be more to the story . How could so many fraudulent policys not have triggered some red flags over an 18 month period ?

 

[rousemark]

What I have never understood isbif a company going to require a phone call, then why require the agent to completebthe spp? Why not use a system like apptical as SNL did?

 

[Baseball7]

I think the next generation of identity protection and fraud protection is going to be biometric signatures. Nobody wants to do 10 to 20 minute phone interviews anymore but the wild west on e-applications is going to come to an end pretty soon.

 

[jdeasy]

Fraud prevention is the reason.

There's a well-known FE company that had one agent issue $1,000,000 in fraudulent business over 18 months.

The kicker: 400+ of the fraudulent applications were on *dead people* - who'd been dead for YEARS!

Hard to scam an insurance company when it takes two to tango (applicant and agent verbal applications).

Bull frickin sh!t!!

That has nothing to do with Trinity still doing an archaic phone interview.

 

[Baseball7]

What do they do that other carriers don’t easier?

 

[Rearden]

Bull frickin sh!t!!

That has nothing to do with Trinity still doing an archaic phone interview.

What other explanation do you have? They don't want more business? I guess that's possible. There are other ways to limit distribution other than an antiquated application process.

 

[Rearden]

How could an agent have sustained fraudulent checking accounts on 1500 or so policys over 18 months to sustain premium payments ? Was he trying to collect the death benefits ? Must be more to the story . How could so many fraudulent policys not have triggered some red flags over an 18 month period ?

As someone who has been ripped off multiple times by frauds like the above, I have learned how it's done. It's very doable if the company is not doing their job.

Same agent mentioned in my last post did it to another well-known FE carrier and ripped them off for $500,000+...

Added: Said agent is going to jail for 10 to 20 years. FBI seized all his assets (houses, boats, bank accounts). Long-time 10+ year agent in the business, too. Once it's public, I'll make sure to share it here.

 

[BuckeyeOrDie]

As someone who has been ripped off multiple times by frauds like the above, I have learned how it's done. It's very doable if the company is not doing their job.

Same agent mentioned in my last post did it to another well-known FE carrier and ripped them off for $500,000+...

Added: Said agent is going to jail for 10 to 20 years. FBI seized all his assets (houses, boats, bank accounts). Long-time 10+ year agent in the business, too. Once it's public, I'll make sure to share it here.

I imagine this guy picked companies that paid on approval? Lol

 

[Rearden]

I imagine this guy picked companies that paid on approval? Lol

Correct.