Which FE Carriers Are Not Allowing FE Tele-Sales?

[myinsurebiz]

Rouse, you could avoid this by letting their 1st draft be on the 3rd of next month. Some agents would prefer to get paid before the 3rd of next month.

Our agents are paid upon submission and can make the initial draft up to 45 days out and get paid in a few days.

 

[theinsuranceman]

Our agents are paid upon submission and can make the initial draft up to 45 days out and get paid in a few days.

That's sweet for the agent but risky for the immediate mgr. For ex, John Doe agent gets advanced today on biz that drafts 45 days from now. Then Ms. Jones cancels before the 1st draft or the 1st draft goes NSF, etc. That's debt that rolls up to that immediate mgr. Your agent got advanced from YOUR paythru or renewals. But if you like it that's great.

 

[WinoBlues]

I am not sure if any of my companies pay at submission, I done think so. I would not want that. I place my business but I can not control approvals.

I have companies that pay on approval or issue. Example - I send an app to UH on the 15th with a issue pay date of the 3rd. Policy is approved on the 18th. I am eft'd on the 18th. I get and deliver the policy. I think it was TA that required the Delivery Receipt before they paid.

I honestly do not really care when I get paid, as long as I get paid.

 

[goillini52]

I am not sure if any of my companies pay at submission, I done think so. I would not want that. I place my business but I can not control approvals.

I have companies that pay on approval or issue. Example - I send an app to UH on the 15th with a issue pay date of the 3rd. Policy is approved on the 18th. I am eft'd on the 18th. I get and deliver the policy. I think it was TA that required the Delivery Receipt before they paid.

I honestly do not really care when I get paid, as long as I get paid.

I think the only ones that pay on submission are captive.

 

[myinsurebiz]

That's sweet for the agent but risky for the immediate mgr. For ex, John Doe agent gets advanced today on biz that drafts 45 days from now. Then Ms. Jones cancels before the 1st draft or the 1st draft goes NSF, etc. That's debt that rolls up to that immediate mgr. Your agent got advanced from YOUR paythru or renewals. But if you like it that's great.

Our Career Agent program Managers / Recruiters have 0 debt exposure. 0 debt roll up.

 

[myinsurebiz]

I am not sure if any of my companies pay at submission, I done think so. I would not want that. I place my business but I can not control approvals.

I have companies that pay on approval or issue. Example - I send an app to UH on the 15th with a issue pay date of the 3rd. Policy is approved on the 18th. I am eft'd on the 18th. I get and deliver the policy. I think it was TA that required the Delivery Receipt before they paid.

I honestly do not really care when I get paid, as long as I get paid.

We have to pay our Career Agents on submission. They wouldn't make it if we didn't.

We want the Client to be setup how they want to - unless SS - then they have to do 1st or 3rd, or their Wednesday . . .

 

[WinoBlues]

Our Career Agent program Managers / Recruiters

I am sure everyone else knows who you are with. I thought you were an independent that recruited for different companies. Who is "our"

We have to pay our Career Agents on submission. They wouldn't make it if we didn't.

Why? How are they any different from the rest of us? After a couple of weeks, in FE, you should have a pipeline that is issuing policies and paying comp. No?

We want the Client to be setup how they want to - unless SS - then they have to do 1st or 3rd, or their Wednesday . . .

OK, that seems contradictory. How would the company even know they are on SS. Aren't most over 65 FE clients on SS?

 

[myinsurebiz]

I am sure everyone else knows who you are with. I thought you were an independent that recruited for different companies. Who is "our"?

I am and I do. Only recruiting for one local IMO at the moment until this virus mess is over . . .

Why? How are they any different from the rest of us? After a couple of weeks, in FE, you should have a pipeline that is issuing policies and paying comp. No?

We pay 50% to 75% commissions on our Career Program. Agents have to be paid on submission in order to live and cover their expenses, ie: gas, hotel, food, etc.

They can't wait for draft.

OK, that seems contradictory. How would the company even know they are on SS. Aren't most over 65 FE clients on SS?

Not so much the company, but the agent, that needs SS billing if they are on SS. We do a lot of business with clients that are under 65 . . .

 

[WinoBlues]

I am and I do. Only recruiting for one local IMO at the moment until this virus mess is over . . .




We pay 50% to 75% commissions on our Career Program. Agents have to be paid on submission in order to live and cover their expenses, ie: gas, hotel, food, etc.

They can't wait for draft.




Not so much the company, but the agent, that needs SS billing if they are on SS. We do a lot of business with clients that are under 65 . . .

Again, I am a regular insurance agent, not an FE only agent so my perspective I am sure is different. Hence the *

If these guys are only getting 50-75% I assume they are getting free pre qualified leads and some kind of bonus or benefits. So that brings their cost down. We all pay for gas (not me), food and I guess hotels. If they can not survive the 5-7 days between submission and approval They are already 'not making it'. They are working to make just enough money to work.

Also, Gas - F2F guys pay for gas, but honestly how much can that be a week? Hotels - Back in my road warrior day I would hotel it a few times a month. Why would an agent have to go further than a couple of hours from home every day to work? Food - We all pay for food. Let's say they eat cheap. $20 xs 3 = $60. Let's say $25 (about 150miles) for gas. Hotel $120. That is $205 a day or $820 for a 4 day week. Or one FE sale. Other than a hotel this is just normal road warrior expenses.

I am sure I am missing something. Honestly, I am just killing time before I head to Home Depot

 

[rousemark]

Again, I am a regular insurance agent, not an FE only agent so my perspective I am sure is different. Hence the *

If these guys are only getting 50-75% I assume they are getting free pre qualified leads and some kind of bonus or benefits. So that brings their cost down. We all pay for gas (not me), food and I guess hotels. If they can not survive the 5-7 days between submission and approval They are already 'not making it'. They are working to make just enough money to work.

Also, Gas - F2F guys pay for gas, but honestly how much can that be a week? Hotels - Back in my road warrior day I would hotel it a few times a month. Why would an agent have to go further than a couple of hours from home every day to work? Food - We all pay for food. Let's say they eat cheap. $20 xs 3 = $60. Let's say $25 (about 150miles) for gas. Hotel $120. That is $205 a day or $820 for a 4 day week. Or one FE sale. Other than a hotel this is just normal road warrior expenses.

I am sure I am missing something. Honestly, I am just killing time before I head to Home Depot

You must eat well... $20 per meal is on the steep side unless you are including adult beverages.. You can do breakfast at a fast food place for $5, lunch for $7-$10 and dinner for $10-15. That is only $22-$30 per day. In this area you can get a decent hotel room for $65-$70 per night. However, I have never figured out why a person would have to travel so far from home to write business that they would need a motel room. But, you did leave out the lead expense..