Your Opinion of World Insurance?

[2112Greg]

Just wondering what you guys and gals think about World. Their plans are pretty competitive in Texas, but I was wondering what your experience with them, in general, is. Claims payment, overall integrity, etc...

Opinions, please...

Thanks!

 

[Mr. Bill]

World Financial Group? World Financial Group (WFG)?

 

[Macdaddy]

I think he means World Insurance: World Insurance Company

 

[somarco]

World does a lot of private labeling.

A lot.

One of their largest "franchises" is AHU in TX.

Most of the products are similar and are geared toward the copay plan design. Prices vary by region mostly because of the network. They try to use the Great West network as much as possible which has moderate penetration outside of large metro areas.

I have used them in the past but have no need for them any more. Their underwriting is atrocious. They are in love with the APS.

As a company, World is top notch. They have that "small town" feel . . . kind of like a Mayberry insurance carrier. Service is excellent and you can actually communicate with an underwriter.

If you use them be aware that you will most likely be dealing with an IMO who will advance commissions and cut you short on the back end. Based on some of the renewal action I have seen you might be moving clients every two years or so.

 

[TXINSURANCE]

In my opinion my WORST priced product usually beats their pricing.

We have a lot of their (former) clients calling and it would be my initial observation they play games with their blocks, because the rate increases appear to be substantial - we have never had a problem beating their price and benefit on the street.

I haven't looked at them in a while - this info is a year or two old.

 

[2112Greg]

Yes, I'm asking about World Insurance Co. at World Insurance Company ...

Thanks for the input. I've had some difficulty, when their plans do make sense, with clients who don't want to go with them because they have never heard of them. Good network, but the company is essentially unknown out there among the masses. Something about them I like, though...I'll place it where it makes sense.

Thanks again...

 

[somarco]

If people only bought from companies they have heard of most would only buy BX. No one would buy Humana, Time, Golden Rule or . . . Mega.

When someone says they have never heard of them what they are really saying is you haven't yet convinced them.

I have a handful of cases with World but it will be a cold day in Hell before I go back to them. Since merging with American Replublic their underwriting has gone from tolerable to horrific.

 

[2112Greg]

Yes, I agree...and that's the rub...what is your position as a broker...an educator or a product pitchman?

I think the position as consultant works best when describing what I do...as I'm sure that's how you see it too, somarco. I just wanted to make sure what I was consulting was quality.

I have seen their underwriting be pretty rigorous, which is OK, I suppose...what issues did you find post-merger with World and American Republic?

 

[HomeService]

I have seen world rates on a $25K deductible that were good, I was trying to write a limited benefit plan for the smaller, under $25k stuff, then use the $25K ded. for the umbrella or major stuff-with world. I never did write it, but the scenario looked fairly good.

 

[somarco]

They completely revamped the manual once they integrated with AR. Loads on certain conditions increased dramatically. Used to be about 10% per med now more like 25% per med. More riders, more APS', taking way too long to underwrite even relatively clean cases.

An applicant within wt range, non-tobacco, HTN controlled with 1 med for 3 years should not take almost 2 months to underwrite (including an APS). Then they come back with a 25% rate up.

They used to do express underwriting. Most of my stuff approved in 3 - 5 days. Last few took a month+.

I don't have the time to wait on carriers to get their act together. When Aetna, GR, Humana and even Time (when they are competitive which is almost never) can underwrite in less than a week why put yourself & client through that grief?

I have a few $25k SIR's on the books. It is a good policy. Their $10k isn't bad either.

I see no reason to use them otherwise.

They are a niche player appealing to a very tiny market.