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I just received a notice from Banner saying they will no longer be available to quote via Winflex. I wonder what happened? Any insights?
Banner No Longer Supported by Winflex
- Thread starter scagnt83
- Start date
- 1,405
I'm curious. Do companies have to pay to have their products in Winflex?
There is no cost for a life insurance company to be listed in Compulife.
There is no cost for a life insurance company to be listed in Compulife.
- 24,990
Different. Winflex is an illustration system. And free to agents.
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I've heard some companies say that winflex can't handle their UL products for whatever reason so they opt for an in-house proprietary system. Not sure if that's really an issue or not.
And yeah I'd guess WinFlex gets money from somewhere and since it's not from me it's probably from my carriers.
And yeah I'd guess WinFlex gets money from somewhere and since it's not from me it's probably from my carriers.
- Thread starter
- #5
- 10,334
Winflex is a paid service. You access it through approval from either an agency or a carrier. The company that approves your access is the one paying Ebix for use of Winflex. The carriers do not pay Ebix to be included in the quote system (from what ive been told), but some do pay Ebix to allow their agent sales force to use Winflex.
So technically Winflex is free to agents... but it is not free to the agency/IMO/FMO.
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All UL carriers that I know of have their own proprietary illustration software. Winflex is just an additional avenue for the agents to access the software on a cloud platform. Not all carriers have cloud based software, so that is why some see the value in Winflex I think. Others see it as additional exposure.
So technically Winflex is free to agents... but it is not free to the agency/IMO/FMO.
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All UL carriers that I know of have their own proprietary illustration software. Winflex is just an additional avenue for the agents to access the software on a cloud platform. Not all carriers have cloud based software, so that is why some see the value in Winflex I think. Others see it as additional exposure.
Life Choice GUL is no more....I can't see using Winflex for term (with Protective being an exception) so maybe they figure why even be on there?
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Carriers DO pay to be listed on Winflex. Banner was cutting expenses across the board, they nixed Mediguide from all future sales and previous sales (shady), removed YRT and Choice UL, as well as a laid off 50+ home office folks.
I personally hate having to learn new software that constantly has to be updated. Carrier software is terrible IMO. Removing themselves from winflex to save money is stupid. Now that creates an extra step for an agent, or a reason not to sell Banner.
- Thread starter
- #8
- 10,334
Wow. I always heard that it was just the IMO that paid for it. Good to know.
I actually have the opposite opinion of carrier software vs. Winflex. I hate using Winflex and would much prefer to just use carrier software. Most carrier software is not hard to use and often has lots of extra features that Winflex does not have.
The only real advantage I see to Winflex is having access to illustrations with carriers Im not appointed with. But if the carriers juts made their illustration software freely available to any licensed agent, and not just appointed agents, then it would not be an issue.
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just got confirmation, carriers pay about $300k/year to be shown on winflex and winflexweb.
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