Charge backs

[Tim Lumbao]

Such a great information for new agents like me. Been doing FEX for 3 months now, but I’m still learning. I have a huge chargebacks on 1 carrier that I stop writing.. I found a better one. Someone here said that they deliver the policy back to the clients… I want try that. Is that helpful to “Seal” the clients and offer more good service such as Living Will, wills & trust etc? How can I seal the clients to avoid chargebacks and offer good services?

 

[goillini52]

Such a great information for new agents like me. Been doing FEX for 3 months now, but I’m still learning. I have a huge chargebacks on 1 carrier that I stop writing.. I found a better one. Someone here said that they deliver the policy back to the clients… I want try that. Is that helpful to “Seal” the clients and offer more good service such as Living Will, wills & trust etc? How can I seal the clients to avoid chargebacks and offer good services?

Before you leave the house, remind them that they're not allowed to cancel during the 1st year.

 

[jdeasy]

Such a great information for new agents like me. Been doing FEX for 3 months now, but I’m still learning. I have a huge chargebacks on 1 carrier that I stop writing.. I found a better one. Someone here said that they deliver the policy back to the clients… I want try that. Is that helpful to “Seal” the clients and offer more good service such as Living Will, wills & trust etc? How can I seal the clients to avoid chargebacks and offer good services?

I deliver policies. But not to seal the deal.

If it’s a one off don’t worry about it.

If you are losing a lot of policies there’s something wrong that delivering won’t fix.

I also read and have been told that losing 20% is normal.

I’ve never come close to losing 20% of my writes. Not even 10%.

If I was losing 10% I would seek help.

Just because the norm is 20% doesn’t mean you have to accept that.

 

[Tim Lumbao]

@jdeasy “ if it’s a one off don’t worry about it.” What do you mean?

 

[jdeasy]

@jdeasy “ if it’s a one off don’t worry about it.” What do you mean?

Everyone loses a deal here and there. If it's one policy, try to save it. But if you can't move on. If it's several polices then there's a problem.

 

[Newby]

Such a great information for new agents like me. Been doing FEX for 3 months now, but I’m still learning. I have a huge chargebacks on 1 carrier that I stop writing.. I found a better one. Someone here said that they deliver the policy back to the clients… I want try that. Is that helpful to “Seal” the clients and offer more good service such as Living Will, wills & trust etc? How can I seal the clients to avoid chargebacks and offer good services?

The #1 way to have fewer replacements is to make sure you are selling companies that are not real easy to replace. Make sure you price doesn’t leave a huge margin for the next agent to easily beat.
Every agent that sits down at a table hopes they pull out a policy they are paying on that he can easily beat by a good margin. That’s the easiest sale to make. The next thing he hopes to find is a clean-sheeted policy they recently bought. Something they don’t really qualify for.
When you say you have been selling FEX for 3-months you mean you have sold FE (final expense) for 3-months. FEX is an agency (FexContracting) not a product. People on Facebook have been mixing that up the last couple of years and confusing you new guys. But there is only one FEX. And you should give them a call if you are serious about selling FE.

 

[myinsurebiz]

Such a great information for new agents like me. Been doing FEX for 3 months now, but I’m still learning. I have a huge chargebacks on 1 carrier that I stop writing.. I found a better one. Someone here said that they deliver the policy back to the clients… I want try that. Is that helpful to “Seal” the clients and offer more good service such as Living Will, wills & trust etc? How can I seal the clients to avoid chargebacks and offer good services?

Why did you stop writing that Carrier? Which one is it?

 

[Todd King]

The #1 way to have fewer replacements is to make sure you are selling companies that are not real easy to replace. Make sure you price doesn’t leave a huge margin for the next agent to easily beat.
Every agent that sits down at a table hopes they pull out a policy they are paying on that he can easily beat by a good margin. That’s the easiest sale to make. The next thing he hopes to find is a clean-sheeted policy they recently bought. Something they don’t really qualify for.
When you say you have been selling FEX for 3-months you mean you have sold FE (final expense) for 3-months. FEX is an agency (FexContracting) not a product. People on Facebook have been mixing that up the last couple of years and confusing you new guys. But there is only one FEX. And you should give them a call if you are serious about selling FE.

I called it FEX my entire career, until I found the Forum and noticed that most everyone here just called it FE.

 

[WinoBlues]

I called it FEX my entire career, until I found the Forum and noticed that most everyone here just called it FE.

It was and still is burial or funeral insurance to me. If not just Life Insurance. I do not think most consumers know what FE or Final Expense is. I am sure someone smarter than me came up with the term Final Expense.

 

[PrivClientSG]

Such a great information for new agents like me. Been doing FEX for 3 months now, but I’m still learning. I have a huge chargebacks on 1 carrier that I stop writing.. I found a better one. Someone here said that they deliver the policy back to the clients… I want try that. Is that helpful to “Seal” the clients and offer more good service such as Living Will, wills & trust etc? How can I seal the clients to avoid chargebacks and offer good services?

I don't know anything about the final expense marketplace -- not a thing. However, and if this doesn't apply, then don't listen to me at all -- but, my thinking is, another "touch" with a client, a meeting to review what they implemented, why, the benefits, etc., can't be a bad thing. Now I get that FEX is far more "transactional" in nature than the "life insurance" planning marketplace, but I still don't think it would be a bad thing. I guess some may say it's time consuming and impacts profitability, but that's part of the price we pay. Good luck!