Chargeback Dating

[PhxSunsFan]

newbie here.. lol
if a few diff carriers are within a dollar or 2... might we look at how the carrier charges back?
any carrier shine here.. ? ie prorate etc?? go back less time? for telesales only.
any favorites??

 

[billyb]

Charge backs come when a policy lapses and you were advaced commissions that you are no longer due. Write all of your business on an as earned basis and this won't happen.

 

[PhxSunsFan]

i know that. a carrier that prorates might be better? assuming premium very similar??

 

[jdeasy]

Prosperity is 100% chargeback if the person doesn’t pay 4 months.

Doesn’t matter if as earned or advanced.

100% chargeback.

Someone told me Americo is doing the same now.

I’m not contracted with Americo so I’m not sure.

 

[Baseball7]

You’re way overthinking the business just sell insurance and the rest works its self out.

 

[Life Hawk]

newbie here.. lol
if a few diff carriers are within a dollar or 2... might we look at how the carrier charges back?
any carrier shine here.. ? ie prorate etc?? go back less time? for telesales only.
any favorites??

This "little" side feature of the profession is not discussed enough. I think it falls into one of the top 3 if not 2 reasons people fail out. Number one is lack of production (working).

Charge backs occur for many different reasons. Some are controllable and others are not.

Perhaps your question @PhxSunsFan might better be related how to best avoid them (as much as possible) rather than finding a company that fits your original question.

I will say, that what companies you chose to work with is a VERY important part of your business as well as your own sanity.

Anyone else like to comment? Brushing aside an honest question is not how best to handle it, plus it would be a great time to see how others view and answer this question in their own business philosophy.

 

[WinoBlues]

Perhaps your question @PhxSunsFan might better be related how to best avoid them (as much as possible) rather than finding a company that fits your original question.

Brushing aside an honest question is not how best to handle it, plus it would be a great time to see how others view and answer this question in their own business philosophy.

I have no clue how any of them deal with chargebacks. It has never been much of an issue. I do remember having to write myself out of debt a few times. One of my companies would take a percentage of your monthly as earns and leave you new business alone.

I second you in that it may be more about the Indian than the arrow. If an agent is getting a lot of chargebacks, claims aside, then it is the agent.

 

[Life Hawk]

If an agent is getting a lot of chargebacks, claims aside, then it is the agent.

Agreed.

I think even this can fall in to particular categories:

1. The presentation, or how you are conducting your presentation. (Lack of solidifying.)
2. The business you are willing to write. (Honestly this is where the bulk of my charge backs historically flow. But I've never been one to leave money on the table.)

 

[PhxSunsFan]

thinking that most clients stop paying in months 1 and 2?? comments on this??
do all carriers chargeback if client stops pay before 1 year? any go back less?? some pro rate? can you list your best and worst carriers for c/b and why? thanks

 

[goillini52]

thinking that most clients stop paying in months 1 and 2?? comments on this??
do all carriers chargeback if client stops pay before 1 year? any go back less?? some pro rate? can you list your best and worst carriers for c/b and why? thanks

The answer is 37.