PhxSunsFan
Guru
- 594
I know some experienced agents walk away from DE. thinking the chargeback is much higher??.. wondering why the drop off is higher if the same money goes on a card vs a checking/savings account? thanks..
Direct Express
- Thread starter PhxSunsFan
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The drop off is higher because the typical DE client doesn't know how to manage money. This is why they don't have a regular bank account. So, if you are going to write one, make sure you use a company that does it correctly, meaning they will draft at 12:01 AM, right after the deposit is made in the bank. This way, when the client goes to get their money out, the debit has already happened. If the insurance company doesn't draft like this, the client has a tendency to withdraw all their money first thing when the bank opens.
- 25,017
I think I have written 3 or 4 households with DE in the past 5+ years. The last two as a favor to the referring clients.
Only one is still on the books. And he put it on a regular checking account.
Life is to short to chase people.
IMohsoHO
Only one is still on the books. And he put it on a regular checking account.
Life is to short to chase people.
IMohsoHO
I disagree . If the company uses true ss billing like Transamerica persistency is incredible. Never had an issue with Trans or prosperity on direct express . Now Great western or Aig walk away its a 75% lapse at some pt in the first yr. Occasionally you’ll have to contact the client if they lost their card and the draft bounces. But doing it 6 plus years with Transamerica is i rarely have to call the client if the policy is 3 or yrs old as they’ll do it themselves . Another great feature of a DE card is nobody’s replacing you as so few co’s take it .
It is not just the charge back that will kill you, it is the poor persistency.. With many companies that will cost you benefits such as bonuses, trips, etc. And, in a worse case scenario can even get your contract terminated.
- 1,764
Why is GW so clueless about SS billing ?
Especially on cards it would decrease the lapse rate significantly,right ?
Trans does it correctly.
The only problem is they need to be able to add a new DE card on the phone.
No way can our market complete the form correctly.
As long as it’s paid as earned,write and run.
I thought Trans sent a letter out to Renew ? Matter of fact one client was called last week to follow up on said her daughter filled it out . With prosperity the agent can change on the phone . I think it takes a company some effort to set it up . But yes CO’s are crazy not to . The last yr Rna and columbian added ss billing
- 1,764
To my knowledge they send an expiration notice. Maybe they include the form. Do you think they can fill it out,tokenize the card number ?
Needs to be handled on the phone.
Where else can you write COPD T DE level ?
Nitro& Isosobide DE level ?
Anastrozole DE level ?
SS billing done correctly.
Considering these drugs are maintenance of course.
Needs to be handled on the phone.
Where else can you write COPD T DE level ?
Nitro& Isosobide DE level ?
Anastrozole DE level ?
SS billing done correctly.
Considering these drugs are maintenance of course.
- 25,017
It may be a combination of all of that and being old and crotchety for me. That and I really want a certain type of client. I have dealt with chasing nsfs and lapses and reinstatements / rewrites. I mainly just want the easy people now.
That said, I am writing the son, daughter and niece of a current claim. The lady was super sweet and kept her policies intact. I have or had maybe 8 policies in the family. Now the daughter / beneficiary wants me to rewrite her and her cousin, just wrote the brother and his boyfriend. They are caregivers for another client. I had to sit in a urine smelling office chair with the client in a diaper in his wheelchair. Again, nice people I just am not confident they will stay on the books 13 months. But, I feel obligated to take care of them because I told the mom that I would. I am old, I just want that sweet low hanging fruit.
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- #10
PhxSunsFan
Guru
- 594
so there are no carriers that have true ss billing for GI and DirectExpress? gerber has no ss billing? gerber comm is low? any idea how much commission for gerber? ,, they are usually less on premium than aig for GI. I know aig and gtl are 75% comm for some agents.. if aig has no ss billing.. who else to use. with true ss billing but still have a competitive rate, regardless of direct express?
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