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Another 2nd tier health carrier biting the dust?
GTL Withdraws from Major Med Market
- Thread starter somarco
- Start date
I done business with Entrust for years now. They use to deal exclusively with Assurant, then last two years started dealing primarily with GTL. There very fair never had any complaints. I haven't sold much of there products in the past couple years because I had other products that I liked better but when I did everything went smooth. I'm sorry to see that GTL product go, it was a good product and didn't have any problems with claims. Any questions feel free to ask.
- 14,809
Until I get a call back from GTL today I'd avoid telling anyone that GTL is officially out of the major med market. I'll know more today.
- Thread starter
- #14
- 14,809
Just a a piece of advice - take it or leave it:
As reform approaches - which will happen - I'd be writing my book with 1st tier national carriers. IMHO after reform hits the "also ran" carriers will pack it up....all of them.
No "also ran" carrier has the capital or premium base necessary to offer GI plans that conform with the mandated benefits.
Your book will evaporate - instantly. If you're on advanced commissions you could be in very, very bad shape and in a position to owe countless thousands.
Bob has been in this business far longer than me but I've never seen this many "also ran" carrier implode in this short of a period of time.
Just a warning - go ahead and get sucked into some MGA touting their latest "Big Billy Bob's Copay 40" plan and take those advances....and also be prepared.
As reform approaches - which will happen - I'd be writing my book with 1st tier national carriers. IMHO after reform hits the "also ran" carriers will pack it up....all of them.
No "also ran" carrier has the capital or premium base necessary to offer GI plans that conform with the mandated benefits.
Your book will evaporate - instantly. If you're on advanced commissions you could be in very, very bad shape and in a position to owe countless thousands.
Bob has been in this business far longer than me but I've never seen this many "also ran" carrier implode in this short of a period of time.
Just a warning - go ahead and get sucked into some MGA touting their latest "Big Billy Bob's Copay 40" plan and take those advances....and also be prepared.
- Thread starter
- #16
Even some of the major's may not stick around. I have been told that UHC is hoping to make a major acquisition in 2010. The names thrown around are whales.
That being said, John is right. This market will continue to compress. The collapse of Imerica and pulling back by American Community is just the first wave.
Ancillary products will probably be safe, but I see no reason to hang my hat on minor players for major med. Over the last 18 months or so all my biz has gone with Aetna, Humana, BX, KP, UHC plus a few apps with Time and Cigna.
No reason to use anyone else, especially when so much is up in the air.
That being said, John is right. This market will continue to compress. The collapse of Imerica and pulling back by American Community is just the first wave.
Ancillary products will probably be safe, but I see no reason to hang my hat on minor players for major med. Over the last 18 months or so all my biz has gone with Aetna, Humana, BX, KP, UHC plus a few apps with Time and Cigna.
No reason to use anyone else, especially when so much is up in the air.
- 14,809
The also rans might stick around in the ancillary market, but that won't do an agent any good who's been getting 12 month advances when that carrier sends out that "thanks for playing" letter to all of their clients.
Yes, they service the policies but as Bob will confirm, you phone lights up like a switchboard with clients wanting to bail.
To them that letter is like the captain of the Titanic saying "yes, we just hit an iceberg but all is well."
Yes, they service the policies but as Bob will confirm, you phone lights up like a switchboard with clients wanting to bail.
To them that letter is like the captain of the Titanic saying "yes, we just hit an iceberg but all is well."
fredmaiden
New Member
- 3
what about the "guaranteed" seller "IBG"? are they still in business?
Never heard of them...so why you post this? I have been selling healthins for over 20 years....
Also...post 4 yeast old....whatupppppppp
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