Hi Guys and Gals...this is officially my first post...Glad to be here...thanks for having me.
I was a captive agent with Bankers Life last year. They called me out of the blue, I think they found my resume from Monster or Careerbuilder and saw that I was licensed. I figured I'd give it a try. The targeted the senior market selling medicare supplements. I was the only woman there...They sat me in a room with no windows and partitions spaces with a desk and a phone, an auto dialer and a script. They could monitor how many dials you made and if you didnt make enough dials in a certain time frame, they didnt want to pursue you. Having spent time working in customer service and high volume call centers, making calls is no big deal to me, so of course I made alot of dials.
I guess the senior market just isnt my thing. Not too interested in selling med supp, not to fond on driving everywhere in my gas guzzling Trooper, theres nice scenery here in TX, but I have children and better things to do than to waste time. I really dont anything too terrible to say about management, they were a great group of guys, one even spent some time to tell me his story and I was inspired enough to realize that selling insurance is how I want to help people, just not as a captive agent selling med supp.
That is my experience with Bankers.
Now I have a question for ya'll that I cant seem to find the answer to when I search...how can I find out more about Gary's dialer? I've been reading about that and wanted to check it out for myself.
Susie, 99% health, a life app here and there. Just learned how to "really" do the internet thing and there are some definite twists to it. But once you get it down there's nothing like it.
No personal experience with this company however Weiss thinks they are bottom of the barrel in all areas of insurance they sell. Weiss knows his stuff.
What are you, some kind of Weiss guy? Me, too! We all know what flows downhill and Bankers doesn't seem to be capable of gaining any altitude. Here's a shovel, you do the math. I do hear that Bankers is a nice place to get trained then leave. If you're there over 6-months, then you are catatonic and should see a physician ASAP.
I believe they are part of the AVIVA group of companies, but I haven't a clue what AVIVA's plans are, or if they even have any plans, for elevating Bankers out of the basement. Anybody know?
al3: In CA non-compete clauses are virtually worthless.
So true. In CA non-compete agreements are illegal and against public policy. I recall they were ruled as bad for business in CA, too. It's been accepted and loosely interpreted - I don't know if it's conventional wisdom at play or street lore - that the ruling went on to say that if a name is in the phonebook, then it is an open game to anyone to pursue those names as potential clients, i.e. you cannot be restricted from contacting names in the phonebook. On the other hand, I do not know if that implies that you cannot call anyone with an unlisted number as a potential client. Hmm, this is a conundrum. I suppose we will have to leave that for another day.
Sagamore..... go independent! You'll be able to offer your clients more, and make more money. Why are you scheduling appointments??? Get used to selling via the internet and you'll never go back to belly to belly. This past week I wrote close to $36,000 AV sitting at home in my sweat pants. Join the Association and learn how to do this.
Association? To which association do your refer?
Sorry, my bad. Of course you are referring to HealthAgent's excellent organization.
Last edited by Ahnuld : 03-22-2008 at 07:48 PM.
Reason: oops.
Yes, I'm helping Healthagent with it. It's exploding.
The Association guided you through the in's and out's of running a successful internet sales agency? That's fantastic and a ringing endorsement. Best success to you all.
I was reading your message and I couldn't help but notice you gave some intriguing advice. Could you explain to me a little more about this internet thing. I was really intrigue by what you said and would like more information if you would be willing to provide it.
I'm a new agent in Ohio and I'm looking for an edge. Thanks and enjoy the day.
No, the association didn't teach me that. I'm giving my newly learned expertise to the association.
Lol - the association didn't teach Mr. C anything. Mr C's working with me to help built it and as a 21 year licensed agent and 15 year CE instructor he brings a lot to the table.
------------------------------------ Health Insurance Agents: Training, Support, Discounts, E&O for $440 www.ihiaa.com
I'm trying to decide if I should still report for work and watch how they handle the qualified leads I got for this week via telemarketing?
Is my branch office reputable?
Why are they asking me to schedule appointments that are not geographically near each other and give the impression that the better qualified ones will be seen and the poorer ones will be shuffled to another date and time. Meanwhile, I called these people using my good name and set up a time that I'd be there.
Why are some of these leads pissed that we keep calling them?
I don't know what to do.
Thanks...
I worked for Bankers in their Warwick, RI office. What I've learned about Bankers and other companies that recruit like them is that it all depends on the office in which you're working. I'll try to give you the positives and the negatives as I see them.
Positive: They're dealing with the senior market and they have a broad product mix. Their fact-find is pretty thorough, which allows you to walk out with a sale without costing your new client much out of pocket. This is extremely helpful if you find a senior with lots of mis-allocated assets. It's not unheard of to find $400,000 sitting around in a couple of forgotten bank accounts in some the worst neighborhoods.
Negative:Bait & Switch --Your phone pitch talks about medicare, when you get to the prospect's home, you probably will say very little about this subject past March. You're going to aggravate a lot of people.
Positive: You can earn while you learn (at least in our office) on your first day in the field. We were paired with an experienced agent when going on appointments. If a sale was made, we split commissions 50/50. If you are paired with great sales people, it's a perfect training opportunity
Negative:Small commissions. The average commission is 50%, making your half only 25% of the sale.
Positive:Endless leads -- This has its strengths. You will have hundreds of people to call. Newbies get all the non-responder leads. Most of the sales made in that office were from these leads.
Negative:Very angry prospects. In our office, there were 50 people making phone calls on the same days, many times calling the same homes several times a day with the same pitch. Getting yelled at is part of the routine in a Banker's office.
Positive:Lots of Appointments. If you get good on the phones and you don't mind spending 8-10 hours on the phones three days per week, you will have 12-18 appointments.
Negative:Lots of No-Shows: Because of the number of phone calls they receive, many seniors will schedule an appointment with you to get their phones to stop ringing. In that environment, the goal is to book appointments. That's how you get to work with the top producers. No-shows are a major waste of time, but are a fact of life in that environment.
Negative:They're not your clients: You've built a book of business, but you see greener pastures elsewhere. Say goodbye to your clients and all your hard work for at least two years. These are Bankers' clients.
Negative:Their Customer Service Sucks! If your client has a question and they call Bankers, they will wait for a minimum of 15 minutes to get an answer. If you, as a good agent, try to get answers for them, you will waste a half-hour waiting for assistance.
Check out AM Best for their Rating.
I left Bankers because I hated the way we prospected. Unfortunately, I went into another environment (a Torchmark company) that did group interviews and promised you the world. What I found was that I picked up some good experience from both companies. Bankers helped me to overcome my fear of the phone. Torchmark's company taught me how to close a sale on the first appointment, but more importantly, to NOT believe the hype that this is an easy business. I also got to see people who would do just about anything to close a sale (both companies), throwing their integrity (and in one case a license) right out the window.
On balance, I think Bankers (at least that office) was a good, supportive training ground. I think their failure is that they give you the impression that this business is much easier than it is. They also don't tell you that your manager is going to ride you more than you ever imagined to produce.
If you don't like being told what to do, stay away from Bankers and any other shop that does group interviews. That's just the way things go in those environments.
If you want to spend some time at the school of hard knocks and learn about the senior market, they may not be a bad place to start. The one thing you'll find is that you are working for a very poorly rated insurance company and, if you care about your reputation, this may be a problem. The one thing people forget is that the Client is not usually buying the company. He's buying you. There are better commissions awaiting you from better companies to sell. Why not keep the fruits of your own labor and protect your name. You had mentioned the non-compete clause. Don't worry. You can't use their leads, recruit their agents, approach their clients, or replace their policies for two years. That does not mean you cannot sell insurance for two years. Don't worry about it.
If you're under the impression that they are going to make it easy for you, forget about it. You'll pay your dues wherever you go. Why not make as much money as you can in the process.
I don't think my experience at Bankers was terrible. I rather enjoyed it overall, actually. It just wasn't for me. I met many very nice, sincerely committed, helpful individuals there. In fact I met some true success stories and some of the most fascinating people I've ever met in my life in that office, but I didn't get into this business to be married to any one company nor to have anyone else manage or supervise my time. Regardless where you go, this business is hard work, and you probably won't make much money your first year. Anyone who tells you otherwise is not telling you the truth. I hope this helps.
Sagamore..... go independent! You'll be able to offer your clients more, and make more money. Why are you scheduling appointments??? Get used to selling via the internet and you'll never go back to belly to belly. This past week I wrote close to $36,000 AV sitting at home in my sweat pants. Join the Association and learn how to do this.
What association are you referring to?
I'm interested in learning about internet sales as well....
Thanks
Sagamore
PS- I'll be offline for two days. I'll be back Tuesday evening.
I have started an association for independent health insurance agents that's focused on training, support and a community environment.
If you need or want ongoing training, support and a fantastic community atmosphere this will be something you'll want to look into.
This was just launched over a week ago and already it's growing extremely fast. This coming week we'll have a full schedule of webinars on a wide variety of topics, and to get all the members together. We'll also be having several contests with prizes. We've had people join who haven't yet taken their test, and agents with 20 years experience.
General training is arguably more important they product-specific training; how to qualify, write apps, general health insurance information, etc...
Right now the association is about to get promoted next month to over 60,000 agents between some affiliations and industry publications. The more members we get, the more benefits members get.
We are also arranging carrier-direct training. So for example, ABC Carrier would run a member webinar on their products, underwriting and ethical standards.
This can really go a long way to solve a major flaw in this industry with is lacking or non-existent training.
Current we have a new members price however (and this is not a sales pitch - trust me) that price will not stand when we're fully off the ground.
It looks to be a top notch, A-list group for health insurance agents. Pay it a visit.
BTW - Might I suggest going back a few entries in any thread you visit and play "catch up" on what has already been said and covered, plus there is a lot of valuable info you might miss by not doing so.
Thanks for the nod - my goal (and I can only hope) it mandatory training direct from the carriers upon appointment. As of now I have a 100% "yes" response from every carrier contacted that they will hop on association webinars and go over their products, underwriting and ethical code for agents. Everyone wins - unethical outfits lose.
Sagamore..... go independent! You'll be able to offer your clients more, and make more money. Why are you scheduling appointments??? Get used to selling via the internet and you'll never go back to belly to belly. This past week I wrote close to $36,000 AV sitting at home in my sweat pants. Join the Association and learn how to do this.
I worked for Bankers in their Warwick, RI office. What I've learned about Bankers and other companies that recruit like them is that it all depends on the office in which you're working. I'll try to give you the positives and the negatives as I see them.
Positive: They're dealing with the senior market and they have a broad product mix. Their fact-find is pretty thorough, which allows you to walk out with a sale without costing your new client much out of pocket. This is extremely helpful if you find a senior with lots of mis-allocated assets. It's not unheard of to find $400,000 sitting around in a couple of forgotten bank accounts in some the worst neighborhoods.
Negative:Bait & Switch --Your phone pitch talks about medicare, when you get to the prospect's home, you probably will say very little about this subject past March. You're going to aggravate a lot of people.
Positive: You can earn while you learn (at least in our office) on your first day in the field. We were paired with an experienced agent when going on appointments. If a sale was made, we split commissions 50/50. If you are paired with great sales people, it's a perfect training opportunity
Negative:Small commissions. The average commission is 50%, making your half only 25% of the sale.
Positive:Endless leads -- This has its strengths. You will have hundreds of people to call. Newbies get all the non-responder leads. Most of the sales made in that office were from these leads.
Negative:Very angry prospects. In our office, there were 50 people making phone calls on the same days, many times calling the same homes several times a day with the same pitch. Getting yelled at is part of the routine in a Banker's office.
Positive:Lots of Appointments. If you get good on the phones and you don't mind spending 8-10 hours on the phones three days per week, you will have 12-18 appointments.
Negative:Lots of No-Shows: Because of the number of phone calls they receive, many seniors will schedule an appointment with you to get their phones to stop ringing. In that environment, the goal is to book appointments. That's how you get to work with the top producers. No-shows are a major waste of time, but are a fact of life in that environment.
Negative:They're not your clients: You've built a book of business, but you see greener pastures elsewhere. Say goodbye to your clients and all your hard work for at least two years. These are Bankers' clients.
Negative:Their Customer Service Sucks! If your client has a question and they call Bankers, they will wait for a minimum of 15 minutes to get an answer. If you, as a good agent, try to get answers for them, you will waste a half-hour waiting for assistance.
Check out AM Best for their Rating.
I left Bankers because I hated the way we prospected. Unfortunately, I went into another environment (a Torchmark company) that did group interviews and promised you the world. What I found was that I picked up some good experience from both companies. Bankers helped me to overcome my fear of the phone. Torchmark's company taught me how to close a sale on the first appointment, but more importantly, to NOT believe the hype that this is an easy business. I also got to see people who would do just about anything to close a sale (both companies), throwing their integrity (and in one case a license) right out the window.
On balance, I think Bankers (at least that office) was a good, supportive training ground. I think their failure is that they give you the impression that this business is much easier than it is. They also don't tell you that your manager is going to ride you more than you ever imagined to produce.
If you don't like being told what to do, stay away from Bankers and any other shop that does group interviews. That's just the way things go in those environments.
If you want to spend some time at the school of hard knocks and learn about the senior market, they may not be a bad place to start. The one thing you'll find is that you are working for a very poorly rated insurance company and, if you care about your reputation, this may be a problem. The one thing people forget is that the Client is not usually buying the company. He's buying you. There are better commissions awaiting you from better companies to sell. Why not keep the fruits of your own labor and protect your name. You had mentioned the non-compete clause. Don't worry. You can't use their leads, recruit their agents, approach their clients, or replace their policies for two years. That does not mean you cannot sell insurance for two years. Don't worry about it.
If you're under the impression that they are going to make it easy for you, forget about it. You'll pay your dues wherever you go. Why not make as much money as you can in the process.
I don't think my experience at Bankers was terrible. I rather enjoyed it overall, actually. It just wasn't for me. I met many very nice, sincerely committed, helpful individuals there. In fact I met some true success stories and some of the most fascinating people I've ever met in my life in that office, but I didn't get into this business to be married to any one company nor to have anyone else manage or supervise my time. Regardless where you go, this business is hard work, and you probably won't make much money your first year. Anyone who tells you otherwise is not telling you the truth. I hope this helps.
I agree for the most part on most of these things you speak of, however, I have to say that it really depends upon the Branch Manager and the management team exactly how each office is ran. Just keep in mind it may be a great place to get started.
Re: Opinion of Bankers Life and Casualty
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