Selling Health Insurance Without a License?
- Thread starter Brian Anderson
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Have to forward these on to a CPA bud of mine. We talked about these guys for a while a couple years ago as they were hitting hard and heavy in the area. Couldn't happen to a better group of people....
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New Zenefits CEO David Sacks published a blog post about a new system they have adopted in an effort to correct their major compliance issues. From the post:
Zenefits implemented sophisticated new controls in Salesforce.com, our CRM system, to ensure that every one of our sales representatives is licensed to sell insurance in the state where that current or prospective client resides. This is an important step to changing how Zenefits operates and living up to our new core value of operating with integrity…
This new system of checks and balances applies to both existing and future sales opportunities. This means that our compliance team has reviewed all existing opportunities in Salesforce.com to ensure that the sales rep working that opportunity is licensed to transact business in that state…
As we’ve acknowledged, Zenefits has had issues with licensing compliance in the past, but as of today, we believe that this sophisticated new technology provides some of the best-in-class controls in the industry and corrects our broker licensing issues. This technology helps us live up to the high standards of integrity that we have now set for ourselves, that our regulators rightly expect, and that our customers deserve.
https://www.zenefits.com/blog/new-broker-licensing-controls-at-zenefits/
And some interesting speculation about the culture under the old regime in this piece from Business Insider:
Getting leads is a big deal for sales folks in any organization but we've heard stories that it was particularly cutthroat at times at Zenefits. One person who knows the company well told us that under Conrad's administration, some sales people were told that if they weren't in the office very early (as early as 6 a.m.), their leads for the day would be given to someone who was. We asked Zenefits about it and the company declined comment.
Zenefits turns to Salesforce for compliance - Business Insider
Zenefits implemented sophisticated new controls in Salesforce.com, our CRM system, to ensure that every one of our sales representatives is licensed to sell insurance in the state where that current or prospective client resides. This is an important step to changing how Zenefits operates and living up to our new core value of operating with integrity…
This new system of checks and balances applies to both existing and future sales opportunities. This means that our compliance team has reviewed all existing opportunities in Salesforce.com to ensure that the sales rep working that opportunity is licensed to transact business in that state…
As we’ve acknowledged, Zenefits has had issues with licensing compliance in the past, but as of today, we believe that this sophisticated new technology provides some of the best-in-class controls in the industry and corrects our broker licensing issues. This technology helps us live up to the high standards of integrity that we have now set for ourselves, that our regulators rightly expect, and that our customers deserve.
https://www.zenefits.com/blog/new-broker-licensing-controls-at-zenefits/
And some interesting speculation about the culture under the old regime in this piece from Business Insider:
Getting leads is a big deal for sales folks in any organization but we've heard stories that it was particularly cutthroat at times at Zenefits. One person who knows the company well told us that under Conrad's administration, some sales people were told that if they weren't in the office very early (as early as 6 a.m.), their leads for the day would be given to someone who was. We asked Zenefits about it and the company declined comment.
Zenefits turns to Salesforce for compliance - Business Insider
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Zenefits reached its first settlement this week with a state investigating it for allowing unlicensed employees to sell health insurance – agreeing to pay Tennessee $62,500. At least 3 more states to follow, maybe more. Details at the link below…
Insurance Forums | Zenefits reaches first settlement with state regulators as it works to rebuild its corporate culture
Insurance Forums | Zenefits reaches first settlement with state regulators as it works to rebuild its corporate culture
not a very large penalty.
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Latest (and 9th) settlement is with Texas for a more sizable fine of $550,000.
And today Zenefits launched "Z2" - the "next generation of the Zenefits platform."
https://www.zenefits.com/z2/?mkt_tok=eyJpIjoiTmpZeU16azFOemM1WmpNMyIsInQiOiJQQlQ3SnNmaDJqVmNwVmtUbFwvU3BmM21YdnpONlFxYnpkMFFzcTVhUmpyckdvVWRiZmJBa1V4b005TjdLcEdlMVVIeGNneWtrdkNRbHFPaDdzT3ZQODZlYk4zbkNKTkZLSFhlYkhBaWEwRWc9In0%3D
And today Zenefits launched "Z2" - the "next generation of the Zenefits platform."
https://www.zenefits.com/z2/?mkt_tok=eyJpIjoiTmpZeU16azFOemM1WmpNMyIsInQiOiJQQlQ3SnNmaDJqVmNwVmtUbFwvU3BmM21YdnpONlFxYnpkMFFzcTVhUmpyckdvVWRiZmJBa1V4b005TjdLcEdlMVVIeGNneWtrdkNRbHFPaDdzT3ZQODZlYk4zbkNKTkZLSFhlYkhBaWEwRWc9In0%3D
