GENWORTH = BIG JOKE

Golddoor · 12-20-2006, 01:15 PM

I submitted to genworth 2 apps for key man coverage for a doctors office and it has taken 12 weeks to get approval. Thats after having issue after issue with their underwriting department. Almost daily for the 12 weeks they kept requesting different forms. Then when I would get this request completed, then they would claim that they never recieved them. Even though my fax reports claim otherwise. Or then they would claim that they didnt actually need them and dont now why that they originally requested the additional info. Finally after 12 weeks I received policies and personally delivered them to the Doctors they signed delivery receipts and amendments all the while questionng what took so long. I then faxed receipts to Genworth. Now I receive a letter from them stating that they have to reissue the policies because of a missing owner signature on the original app. A missing signature? They just now figured this out?Genworth is a big joke and they will never revcieve another app from me again. I have also talked to another agent and he said he has the same problems with them!! :x WARNING STAY AWAY FORM GENWORTH!!!!!!!!

***Melmunch3*** · 12-20-2006, 01:54 PM

I am sorry to hear that story. If you look around, you will find similar stories from every single carrier, including the big mutual companies. This is why I believe that it is important to have a solid MGA that you work with. They know how the wheels get greased and they take care of these annoyances for you.

NHB_MMA · 12-20-2006, 01:57 PM

NYL agent says Confucius says "insurance company with very low premium has one underwriter working out of tent". :lol:

Seriously, I've heard good things about Genworth and suprised to read this. But if other agents have the same problems, I hope you find a good company to place your clients with. When I've ran sample quotes on term, Genworth seems to be among the lowest rates, but price is only one consideration. If your customers get pissed off and you lose business, the rates could not be any more irrelevant.

NHB_MMA · 12-20-2006, 01:59 PM

Melmunch is right. You need to be connected with someone that can make phone calls, bitch, and get results.

somarco · 12-20-2006, 02:33 PM

I have been using Genworth (actually, FCL) for over a year now and have no issues. Granted, I am not a high volume life guy and I come to expect 2+ months from app to issue & getting paid a month after that. As long as I understand that taking an app today doesn't mean money in my pocket until the spring thaw I am OK.

Why anyone would TRY to write life insurance is beyond me . . .

James · 12-20-2006, 02:47 PM

Originally Posted by somarco

Why anyone would TRY to write life insurance is beyond me . . .

One word describes it best, masochism.

insuremojo · 12-20-2006, 10:50 PM

Originally Posted by NHB_MMA

NYL agent says Confucius says "insurance company with very low premium has one underwriter working out of tent". :lol:

LOL

Bob_The_Insurance_Guy · 12-21-2006, 03:39 AM

I agree with Somarco. I have only written LTC with Genworth. Never had any problems with them. I have a wonderful FMO that I work with, and they keep the lines of communication open at all times, so that I know what to expect and when.

With Life and LTC, I tell my clients that it can take as long as 3 months, and with health, it can take as long as two.

You have to remind your clients/prospects that there are many factors involved:

1. Getting APS's - which is totally dependent on how long it takes the physician's office to respond and forward

2. First in first out - their application is just as important to the insurance company as the one before them, and the one after

3. State Mandates - their Insurance Commissioner can be very demanding as to what the insurance company has to have to issue the policy, and this sometimes means crossing every T and dotting every I twice.

I have only had two clients get impatient, and walk away. Oh, well.

Golddoor · 01-08-2007, 03:16 PM

Genworth now has screwed up my commissions and also just found out they deducted an extra $400.00 from my clients credit card that shouldnt have been. They then said they would just credit the credit card back the refund, but just got off the phone with my client andGenworth sent them a refund check with both my name and the clents name on it. So I have to sign off on it. My client is not happy. GENWORTH SUCKS!!!!!!!!!!1 :x

somarco · 01-08-2007, 03:27 PM

It could be Genworth. Could be your IMO/GA.

Golddoor · 01-08-2007, 03:45 PM

Originally Posted by somarco

It could be Genworth. Could be your IMO/GA.

Nope this is 100% Genworth!!