I'm Punting My Local BGA, Need Some Feedback

[tlmarketing]

The problem is your current BGA, plain and simple.

There is no valid reason to hold up a case like that unless you were providing incomplete applications, etc..

3 full time staff for inhouse underwriting team with less than 100 cases per year seems a bit much....do they do other job functions?

 

[scagnt83]

As others have mentioned, Genworth will not talk to you and neither will the rest in my experience. You simply are not doing enough production and able to commit to a carrier to get such a high contract level that you CAN deal directly with them.

Actually some will. Genworth wont, but LFG will deal with agents via phone or email. You also have web portal access with most all of them and are able to keep track of requirements, updates, etc. through it.

I run LFG through Pinney and have dealt directly with LFG for cases many times. The web portal gives you complete case status along with contact info for the uw & case manager.
But I do always CC the case manager at pinney to keep them in the loop as well.

Pinney is a good group. And fairly flexible as far as big outfits go.

 

[CFP83]

The problem is your current BGA, plain and simple.

There is no valid reason to hold up a case like that unless you were providing incomplete applications, etc..

3 full time staff for inhouse underwriting team with less than 100 cases per year seems a bit much....do they do other job functions?

Unfortunately my previous BGA experiences have been much the same as my existing one.

Although I have three full-time staff one is the front desk administrative assistant who directs traffic...answering phone-calls, confirming appointments, greating all clients and visitors to the office, replying to some emails, filing & scanning, and doing some inforce marketing such as b-days anniversaries and other misc cards and communications.
Our office manager runs the calendar and schedules all meetings for prospects or existing clients. She oversee's underwriting of all insurance and investment business, and is really the quarterback from the time we get ink on paper until the contract/account is placed.
The newest addition to the team was a former compliance officer at Valmark, which is a large broker-dealer and insurance organization here in Ohio. His role on the team is 100% sales support....designing illustrations, constructing financial-plans, building investment proposals, and listening to & processing all case-notes after appointments. Mainly his role is supporting the sales cycle from beginning to end, then once its in underwriting he supports my office managers underwriting functions having a good deal of experience with this process having have worked in compliance for several years.

So my office manager heads underwriting with support from my sales associate. We do a little bit of term but not much, so underwriting isn't always a simple process...the vast majority of clients are over 50 (more aps's and medical records to review), many are larger cases, and many involve 1035 exchanges. So although this year we're on pace for more like 110-115 cases, they aren't the 250k term cases on young healthy 35 year olds. The opportunity and case size is larger but there's more "moving parts" so to speak.

Thanks a million for all the feedback thus far to you all.

 

[tlmarketing]

that's good to hear....would have been a bit of overkill if just working the underwriting.

When i was writing business...and will soon be writing again, it was all impaired risk, over 50, lots of medical records, etc.. I never found the 1 perfect BGA so I worked with multiple.

We would direct the business to the BGA with best service, and when service fell off, we would shift to different BGA. It worked well, and it sounds like you have the staff that will allow you to manage effectively.

 

[InsuranceMonkey]

Some thoughts -

Your #2 is good, Protective. You get the best rate from a dual underwriting manual system. They're terrible for depression and anxiety though. Very conservative and just rarely go Preferred on those cases even if they're stable and asymptomatic. Great for diabetes though, they're very generous with less than well controlled cases.

ING for substandard material, because if it's substandard they have RGA ASAP which very frequently takes T-2, T-3, and sometimes T-4 cases as STD. If RGA ASAP doesn't take it, they send it out to reinsurance. They are a heavy reinsurance using company. If you get a table rate back, ask if it's from reinsurance, if it not, ask for reinsurance, they'll do it in a heartbeat.

In Belleview WA, SYMETRA Financial. Small underwriting Dept, you get personal access, get to know your underwriter and can call them anytime. There's an agent/underwriter relationship dynamic there you don't see at any of the big boxes.

 

[Tahoe Ray]

Some thoughts -

Your #2 is good, Protective. You get the best rate from a dual underwriting manual system. They're terrible for depression and anxiety though. Very conservative and just rarely go Preferred on those cases even if they're stable and asymptomatic. Great for diabetes though, they're very generous with less than well controlled cases.

ING for substandard material, because if it's substandard they have RGA ASAP which very frequently takes T-2, T-3, and sometimes T-4 cases as STD. If RGA ASAP doesn't take it, they send it out to reinsurance. They are a heavy reinsurance using company. If you get a table rate back, ask if it's from reinsurance, if it not, ask for reinsurance, they'll do it in a heartbeat.

In Belleview WA, SYMETRA Financial. Small underwriting Dept, you get personal access, get to know your underwriter and can call them anytime. There's an agent/underwriter relationship dynamic there you don't see at any of the big boxes.

I'm becoming a fan of Symetra. Their GUL is well-priced and I have been happy with their underwriting. A small (relatively) company doing things the right way.

 

[WinoBlues]

I'm becoming a fan of Symetra. Their GUL is well-priced and I have been happy with their underwriting. A small (relatively) company doing things the right way.

The old Safeco they were great to work with, I assume still are. Had some of the stronger ULs back in the day. They still write through P&C independents.

Sent from my Nexus 7 using Insurance Forums

 

[cadylou]

You might also talk to Crump Life Insurance. I've used them and have gotten good results. I submit directly to carriers, am paid by carriers, but when I need their help - I get assistance PRIOR to submission. Have never had any issues. They have a lot of online tools for you to use as well, so if you're like me & prefer to do a lot on your own, it's all there for you.

 

[InsuranceMonkey]

I've worked with Crump from the other side. They're somewhat... demanding, difficult... which from your side is a good thing. They crack the whip, fight for you.

 

[jackpeterson]

Sam,

You want a BGA that is responsive, has excellent relationships with companies & underwriters and gets cases issued on a timely basis. I use AIP Group out of Troy, MI. -With your production, you can become an affiliate partner. Call 1-800-783-5206 and ask for Rick. Tell him Jack Peterson sent you. See if they might be a great fit for you.