Insurance Agent Forum

[Tony T]

Has anyone on this forum had any experience with an agency out of Valdosta, Ga., Medicare Supplement Insurance Service, Inc.?...MGA for Mutual of Omaha and Genworth...Good, Bad, Anything? Would appreciate any comments...Tony

[sman]

Originally Posted by Tony T

Has anyone on this forum had any experience with an agency out of Valdosta, Ga., Medicare Supplement Insurance Service, Inc.?...MGA for Mutual of Omaha and Genworth...Good, Bad, Anything? Would appreciate any comments...Tony

They've been discussed here before. They provide leads, but with a catch. You must assign commissions to them and they will pay you. I'm not sure who gets the credits offered by the carrier. For example, Mutual of Omaha has an incentive trip each year and also gives marketing credits if you have at least 10 apps issued in a month and are in the top 60 agents. Since commissions are assigned, I have no idea if the agent gets credit for the trip and marketing credits or if it goes to MSIS. Not saying that the agent doesn't get it, I just don't know. They offer a decent first year commission, but then a significant reduction in future years on that piece of business. I guess it's the cost of the lead. Spoke with them a while back and this was the commission structure they quoted for United World:

20% first year
10% years 2-6

I don't recall what years 7-10 were. But if we just use the first 6 years, I currently get 17% for all 6 (I'm in Georgia). So on a $1,200 commissionable premium, you'd get $840 over 6 years with them. I get $1,224. So the cost of the lead would be $384 over a 6 year period. Now I realize not everyone will keep their coverage for 6 years due to rate increases or death. But that's a pretty expensive lead.

MSIS will offer direct pay contracts, but you won't get any leads. Not sure of the commission structure on the no lead deal.

Let's face it, if you aren't getting in front of people, you're not making sales. So, if a person has a tough time generating their own leads, it could be a good set up. I'm just not a fan of assigning commissions.

[toc3]

I am currently writing all of my Senior Market business through them. So far, I have nothing bad to say about them. They are very helpful and responsive. Everybody go's out of there way to help. They offer advances after you write 5 policies I think, can't remember. I am under their lead program, but I needed to be. I didn't have any marketing capital so it is a good set up for me. They offer 3 types of leads. Direct mail, telemarketed and internet. I by far get the most as direct mail, the telemarketed leads are next. I don't have an accurate count but I probably close around 25% of the leads received. My best carrier I have with MSIS is United of Omaha which is hard to beat in Arkansas. I get 25% first year commission and 8% for yrs. 2-6 and 3.5% for yrs 7-10. Again I receive leads, I don't know what the comm. schedule is for no leads.

[Tony T]

Thanks for the quick reply...Although I've been in the business over 20 years, never had any experience with med. sup.... MSIS did a mass mailing to agents in N.J. and the "FREE OPEN ENROLLMENT LEADS" in your area caught my eye...I agree with you on the assignment of commissions...I guess it depends on the quality of the leads...Although, I've been shanked by other carriers without regard to production over the years as a direct GA...Figured since I live in one of the most densely populated areas in the country, I could give up some control and back-end renewals for a large volume of good leads and a bit of an education in a field that I'm somewhat unfamiliar with...

[GreenSky]

I worked with them briefly and have nothing but good to say. Before I contracted with them they provided me with a "pre-nup" guaranteeing a release whenever requested. They honored that request.

There is more to an FMO than just commissions. They are one of the good guys.

Rick

[Tony T]

Thanks for the info...An endorsement from an agent is truly appreciated...

[karenrowland]

I have a warning-they do not release agents and will try to take all of your residuals forever if they do release you. They take a big portion of my commissions too.

[GreenSky]

Originally Posted by karenrowland

I have a warning-they do not release agents and will try to take all of your residuals forever if they do release you. They take a big portion of my commissions too.

Nice first post. I found them to be just the opposite.

I requested a release up front and received it. Worked with them for awhile and decided to move on. They honored their release.

After 2 years, I am still receiving all the commission due.

Interesting that the only post you've made on this forum was to say they are not honest.

Rick

[Plainbill]

I worked with them for 6 years. Anyone who says that they are not good and fair people, probably did some shady dealing themselves.
I left to start my own service that was modeled after theirs and they even helped me do that with advice and insights.
They still pay my residuals and I wouldn't think twice about recommending them.
As someone who knows what it is like to work on both sides of the business, they deserve every penny that they earn from overrides.

[jerry176]

Tony T....
Look up frank stastny on the forum, he should be able to help you.
He can give you a good education on Medicare supplements, and more importantly give you some ideas on how to make appointments for yourself.

[xrac]

Medicare Coverage


Quote:
The phone rings and the lady of the house answers, 'Hello.'
'Mrs. Sanders, please.'
'Speaking.'
'Mrs. Sanders, this is Doctor Jones at Saint Agnes Laboratory. When your husband's doctor sent his biopsy to the lab last week, a biopsy from another Mr. Sanders arrived as well. We are now uncertain which one belongs to your husband. Frankly, either way the results are not too good.'
'What do you mean?' Mrs. Sanders asks nervously.
'Well, one of the specimens tested positive for Alzheimer's and the other one tested positive for HIV. We can't tell which is which.'
'That's dreadful! Can you do the test again?' questioned Mrs. Sanders.
'Normally we can, but Medicare will only pay for these expensive tests one time.'
'Well, what am I supposed to do now?'
'The folks at Medicare recommend that you drop your husband off somewhere in the middle of town. If he finds his way home, don't sleep with him.'

[Mr. Bill]

XRAC, you have a very wicked sense of humor!!!

[karenrowland]

I could not get enough leads to make a living with MSIS and never did one thing unethical. They
- - - - - - - - - - - - - - - - - -
I could not get enough leads to make a living with MSIS and never did one thing unethical. They admitted they couldn't change that and I wasn't getting enough. They still would not release me without turning over my next 5 years in renewals-over 30K. There is something wrong with that. I am now with United and have lots of leads so why should I have made $100 less on every application when most of my business was generated by me anyway?
- - - - - - - - - - - - - - - - - -
I sold Medicare Advantage plans through them-$300 an app. with $150 a year in renewals (United pays $400 an app.). They told me they never release agents without taking the renewals-maybe that's only on Advantage Plans?

[G.Gordon]

Originally Posted by karenrowland

snip....I could not get enough.....and I wasn't getting enough.... snip

Most folks turn bitter when they don't get enough...

[GreenSky]

Originally Posted by G.Gordon

Most folks turn bitter when they don't get enough...

F*CK YOU! I'm not bitter, just frustrated.

Rick

[edny]

Can you tell me about united and their leads?