Medicare Supplement Insurance Service, Inc.

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Old 01-14-2009, 10:17 AM   #1
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Medicare Supplement Insurance Service, Inc. Medicare Supplement Insurance Service, Inc.
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
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Old 01-14-2009, 11:04 AM   #2
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Medicare Supplement Insurance Service, Inc. Re: Medicare Supplement Insurance Service, Inc.
Originally Posted by Tony T View Post
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.
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Old 01-14-2009, 11:32 AM   #3
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toc3 on Medicare Supplement Insurance Service, Inc. - Insurance Forum
 
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Medicare Supplement Insurance Service, Inc. Re: Medicare Supplement Insurance Service, Inc.
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.
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Old 01-14-2009, 11:43 AM   #4
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Medicare Supplement Insurance Service, Inc. Re: Medicare Supplement Insurance Service, Inc. Tony T is the thread starter for: Medicare Supplement Insurance Service, Inc.

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...
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Old 01-14-2009, 12:57 PM   #5
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GreenSky on Medicare Supplement Insurance Service, Inc. - Insurance Forum
 
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Medicare Supplement Insurance Service, Inc. Re: Medicare Supplement Insurance Service, Inc.
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

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Old 01-14-2009, 02:14 PM   #6
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Thanks for the info...An endorsement from an agent is truly appreciated...
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Old 07-30-2009, 12:29 AM   #7
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Medicare Supplement Insurance Service, Inc. Re: Medicare Supplement Insurance Service, Inc.
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.
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Old 07-30-2009, 08:40 AM   #8
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GreenSky on Medicare Supplement Insurance Service, Inc. - Insurance Forum
 
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Medicare Supplement Insurance Service, Inc. Re: Medicare Supplement Insurance Service, Inc.
Originally Posted by karenrowland View Post
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
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Old 09-08-2009, 03:25 PM   #9
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Plainbill on Medicare Supplement Insurance Service, Inc. - Insurance Forum
 
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Medicare Supplement Insurance Service, Inc. Re: Medicare Supplement Insurance Service, Inc.
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.
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Old 09-08-2009, 08:04 PM   #10
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jerry176 on Medicare Supplement Insurance Service, Inc. - Insurance Forum
 
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Medicare Supplement Insurance Service, Inc. Re: Medicare Supplement Insurance Service, Inc.
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.
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