Doesn't the Norvax quote engine only provide preferred rates? For example, if someone is a standard risk, can you change the way it quotes?
It will show tobacco and non tobacco rates, that is all. It is very complex from carrier to carrier to accommodate rate ups - this is a very difficult logic to program, as rate ups can range from 10% to 180% (even in Ohio).
I guess this is where your skill as an agent comes in to do your best to quote the "likely" final rate based on the guidelines and your knowledge of the carrier.
So, ...if I know it will be a standard risk (ht/wt 6-0 240 for example), wouldn't the Norvax rates always be inaccurate? Granted, the smoker rates might bring it closer to what it should be, but still not correct.
It seems as if it would be confusing to provide a Norvax quote to someone and explain the rates aren't correct. Close, but not right on.
So, ...if I know it will be a standard risk (ht/wt 6-0 240 for example), wouldn't the Norvax rates always be inaccurate? Granted, the smoker rates might bring it closer to what it should be, but still not correct.
It seems as if it would be confusing to provide a Norvax quote to someone and explain the rates aren't correct. Close, but not right on.
I kinda feel that way too but I have had to resort to sending rates via email/mail that ONLY reflect the Preferred because that what all the other sites/brokers do so if I send something based on what they have written in lead (Hypertension, build, ec) all of a sudden I look pricier than "Quote Service ABC" or some other Broker. I'd rather send the Preferred rates and just mention in my phone message/follow up emails that not everyone qualifies for Preferred, etc.
I have had this discussion in the past on the board, and it is often misinterpreted. I agree with your intention 100% to quote accurately, however I also work primarily waiver states, and my medical rates ups are well under 10% of applications.
Underwriting is really all over the board not only company to company but within each company it is really hard to find underwriters to be consistent with the 100's if not 1000's of variables on each case.
Most carriers are running RX searches now as well - so the client might not disclose anything yet they run a RX run and find pre ex whatever (mental health maybe) and they rate the policy.
I used to really try hard to be Mr. Underwriter, and I know a lot of agents who try to wear this hat as well - and it is not easy. I have done this for years and have offered to train carriers on THEIR OWN underwriting guidelines for $10,000 per day, my daily rate - I think they thought I was joking? It amazes me how many carriers don't even know their own published guidelines.
I do agree you SHOULD as an ethical agent quote accurately if you know for fact - primarily tobacco and height and weight as an example.
Unless Norvax has significantly raised their prices, $150 is gouging.
I would have to dig thru my old stuff, but seems like I got them for a rip off $200 set up fee then $75 per month. All I had was the quote engine (including the back office) and one state. (They charge extra for each state). If I wanted Lead Miner (their autoresponder) that was another $75. If I wanted a website that was more set up & monthly fees.
You should be able to get a basic package for around $75 per month. If they wont budge, look at Quotit. I have had both and much prefer Quotit.
The quote engine is a tool but will not close business for you. It lacks the capability to show all variations (especially with someone like Time who has over 1000 combinations) nor does it give you the ability to show underwriting loads.
If you are working internet leads and you get a person who is 5' 6", 210# and on cholesterol meds, and you show them an (accurate) $300 rate while they are still looking at quotes from other brokers in the $180 range, you won't get very far.
Buyers are mostly stupid. If they think they can get the same plan from Joe for $120 less than you quote guess where they go. Once you establish a dialogue and gain their confidence you can get into the REAL rates. If you try it right out of the shoot you will not succeed.
Been there, done that, got the t-shirt.
I put out quotes (using Quotit) with a caveat that final rates are determined by underwriting. I also tell them that some carriers will cover existing conditions while others will not. We get into specifics once I feel confident they are no longer looking at other agents.
Someone who is a rate shopper probably wont give you the time of day so quit wasting your time on them. They will end up applying for Right Start or Copay Saver at preferred rates only to get pissed at the carrier when the final offer comes down.
With Quotit (and Norvax)...can you pick the plans that you want to show? As an example, if I handpicked about 10 different plans (total) from 3-4 carriers and those were the only ones I wanted to show, can I do that?
And can I adjust on the fly? For example, if I was quoting a smoking 58 year old and I knew Aetna and BC were the best options...can I plug those two companies in with the plans that I hand selected? And then, change plans and companies for my next quote?
I think about getting Norvax or Quotit all of the time. But if I didn't have time to call them (just use auto-responders and timed emails), I'm not sure if I would get 3-4 sales out of a 100 that I would need to break even.
I agree with Somarco. While you do not want to underprice everyone. The "quote" is only a tool to further the conversation. In all insurance how many times does the customer get the first quoted price? Even in home and car, it seldom happens. Mr Prospect forgot that he had a 125MPH in a 25 zone last month in his sweet ride. If you initially email out a $120 higher quote with out building up your credibility, game over. And in the initial 5 minute fact finding conversation, they don't like/trust you as much as you think they do.
BTW- With Norvax, GR rates do adjust to the 3 tiers by HT and Wt. I only have one state, but this is true about Michigan. Of the 8 carriers I have this is the only one that does this.
Last edited by Chkndinner14 : 01-05-2008 at 10:57 AM.
You can pick the carriers and plans you want to illustrate. Quotit doesn't have Time, but Norvax does. Since they are not competitive it is a non-issue. But if they were . . . you would not be able to illustrate the 1000+ combinations of deductibles, copays, accident benefits, etc.
For complex calculations you need to refer to company software.
Similarly, there are some options (I rarely sell anyway) that are not included in the Quotit GR engine. They have an HSA rider (or whatever they call it) that is a one time fee to pay your deductible for you should you have a large claim in the first 12 months or so.
Quotit allows me to pick from Aetna, BX, Celtic, GR, Humana & KP which is enough to offer. Among those I can illustrate well over 200 plans to my client but I limit it to less than 150 which is still overwhelming.
When they open my quote they will see half a dozen plans ranked from low premium to high. Quotit allows them to look at all 150 plans if they wish, ranked by premium and even side by side. Or they can look at only HSA plans, only plans with premiums from $250 - $400, only plans from Aetna and BX.
They get to pick.
I do allow them to see Saver plans and some of the limited Rx Humana plans simply because if I don't show them they will see them somewhere else. Once we get a chance to talk, I show them, side by side, the difference in a Copay Saver plan and a Copay Select.
Or a Humana Total HSA and a HSA Plus Rx.
When I get a smoker I will show them Aetna rates AND something comparable from a couple of other carriers. In most cases the Aetna rates are lower which allows me to discuss the differences once we connect.
Give me a call next week if you want to discuss this further. I walked Chickendinner thru a Quotit quote on Friday showing him a bit of how to mix things up.
There is a lot of flexibility with Quotit and the layout is much better than Norvax, in my opinion. Quotit doesn't have the range of carriers but again, that is a non-issue. They give me the carriers I use on a regular basis and that is all that matters.
I find that having a quote engine saves me a lot of time and allows me to talk to more folks. I figure my quote engine costs me less than $1000 per year so two sales and I have paid for my outlay.
Of course, that is GA dollars.
Might take 8 sales in OH to get in the black.
Same thing with my web page. I pay $34 per month for a template site that allows me to add & subtract as needed. This is not a site that will attract a lot of non-directed traffic but is meant to introduce potential clients to me. I write at least half a dozen cases a year as a result of folks going there and then contacting me by phone or email.
So $400 for the site (which is an outrageous sum for what I get but I like the layout so I keep it). Factor in 6 sales, that's $7000 in GA commissions ($1200 in OH) so it is also profitable.
All totaled I spend around $2000 a yr for sites, domains, hosting, quote engine, Constant Contact and ReadNotify with one purpose. To give folks an opportunity to find out something about me and run their own quotes (if they so desire) and generate business.
All I need is 4 sales (15 in OH) to break even.
If I wanted, I could reactivate my OH non-res license, pay Quotit another $80 per month, and write business in your area. Of course I would start by carving out zips around your home since I don't want to get the Lebanese army after me. Then all I would need is to make 56 sales a year in OH to break even.
Now that I think of it, you are right. Why not just make 56 sales here and take off after July while you are still trying to cover your monthly nut?
Thanks Bob. That's it! That last post is the final straw. We are moving to Georgia...and in fact to your house. So make room for two adults (although I am a bit childish) and two kids. No more low Ohio rates ever again!
There may be a problem, though. My wife is not willing to give up our 1/4 share of Steeler's season tickets.
I might give you a quick call next week. Just a few basic questions. Like...what type of bathroom privileges do we get if we move in.
That pic looks awfully familiar. Oh, now I know. My prospect zone leads.
Unfortunately, here's a serious question. Hypothetically, assuming you use Quotit (or Norvax) and use the system for shared leads. Only email correspondence. No phone calls, unless they request it. For every 100 leads, would 3 or 4 buy? 2? Or less than that?
Hold on a second, when I lived in GA, there wern't no toilets in my neighborhood.
Ed, I don't know about the back end of Quoit, but from what Bob showed me, the presentation portion is, IMO, better. I am surprised that you haven't already done this. Just for the fact of running a quote with multiple carriers it is worth the money. It frees up more time fer Raccoon Huntin.
That pic looks awfully familiar. Oh, now I know. My prospect zone leads
You told me you only picked zips within 5 miles of your home. And here I thought you was a big shot producer in Lebanon.
assuming you use Quotit (or Norvax) and use the system for shared leads. Only email correspondence. No phone calls, unless they request it. For every 100 leads, would 3 or 4 buy? 2? Or less than that?
My guess would be 0 or less.
The odds might improve if you have a guaranteed issue major medical plan for $39 per month ($69 for the entire family) that will cover pre-ex including maternity.
In fact, I think I have some neighbors that might be interested. Joe-Bob's (no relation) daughter got knocked up over Thanksgiving and she has aged off PeachCare, so that kind of plan would come in real handy.
when I lived in GA, there wern't no toilets in my neighborhood
Well heck, Chicken. You told me you lived on the Chattahoochee. Don't need no stinkin' toilets when you live on the river.
running a quote with multiple carriers it is worth the money. It frees up more time fer Raccoon Huntin.
the key to using a quote engine is to make sure you call (if possible)...or attempt to call of the leads you purchase
There are only 2 things sold on the internet that do not require a followup call.
Get rich quick scams and sex.
Other than that, if you want to make the sale you have to do the follow up.
I am negotiating with a carrier now to offer sex insurance. I expect it to be a big seller. Once we get the plan established I will be recruiting sub-agents.
Re: Info on Norvax quote please
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