They pay almost no comp on it today. Most carriers are a one time $25 commission on GI
ACE rate increase almost 30%%
- Thread starter Millwood
- Start date
They pay almost no comp on it today. Most carriers are a one time $25 commission on GI
Maybe, but not necessarily. Depends on the state regs.
Some states require filing new and renewal rates and wait for approval. Others (like Georgia) only require filing new product rates (such as introducing the G plan). They also require new carriers coming in the state to file new business rates.
ACE... screwed up... while we are hating on ACE, I figured it's good place to share how they screwed up earlier this year. I had client effective January 1. I called in with the client to change the draft date.... well the ACE rep made an error and changed the mode of payment to ANNUAL. Client only had about 3k in savings in the bank. This left her very uncomfortable, and she later decided to cancel it.
It was her first time with a Medsup. She now has no medsupp, or mapd, just OM.
ACE originally denied any error, I demanded they listen to our call, since all calls are recorded. They did, they then admitted to the error, and offered to refund the unearned annual premium, and change to monthly. The client didn't have any trust at this point.
I know the service department for ACE is a third party, than does service for multiple companies, can't remember who it is. But, still pretty wild, never have I experienced such a mistake.
It was her first time with a Medsup. She now has no medsupp, or mapd, just OM.
ACE originally denied any error, I demanded they listen to our call, since all calls are recorded. They did, they then admitted to the error, and offered to refund the unearned annual premium, and change to monthly. The client didn't have any trust at this point.
I know the service department for ACE is a third party, than does service for multiple companies, can't remember who it is. But, still pretty wild, never have I experienced such a mistake.
Were they originally not offering a refund of unearned premium? That's where I would have lost my sh!t. My phone system records all calls so I would have already confirmed they made the mistake and probably emailed a copy of the audio file to every person at the company for which I had an email address.
