Agent Ignorance About Being Put on the "Vector" list

[Guest]

I have been trying to find Vector online with no success. Can you give me contact information for them. I want to be proactive to a situation.

Thanks

Vector One - Home

Good luck contacting them. I don't think they have a published phone number where you can speak with an agent, only a number that goes to a voice recording and a fax number. They don't want to speak with you, that's too much trouble.

 

[Cofie]

Vector One - Home

Good luck contacting them. I don't think they have a published phone number where you can speak with an agent, only a number that goes to a voice recording and a fax number. They don't want to speak with you, that's too much trouble.

Thanks, I finally located them online. Agents ARE NOT important enough to be granted a phone conversation. The site plainly says Agents Don't Call.

 

[Guest]

Thanks, I finally located them online. Agents ARE NOT important enough to be granted a phone conversation. The site plainly says Agents Don't Call.

Vector is absolutely not for the agents. By its very design agents are the adversary, they work strictly for insurance companies.

As a matter of fact they have a vested interest in making sure you stay on their list, without agents for them to keep blacklisted they'd go out of business.

It's a disgraceful system.

 

[donamese]

Vector is absolutely not for the agents. By its very design agents are the adversary, they work strictly for insurance companies.

As a matter of fact they have a vested interest in making sure you stay on their list, without agents for them to keep blacklisted they'd go out of business.

It's a disgraceful system.

Unless you are the carrier or IMO that gets stuck with a debit balance because the agent wrote crap business he knew wouldn't stick just to get the advances. Agent walks with all the money and someone else has to foot the bill. It's nothing more than a credit report for agents. Just like Experian and TransUnion, no need to call them if you do what you are suppose to. Once in a while there will be a mistake but those are not the norm.

 

[VolAgent]

Thanks, I finally located them online. Agents ARE NOT important enough to be granted a phone conversation. The site plainly says Agents Don't Call.

If you would look, you would see it also says "Agents Go Here", and it gives you a 800 number to call into.

 

[BlockO]

I'm not all that familiar with Vector and how they do things, so let me ask a couple of dumb questions:

- is there a minimum dollar threshold required for an agent to be placed on Vector?

I'm asking because once in a while, I'll write a policy with carriers that I rarely use (auto, special lines,or whatever).... a couple months down the road, the customer ends up lapsing on a payment, and I end up with a negative commission statement that month from that carrier.

This happens to me on occasion, but I don't bother writing them a $15 or $20 check or whatever. I simply wait until I sell another policy or two to balance it out.

By doing that, am I unknowingly ending up on the vector list while there is still an owed balance?

And third, how does an agent check to make sure his/her vector listing is clear?

thanks

 

[VolAgent]

I'm not all that familiar with Vector and how they do things, so let me ask a couple of dumb questions:

- is there a minimum dollar threshold required for an agent to be placed on Vector?

I'm asking because once in a while, I'll write a policy with carriers that I rarely use (auto, special lines,or whatever).... a couple months down the road, the customer ends up lapsing on a payment, and I end up with a negative commission statement that month from that carrier.

This happens to me on occasion, but I don't bother writing them a $15 or $20 check or whatever. I simply wait until I sell another policy or two to balance it out.

By doing that, am I unknowingly ending up on the vector list while there is still an owed balance?

And third, how does an agent check to make sure his/her vector listing is clear?

thanks

Always talk to the company when you have a negative balance. They all have their own criteria for when to report it. Just make sure they are ok with waiting until you sell another or they may want it right away.

 

[BlockO]

good to know Vol. thanks.

I didn't realize I had anything to worry about since the amounts have been so little. Most companies don't even bill insureds for such low amounts so I didn't think they would be all that worried about me owning them $20.

Is there a way to check your Vector report? I don't want to lose a future appt. over $20.

 

[Guest]

Unless you are the carrier or IMO that gets stuck with a debit balance because the agent wrote crap business he knew wouldn't stick just to get the advances. Agent walks with all the money and someone else has to foot the bill. It's nothing more than a credit report for agents. Just like Experian and TransUnion, no need to call them if you do what you are suppose to. Once in a while there will be a mistake but those are not the norm.

There are a few bad apples, I agree. But I was reported to Vector wrongfully and it took me 4 months to get it straightened out. They wouldn't talk to me over the phone at all, only fax communication. I finally had to have my attorney draft a letter to the carrier demanding they correct the situation.

My situation is not unique. This board is full of people who've had similar situations with Vector. Also, I really wouldn't compare them to credit reporting agencies because those companies have federal guidelines that they are supposed to work under. Vector is not regulated by anyone and there is no recourse if they have bad info on you, other than to sue.

 

[xrac]

There are a few bad apples, I agree. But I was reported to Vector wrongfully and it took me 4 months to get it straightened out. They wouldn't talk to me over the phone at all, only fax communication. I finally had to have my attorney draft a letter to the carrier demanding they correct the situation.

My situation is not unique. This board is full of people who've had similar situations with Vector. Also, I really wouldn't compare them to credit reporting agencies because those companies have federal guidelines that they are supposed to work under. Vector is not regulated by anyone and there is no recourse if they have bad info on you, other than to sue.

Let's face it. There are companies out there that prey on agents.