How does Vector One work?

[SDad]

Does Vector follow/report charge back debt to all IMO's FMO'S, Carriers? And or do they also report (if you leave a captive co/in contract/non compete) Do they track and report if your doing business with new/different carriers at a new company?

 

[Todd King]

Does Vector follow/report charge back debt to all IMO's FMO'S, Carriers? And or do they also report (if you leave a captive co/in contract/non compete) Do they track and report if your doing business with new/different carriers at a new company?

We get emails from different companies about Vectors if that agent is in the database. For instance, Mutual of Omaha will send us an email, even if the debt isn't with them.

Also, if we check Vector on an agent (which we do for all new agents), Vector will alert us if a Vector hit comes.

You can run, but you can't hide.

 

[SDad]

Thanks, Just asking how it works? Does Vector track this info? Example: Does any co. track a agent that leaves. If in a captive/contract. And you leave/go to another IMO,FMO, Agency.. With no debt. And your using different carriers and of course not soliciting (any clients you worked with when you we're there or try to recruit)

 

[somarco]

 

[SDad]

Nice, I remember that classic!!

 

[UKTX]

Thanks, Just asking how it works? Does Vector track this info? Example: Does any co. track a agent that leaves. If in a captive/contract. And you leave/go to another IMO,FMO, Agency.. With no debt. And your using different carriers and of course not soliciting (any clients you worked with when you we're there or try to recruit)

Most (but not all) Insurance carriers subscribe to Vector One.
Some IMO's subscribe to Vector One.
Very few GA's subscribe to Vector One.

Vector One does't "track" anything, they are simply a reporting place for those entities that have unrecoverable debit balances held by agents that they worked with.

The consensus is that, generally, if you end up in the Vector database you have avoided communicating with the entitity that you owe the money to and have not set up arrangements to repay the money that you owe.

Vector/Insurance companies very rarely do not get this wrong. There are instances of agents disputing etc but 9 times out of 10 its usually a valid listing.

Most agents make the mistake that they think that when they leave a carrier with a 0 debit balance that there is no chance to be reported. But that doesn't take into account any future cancellations that occur still within the advance period despite an agent "leaving the company"

Best just to respond to the carriers before it gets to Vector and pay it off or set up a payment plan. As Todd King said, "you can run but not hide"

 

[WinoBlues]

Thanks, Just asking how it works? Does Vector track this info? Example: Does any co. track a agent that leaves. If in a captive/contract. And you leave/go to another IMO,FMO, Agency.. With no debt. And your using different carriers and of course not soliciting (any clients you worked with when you we're there or try to recruit)

I can not remember my last chargeback. I am sure it was a <2 yr death

Here is an example:
Yesterday I received an email from a company that I am not currently contracted with, for Non-Production. They basically said ' You owe us $XXX, you have until Aug to pay. Send check here'. No name, policy number, premiums paid to, renewals used toward debt, why or how do you do. I replied with a cc to the IMO. 'Please provide me with a breakdown.' I am confident they will send me a breakdown and if owed, probably do, I will pay it.

I can not imagine Vector will know anything about any of this.

 

[SDad]

Thanks, WB your the man. Can you recommend a Tele Sale FEX co. that provides leads/CRM with out a contract....?

 

[WinoBlues]

Thanks, WB your the man. Can you recommend a Tele Sale FEX co. that provides leads/CRM without a contract....?

Sorry I can't.

Just an FYI, If I was providing Training, Leads, CRM and any back office to an agent they would be captive to me. Or 'Simi captive'

 

[SDad]

Exactly, just checking with you. I appreciate. Thank you sir