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75% of my life business I do "direct" with the following carriers:
So here's my issue.....25% of my cases have "issues" and need to be shopped in order for us the find the absolute best deal for the client. In 2012 this 25% came out to be 23 cases for a total of 125k of target. Here is where I have leaned on a local BGA to help me out. 2012 was horrific with this BGA, our average time in underwriting on these 23 cases was 11 1/2 weeks. This year things have been no better.
The issue is clear to my staff and I. They will NOT LET US SUBMIT APPLICATIONS DIRECTLY TO CARRIER. They require us to send all applications to them and then rely on them to followup on each case with the carrier effeciently. This has been a train-wreck.....we've found out sometimes the carrier isn't getting the application until 3 weeks after we've sent it to the BGA!
To further understand how insane this is, I have three full-time staff people who serve as our "in house underwriting team". One spent 5 years in compliance for Valmark, one was a new business cordinator for a large Mutual here locally for three years. Needless to say my staff runs circles around the BGA staff members in terms of GETTING THINGS DONE and product knowledge.
So here's where I'm at.....if I could get solid contracts with the following carriers, and have the ability to send business directly to the carrier we would be set.
Now some might say the answer is to simply "push" all the cases through my above listed direct relationships.......this is why I left the career world. I will not and can not sell a rating if there is even a chance the client can do better somewhere else. Some might think this is overboard but I see all my clients at least once a year every year....I manage most of these peoples investment assets and have introduced them to their accountant/attorney/property casualty agent. My role in these clients lives is more than that of someone who sells them a policy and says "call me if you need anything". I have to know we've gotten our client the best deal, and I never want to have to apologize to a client for a recommendation I've made.
Thanks in advance folks for your help here.
- Penn Mutual: no BGA needed
- John Hancock: through a local GA
- Midland: through direct contract
- Assurity:through direct contract
So here's my issue.....25% of my cases have "issues" and need to be shopped in order for us the find the absolute best deal for the client. In 2012 this 25% came out to be 23 cases for a total of 125k of target. Here is where I have leaned on a local BGA to help me out. 2012 was horrific with this BGA, our average time in underwriting on these 23 cases was 11 1/2 weeks. This year things have been no better.
The issue is clear to my staff and I. They will NOT LET US SUBMIT APPLICATIONS DIRECTLY TO CARRIER. They require us to send all applications to them and then rely on them to followup on each case with the carrier effeciently. This has been a train-wreck.....we've found out sometimes the carrier isn't getting the application until 3 weeks after we've sent it to the BGA!
To further understand how insane this is, I have three full-time staff people who serve as our "in house underwriting team". One spent 5 years in compliance for Valmark, one was a new business cordinator for a large Mutual here locally for three years. Needless to say my staff runs circles around the BGA staff members in terms of GETTING THINGS DONE and product knowledge.
So here's where I'm at.....if I could get solid contracts with the following carriers, and have the ability to send business directly to the carrier we would be set.
- Lincoln
- Protective
- Genworth
- Principal
- Transamerica
- Banner
Now some might say the answer is to simply "push" all the cases through my above listed direct relationships.......this is why I left the career world. I will not and can not sell a rating if there is even a chance the client can do better somewhere else. Some might think this is overboard but I see all my clients at least once a year every year....I manage most of these peoples investment assets and have introduced them to their accountant/attorney/property casualty agent. My role in these clients lives is more than that of someone who sells them a policy and says "call me if you need anything". I have to know we've gotten our client the best deal, and I never want to have to apologize to a client for a recommendation I've made.
Thanks in advance folks for your help here.
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