Is There an Account and Routing Number for Direct Express? ?

[WinoBlues]

The amount at risk is so minimal, I'm not sure that ratings are germane.

More likely, the company is being pushed from a marketing perspective (kinda like 5-Star was some time back).

Time will tell.

Most of my FE sales are in the $20-$25,000 range so I agree on amount at risk. However, to my clients it is important and unless they were old Oxford rates competitive I just do not need to them. That and the way I do business today I do not compete on price normally. If I was running leads or call center I may think differently.

 

[Gooner]

I used to say I wouldn't write below an A rated company. Travis convinced me otherwise. Especially if the company has a POS interview. That's CYA thing that I hadn't thought about.

I still don't write Oxford because they have that previously declined question on their application.

That's pretty much a deal killer for me. I would write them anyway if they happened to be the best fit for the client even though they have that on there.

I've just never run across that situation where they were the best option.

What I learned about Oxford a couple if weeks ago was priceless...they are part of the U-haul family. They're easily one of my cheapest companies and the lead in now is..."you've probably never heard of Oxford life, but I bet you've heard of their big sister...U-haul" I get the immediate nod and excitement of knowing they are getting a good company. Same thing with the Aetna lead in for those on lots of meds.

 

[jdeasy]

Not sure I understand what an A.M. Best (or other company) A rating has to do with a POS interview?

E&O issues. Most E&O won't cover you on a company that's not rated. The phone interview is is just another buffer between the agent and the beneficiary in the case of of a claim that you did something improper.

Like whitesheeting the app for one thing. They have a recording that the person made the same the same calims to the company that they did to the agent.

I could be off base on that but that's my thinking in what I said.

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What I learned about Oxford a couple if weeks ago was priceless...they are part of the U-haul family. They're easily one of my cheapest companies and the lead in now is..."you've probably never heard of Oxford life, but I bet you've heard of their big sister...U-haul" I get the immediate nod and excitement of knowing they are getting a good company. Same thing with the Aetna lead in for those on lots of meds.

Name recognition is pretty much useless in the FE arena in my opinion. I wouldn't use U Haul anyway as a lead in. I've always known they were U Hal. I would think that's a negative in people's mind for their insurance more than a positive.

I don't use the Aetna name either. I tell people I'm putting them with AmCon.

Most people have never heard of the company I'm recommending for them. I see that as a non issue.

 

[Gooner]

E&O issues. Most E&O won't cover you on a company that's not rated. The phone interview is is just another buffer between the agent and the beneficiary in the case of of a claim that you did something improper.

Like whitesheeting the app for one thing. They have a recording that the person made the same the same calims to the company that they did to the agent.

I could be off base on that but that's my thinking in what I said.

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Name recognition is pretty much useless in the FE arena in my opinion. I wouldn't use U Haul anyway as a lead in. I've always known they were U Hal. I would think that's a negative in people's mind for their insurance more than a positive.

I don't use the Aetna name either. I tell people I'm putting them with AmCon.

Most people have never heard of the company I'm recommending for them. I see that as a non issue.

It's hard to disagree with you, given your experience versus mine...maybe it's the way I say it. The, "Of course you should know who this company is" tone. It seems to solidify the choice in their minds. Also, gives me a chance to talk fortune 500 speak...my wheelhouse.

Realistically, it probably makes no difference, just another talking point.

PS. If you didn't know, Oxford has some really strong financials. IMO

 

[jdeasy]

It's hard to disagree with you, given your experience versus mine...maybe it's the way I say it. The, "Of course you should know who this company is" tone. It seems to solidify the choice in their minds. Also, gives me a chance to talk fortune 500 speak...my wheelhouse.

Realistically, it probably makes no difference, just another talking point.

PS. If you didn't know, Oxford has some really strong financials. IMO

The only experience I've had with name recognition was a bad one. I put a guy with American Continental. That's all I told him, AmCon. We did the phone interview. he's aprroved and I write down the policy number on the AmCon folder and give it him.

It has Aetna on it. He says, "you didn't tell me it was Aetna. I had them at work and they don't pay their bills. I don't want anything to do with them".

I was able to save him as a client but I had to move him to another company.

I do know Oxford has decent financials but they are not an A rated company. They are B+++ or something like that.

Like I said, I'm pretty much over the rating thing but, all things being equal, I would use the higher rated company.

I have more problem with them asking about other companies underwriting decisions than I do with the rating now.

 

[Gooner]

The only experience I've had with name recognition was a bad one. I put a guy with American Continental. That's all I told him, AmCon. We did the phone interview. he's aprroved and I write down the policy number on the AmCon folder and give it him.

It has Aetna on it. He says, "you didn't tell me it was Aetna. I had them at work and they don't pay their bills. I don't want anything to do with them".

I was able to save him as a client but I had to move him to another company.

I do know Oxford has decent financials but they are not an A rated company. They are B+++ or something like that.

Like I said, I'm pretty much over the rating thing but, all things being equal, I would use the higher rated company.

I have more problem with them asking about other companies underwriting decisions than I do with the rating now.

All you have to say is nani nani booboo....

 

[VolAgent]

E&O issues. Most E&O won't cover you on a company that's not rated. The phone interview is is just another buffer between the agent and the beneficiary in the case of of a claim that you did something improper.

Like whitesheeting the app for one thing. They have a recording that the person made the same the same calims to the company that they did to the agent.

I could be off base on that but that's my thinking in what I said.

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Name recognition is pretty much useless in the FE arena in my opinion. I wouldn't use U Haul anyway as a lead in. I've always known they were U Hal. I would think that's a negative in people's mind for their insurance more than a positive.

I don't use the Aetna name either. I tell people I'm putting them with AmCon.

Most people have never heard of the company I'm recommending for them. I see that as a non issue.

Sadly, you still don't get what isn't covered. Most E&O programs do not cover any claim rising from insolvency of a carrier rated below A-. So unless the company goes under, it doesn't matter what their rating was.

I say most, because some B companies will sponsor E&O program that don't have this exclusion and would still cover you for claims arising due to the company's insolvency.

Also, to me U-Haul would be a negative. They have some of the worst trucks on the road. They are old and beat up and they really aren't any cheaper than Budget or Penske.

 

[HoosierLife]

Sadly, you still don't get what isn't covered. Most E&O programs do not cover any claim rising from insolvency of a carrier rated below A-. So unless the company goes under, it doesn't matter what their rating was.

I say most, because some B companies will sponsor E&O program that don't have this exclusion and would still cover you for claims arising due to the company's insolvency.

Also, to me U-Haul would be a negative. They have some of the worst trucks on the road. They are old and beat up and they really aren't any cheaper than Budget or Penske.

But they've been around forever. Not that most FE prospects care, but the only thing I've noticed FE prospects care about when it comes to a company is their longevity. And that seems to be only with the more affluent FE prospects...you know the double-widers.

 

[jdeasy]

Sadly, you still don't get what isn't covered. Most E&O programs do not cover any claim rising from insolvency of a carrier rated below A-. So unless the company goes under, it doesn't matter what their rating was.

I say most, because some B companies will sponsor E&O program that don't have this exclusion and would still cover you for claims arising due to the company's insolvency.

Also, to me U-Haul would be a negative. They have some of the worst trucks on the road. They are old and beat up and they really aren't any cheaper than Budget or Penske.

I do know that but, sadly, you missed my point.

 

[VolAgent]

I do know that but, sadly, you missed my point.

What point? You wouldn't write B companies because E&O wouldn't cover it, but now you will if there is a POS. But in reality E&O would have covered you the same either way, except for insolvency.