zwcoop
Expert
- 39
I recently got an email from my FMO introducing Lumico as a new supplement released in GA. I was just curious if anyone has experience or comments about this carrier.
Lumico Med Supp (GA)
- Thread starter zwcoop
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- 29,527
They're brand new and owned by Swiss RE. Great rates.
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- #3
zwcoop
Expert
- 39
In general is there anyway to gauge what potential price increases are likely to be over time with a new carrier? I was told at some point when I was captive that new companies are allowed to price their supps to undercut the market for a few years but in doing so drives higher rate increases down the road. Maybe this was just another pitch they used to get us to sell over prices products?
- 29,527
No way to tell on a brand new company, and they've just shown up on CSG. That's the way the Med Supp business works. New companies are competitive for 2-3 years, then it's time to move your client to one of the new competitive companies that are always coming out. This works out nicely for us, because by helping our client, we get a fresh 6 years of FYC.
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- #5
zwcoop
Expert
- 39
No way to tell on a brand new company, and they've just shown up on CSG. That's the way the Med Supp business works. New companies are competitive for 2-3 years, then it's time to move your client to one of the new competitive companies that are always coming out. This works out nicely for us, because by helping our client, we get a fresh 6 years of FYC.
CSG?
- 29,527
CSG Actuarial | Competitive Intelligence & Strategic Consulting for the Insurance Industry
They show the rates for all the Med Supps and Plans. Lots of FMO's have this available, but usually just for the companies they offer.
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- #7
zwcoop
Expert
- 39
ahhh ... that's what drives the quote engine I was given access to. Good to know! I assume you have to pay them to have access independent of your FMO
- 29,527
Yes, I have access through half a dozen FMO's, but I have my own subscription. For $30 a month(per state up to 5) I get all companies for Med Supp, MAPD, PDP , HIP and FE.
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- #9
zwcoop
Expert
- 39
I really appreciate the information you guys provide on this forum. Becoming an independent agent has been like stepping into a whole new world with a litany of things to figure out. Hopefully I will be able pass this forward in the future.
- 29,527
Another brand new Med Supp is Union Security, which is owned by Assurant.
