Transcript Liberty National - United American Insurance Company

8 vs. 18
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Best DCN% by Branch
Branch Manager
Steve Harris
Ron Tadle
Nick Slagle
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Branch DCN%
8
7
7
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Best Persistency%
by Branch
BM
Byron Schreiber
Tony Difilippo
Jill Wilmeth
Aaron Snider
Nick Slagle
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Persistency%
92
94
94
98
98
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Definitions
Decline: Poor field underwriting (1%)
Cancellation: Customer cancels or underwriting
requirements not met (3%)
Not-Taken: Customer returns policy during free-look
period or payment not received (6%)
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How is DCN calculated?
Premium From
Declines
+ Cancels
+ Not-Takens
÷
Submitted Premium
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Definitions
Persistency: Premium issued and
paid four months or longer,
divided by total issued business
based on policy effective date
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How does Quality impact pay & retention?
• Chargebacks
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How does Quality impact pay & retention?
• Chargebacks
• Direct pay submit advance commissions
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How does Quality impact pay & retention?
• Chargebacks
• Direct pay submit advance commissions
• DCN+Lapses subtracted from gross submit prod. pay
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How does Quality impact pay & retention?
•
•
•
•
Chargebacks
Direct pay submit advance commissions
DCN+Lapses subtracted from gross submit prod. pay
DCN: Bonus multiplier first 7 months
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How does Quality impact pay & retention?
•
•
•
•
•
Chargebacks
Direct pay submit advance commissions
DCN+Lapses subtracted from gross submit prod. pay
DCN: Bonus multiplier first 7 months
Persistency: Bonus multiplier month 8 and beyond
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How does Quality impact pay & retention?
• Last but certainly not least…
Renewals Renewals Renewals Renewals Renewals
Renewals Renewals Renewals Renewals Renewals
Renewals Renewals Renewals Renewals Renewals
Renewals Renewals Renewals Renewals Renewals
Renewals Renewals Renewals Renewals Renewals
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So how does that
translate to dollars?
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What does an
8 vs. 18 DCN mean to an
Agent in his first seven
months with a $1,400 per
week average?
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Take Home Pay
Individual
8 DCN Agent takes home 49% more
Worksite
8 DCN Agent takes home 47% more
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Agent Direct Pay
Individual
8 DCN
18 DCN
Production
$39,200
$39,200
Direct Pay %
70%
40%
Direct Pay
$27,440
$19,040
$8,400 More Direct Pay
Worksite
8 DCN
18 DCN
Production
$39,200
$39,200
Direct Pay %
50%
30%
Direct Pay
$19,600
$14,000
$5,600 More Direct Pay
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Production Pay Net Submit
& DCN Multiplier
DCN %
Gross
Submit
DCN
Net
Submit
Prod.
Pay %
Prod.
Pay
DCN
Mult.
Prod.
Pay
8
$1,400
$112
$1,288
15%
$193
1.06%
$204
18
$1,400
$252
$1,148
15%
$172
0.66%
$113
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Take Home Pay
DCN
Direct
Pay
Prod Pay
Total
Individual 8
$27,440
$5,712
$33,152
Individual 18
$19,040
$3,164
$22,204
Take Home Pay
$10,948
Worksite 8
$19,600
$5,712
$25,312
Worksite 18
$14,000
$3,164
$17,164
Take Home Pay
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$8,148
Agent training only. Not for sales use.
Take Home Pay
Individual
8 DCN Agent takes home 49% more
Worksite
8 DCN Agent takes home 47% more
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So when is a good time to
train on Quality?
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Individual Business
A-250 Application
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Quality Before the Sale:
Classroom Training
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Agent’s Instruction Guide
Review the key points in the Agent’s Instruction Guide:
Then save it to the desktop of the Agent’s computer
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Automatic Decline Conditions
Applicants with the following conditions
will be automatically declined:
•
Terminal Illness
•
Lou Gehrig’s Disease or
Amyotrophic Lateral Sclerosis (ALS)
•
HIV / AIDS or Positive Test to Antibodies for AIDS virus
•
Alzheimer’s Disease or Senile Dementia
•
Confined to a hospital or nursing facility
•
Use of illegal drugs within a two-year period
•
Confined to jail
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Underwriting Requirements Chart
When is the Agent required to get an Oral Swab?
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Build Charts
If the proposed insured does not fall within the
standard weight limits shown on the chart, the
proposed insured will be rated.
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Medical History Guide
Lists conditions and “general” guidelines
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ALX Only
Do not submit an application for standard issue for the
following conditions.
An ALX will be considered if the underwriters determine
the proposed insured is eligible for coverage.
•
Heart / Circulatory / Blood Disorders
•
Diabetes and Related Disorders
•
Cancers
•
Misc. Medical Disorders
•
Disability
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Quality During
the Presentation:
Setting Correct
Expectations
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Open your eyes
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What questions can you ask
an applicant in
normal conversation
to determine if
you should present ALX?
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• Have you ever had cancer?
• Have you ever had diabetes?
• Have you ever had heart problems or
high blood pressure?
• What medications are you taking?
• Are you receiving disability income?
• How’s your driving record?
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“Great news! We have a policy
specifically designed for people with
your health conditions.”
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Trial Applications
On cases with that appear to be medically
questionable, the best thing to do is submit the
application on a trial basis.
• Apps over $1 million
• Collect no payment or app fee
• Does not count for submit for commissions or
production pay
• Does not count against
DCN if declined or not
taken by customer
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So why don’t Agents use
Trial applications?
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When does an individual
policy go into effect?
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Closing Script
• Sets expectations
• QAC Call
• Medical Records
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Quality After the Submit
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Worksite
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Relationship With The Bookkeeper
• Checklist Found In ‘Steps to Success’
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Worksite Case Checklist
• Follow-up, who is responsible, date completed
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Impact of Not-Takens
• This is what it looks like in Qlikview when a worksite
case is not taken
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DCN Detail Report Example
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