tmk1536 092910agent training only. not for sales use. writing quality business updated december 2014...
TRANSCRIPT
TMK1536 092910 Agent training only. Not for sales use.
Writing Quality Business
Updated December 2014
TMK1536 062413 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Laptop Sales
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
It’s not how much you write, it’s how much you keep.
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
What resources are available to help me write
better business?
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Laptop On Demand
TMK1536 092910 Agent training only. Not for sales use.
Where can I find this information?
This Powerpoint found on Agent Services in the Quality Business section ‘Writing Quality Business Powerpoint’
TMK1536 092910 Agent training only. Not for sales use.
Agents Instruction Guide
TMK1536 092910 Agent training only. Not for sales use.
What’s in the Agent’s Instruction Guide
A-250 Applications•Medical History Guide•Height and Weight Build Chart•Underwriting Chart•ALX-Only Conditions•Auto Decline Conditions•Signature rules•Citizenship and Guardianship rules
TMK1536 092910 Agent training only. Not for sales use.
Where can I find this information?
Worksite guidelines are found in the Worksite Agent Guide on Agent Services:
TMK1536 092910 Agent training only. Not for sales use.
Worksite Agent Guide
TMK1536 092910 Agent training only. Not for sales use.
Deadlines
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Application Review Deadlines
• Eapps must be in portal by midnight Sunday to be reviewed on Monday
• Eapps signed by customer on Monday must be in the portal by noon Central to be reviewed on Monday
• Paper apps/CODs/Term Conversions, etc., must be turned in to QM by 9 a.m. Central to be reviewed on Monday
TMK1536 092910 Agent training only. Not for sales use.
Uploading Applications
• Applications should be uploaded from an Agent’s laptop daily
• After seven days, applications will automatically upload from the Agent’s laptop to the portal when the agent syncs their computer
• Communicate with QM if:• Applicant request draft on certain day of week• Don’t have three employees that have purchased
on a new worksite case
TMK1536 092910 Agent training only. Not for sales use.
DCN
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
What is DCN?
Did we get the business to the Customer?
TMK1536 092910 Agent training only. Not for sales use.
What is DCN?
Declines (<1%): Primarily worksite. Poor training, systems, and oversight.
Cancellations (2%): Primarily individual. Poor training, systems and oversight.
Not-Takens (7%): Primarily worksite. Poor training, systems and oversight.
Company DCN 10% as of November 2014
TMK1536 092910 Agent training only. Not for sales use.
Top Reasons For Declines
Declines (<1%)• Not employed long enough: 6 months by end of enrollment period• Medical History• Only 1 policy per family or individual
TMK1536 092910 Agent training only. Not for sales use.
Top Reasons for Cancels
Cancellations (2%)• Outdated COD• Requested by customer on QAC• QAC not completed
TMK1536 092910 Agent training only. Not for sales use.
Top Reasons for Not Takens
Not-Taken (7%)•Payment not received for entire worksite case•Payment not received for new premium on a re-enrollment•Employees marked off bill between enrollment and first payment•Non Sufficient Funds/Bad Bank Information
TMK1536 092910 Agent training only. Not for sales use.
Agents Direct Pay and Bonus is impacted by
DCN their first 7 months
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Agents receive maximum direct pay and 100% of
bonus first two reports.
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
How is DCN calculated?
Declined Premium
Cancelled Premium
Not Taken Premium
Submitted Premium
TMK1536 092910 Agent training only. Not for sales use.
Example of 6% DCN
$0 Declines
$200 Cancels
$400 Not Takens
$10,000 Submitted Premium
TMK1536 092910 Agent training only. Not for sales use.
So, if I have a $1,000 policy Declined, Cancelled or Not Taken, how much clean
business do I have to write to get all my bonus?
TMK1536 092910 Agent training only. Not for sales use.
$10,000
$1,000 DCN$10,000
Submitted Premium
TMK1536 092910 Agent training only. Not for sales use.
Example: Calculating Individual DCN
July25
Aug24
Sept24
Oct24
Nov24
Nov25
DCNCalculated
1 2 3
Submitted Business
1 2 3
DECLINES, CANCELLATIONS, NOT TAKENS
4
Reports Published
$4,000 $4,000 $4,000
$100 $350 $350 $200
Submitted Business
Declined, Cancelled, Not Taken Premium
TMK1536 092910 Agent training only. Not for sales use.
Example: Calculating Payroll Deduction DCN
May
25June
24July
24Aug
24Sept
24Oct
24Nov
24Nov
25
DCNCalculated
1 2 3
Submitted Business
Reports Published
$4,000 $4,000 $4,000
$0 $0 $400 $0
DECLINES, CANCELLATIONS, NOT TAKENS
1 2 3 4 5 6
$0 $600
Submitted Business
Declined, Cancelled, Not Taken Premium
TMK1536 092910 Agent training only. Not for sales use.
Persistency
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
What is 4-month Persistency?
Got the business to the Customer, do they keep it?
TMK1536 092910 Agent training only. Not for sales use.
Agents Direct Pay and Bonus is impacted by
PersistencyMonths 8 and beyond
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Definitions
Persistency: Premium issued and paid four months or longer, divided by total issued business based on policy effective date
TMK1536 092910 Agent training only. Not for sales use.
Example: Calculating Persistency
March1
April
1May
1June
1July
1Aug
1Sept
1Oct
1Nov
1Nov
25
PersistencyCalculated
1 2 3
Submitted Business Reports Published
Paid 4 months or greater
$5,000 $5,000 $5,000
$12,000
Issued Business
TMK1536 092910 Agent training only. Not for sales use.
Example of 93% 4-Month Persistency
$9,300 Paid 4 Months
$10,000 Issued
Premium
TMK1536 092910 Agent training only. Not for sales use.
So, if I have a $1,000 policy not pay four premiums, how
much clean business do I have to pay four months to
get all my bonus?
TMK1536 092910 Agent training only. Not for sales use.
$8,800
$1,000 Lapse$8,800 Issued
Premium
TMK1536 092910 Agent training only. Not for sales use.
What is 13-month Persistency?
How much of my hard work, effort, and energy is paying me
a renewal?
TMK1536 092910 Agent training only. Not for sales use.
Example: Calculating 13-month persistency
JULY 13
AUG 13
SEPT 13
OCT 13
NOV 13
DEC 13
JAN 14
FEB 14
MAR14
APR 14
MAY14
JUNE14
JULY 14
AUG 14
SEPT14
OCT 14
NOV14
Paid 13 months
$7,500
$3300
$3300
$3300
Issued Business
TMK1536 092910 Agent training only. Not for sales use.
Example of 75% 13-Month Persistency
$7,500 Paid 13 Months
$10,000 Issued
Premium
TMK1536 092910 Agent training only. Not for sales use.
Goals
• DCN 6% or less: Agents on DCN earn maximum direct pay and 110% bonus
• 4-Month Persistency 93% or better: Agents earn maximum direct pay and 120% bonus
• 13-Month Persistency 75% or better: Agents maximize their income through renewals
TMK1536 092910 Agent training only. Not for sales use.
New DCN and Persistency Reports are published on the 25th of each month.
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
How do I check my DCN and Persistency?
Agent Services onwww.libertynational.com
Click on ‘Reports’
TMK1536 092910 Agent training only. Not for sales use.
How do I check my DCN and Persistency?
Reports are AL566
TMK1536 092910 Agent training only. Not for sales use.
How does Quality impact pay & retention?
• 1. Chargebacks
Months Premium Paid
Chargeback %
0-2 months 100%
3 months 90%
4 months 80%
5 months 70%
6 months 60%
Months Premium Paid
Chargeback %
7 months 50%
8 months 40%
9 months 30%
10 months 20%
11 months 10%
TMK1536 092910 Agent training only. Not for sales use.
How does Quality impact pay & retention?
• 1. Chargebacks• 2. Direct Pay submit advance commissions
TMK1536 092910 Agent training only. Not for sales use.
How does Quality impact pay & retention?
• 1. Chargebacks• 2. Direct Pay submit advance commissions
TMK1536 092910 Agent training only. Not for sales use.
Agency Owner/Director example
• 6 agents on team• 4 agents on DCN, 2 on Persistency• Agent 1: DCN 10 (Maximum direct pay)• Agent 2: DCN 18 (Direct Pay reduced 10%)• Agent 3: DCN 22 (Direct Pay reduced 30%)• Agent 4: DCN 31 (No direct pay)• Agent 5: Persistency 79 (Direct pay reduced 10%)• Agent 6: Persistency 72 (No direct pay)
* Assuming positive commission account. Negative commission account, pay reduced more.
TMK1536 092910 Agent training only. Not for sales use.
How does Quality impact pay & retention?
• 1. Chargebacks• 2. Direct Pay submit advance commissions• 3. DCN: Bonus multiplier or reduction first 7 months
TMK1536 092910 Agent training only. Not for sales use.
How does Quality impact pay & retention?
• 1. Chargebacks• 2. Direct Pay submit advance commissions• 3. DCN: Bonus multiplier or reduction first 7 months
TMK1536 092910 Agent training only. Not for sales use.
How does Quality impact pay & retention?
• 1. Chargebacks • 2. Direct Pay submit advance commissions• 3. Persistency Bonus multiplier or reduction month 8+
TMK1536 092910 Agent training only. Not for sales use.
How does Quality impact pay & retention?
• 1. Chargebacks • 2. Direct Pay submit advance commissions• 3. Persistency Bonus multiplier or reduction month 8+
TMK1536 092910 Agent training only. Not for sales use.
Oh by the way … Career Track
TMK1536 092910 Agent training only. Not for sales use.
How does Quality impact pay & retention?
• Last but certainly not least…
Renewals Renewals Renewals Renewals RenewalsRenewals Renewals Renewals Renewals RenewalsRenewals Renewals Renewals Renewals RenewalsRenewals Renewals Renewals Renewals RenewalsRenewals Renewals Renewals Renewals RenewalsRenewals Renewals Renewals Renewals RenewalsRenewals Renewals Renewals Renewals RenewalsRenewals Renewals Renewals Renewals RenewalsRenewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals
TMK1536 092910 Agent training only. Not for sales use.
So how does that translate to dollars?
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
What does an 6% vs. 16% DCN mean to an
Agent in his first seven months with a $1,425 per
week average?
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Take Home Pay
6 DCN Agent takes home $13,394 more
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
So when is a good time to train on Quality?
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
So when is a good time to train on quality?
• Orientation • Ongoing classroom training –
• New Agents & Agents/Managers DCN above co. avg • Use this powerpoint
• First sale• First DCN report
TMK1536 092910 Agent training only. Not for sales use.
Individual Business A-250 Application
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Top Reasons for Cancels
Cancellations (2%)Outdated CODRequested by customer (QAC)QAC not completedNon-Sufficient Funds (NSFs)/Bad Bank InformationAdditional underwriting call, exam not completeOral swab not completeMedical records not received
TMK1536 092910 Agent training only. Not for sales use.
What Comes Next?
TMK1536 092910 Agent training only. Not for sales use.
Summary Sheet
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Summary Sheet
TMK1536 092910 Agent training only. Not for sales use.
What’s turned in to Quality Manager?
• What comes next form• Summary sheet• Voided check• Oral Swab form or bar code sticker
TMK1536 092910 Agent training only. Not for sales use.
Oral Swab Authorization Form
TMK1536 092910 Agent training only. Not for sales use.
Outdated CODs
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Why is an app returned COD?
• Application changed from Whole Life or Term Life to an Modified Life (ALX) based on health or habits
• Application rated for additional premium based on health or habits
• Application issued COD because bank draft was returned for NSF
TMK1536 092910 Agent training only. Not for sales use.
How do I prevent?
• Good field underwriting• Ask questions exactly as
they appear on the app• Pay attention• Agent Resources in eapp
• Agents Instruction Guide
• Underwriting Guidelines• Height/Weight Build
Chart• Juvenile Height/Weight • ALX (Modified Life)
TMK1536 092910 Agent training only. Not for sales use.
Agents Instruction Guide
• What can I find in the Agents Instruction Guide?• Rules for submitting personal business• Rules on who can sign the application• Trial Applications
TMK1536 092910 Agent training only. Not for sales use.
Underwriting Guidelines: Auto Declines
TMK1536 092910 Agent training only. Not for sales use.
Underwriting Guidelines: Medical History Guide
Lists conditions and “general” guidelines
TMK1536 092910 Agent training only. Not for sales use.
ALX (Modified Life) Only
TMK1536 092910 Agent training only. Not for sales use.
ALX Only
Yes answer to these questions in the survey should push you toward an ALX presentation…
TMK1536 092910 Agent training only. Not for sales use.
ALX Only
TMK1536 092910 Agent training only. Not for sales use.
ALX Only
If applicant has one of these conditions, the ALX video will play for the Final Expense Need
TMK1536 092910 Agent training only. Not for sales use.
“Great news! We have a policy specifically designed for people with
your health conditions.”
TMK1536 0410 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Completing the Application
• Ask the questions exactly as written• Don’t ask leading questions: “You’ve never had
diabetes have you?”• Yes answers require details, details, details• Explanation must include dates, readings, names of
prescriptions, dosage, and frequency• Example of HBP: Date of diagnosis, last reading,
medications, dosage and frequency
TMK1536 092910 Agent training only. Not for sales use.
Completing the Application
• Any additional note should be added to the Notes
TMK1536 092910 Agent training only. Not for sales use.
Quality During the Presentation:
Setting Correct Expectations
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Build Charts
If the proposed insured does not fall within the standard weight limits shown on the chart, the proposed insured will be rated.
TMK1536 092910 Agent training only. Not for sales use.
Juvenile Build Chart
TMK1536 092910 Agent training only. Not for sales use.
Trial Applications
On A-250 apps that appear to be medically
questionable, submit the application on a trial basis.
• Apps over $1 million
• Collect no payment or app fee
• If issued, will be a COD
TMK1536 092910 Agent training only. Not for sales use.
So why don’t Agents use Trial applications?
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Trial Applications
• Agent must place COD
• Does not count for submit for commissions or bonus until issue
• Does not count against DCN if not taken by customer
TMK1536 092910 Agent training only. Not for sales use.
Non-Sufficient Funds & Bad Bank Information
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
OMG, They Said Yes!
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
For the love of Pete … get a voided check
• Get the check• No check, get bank statement• No statement, look online with customer• No online bank, call the bank with customer to verify
TMK1536 092910 Agent training only. Not for sales use.
It’s your money…
TMK1536 092910 Agent training only. Not for sales use.
We Don’t Accept
• Debit cards• Credit cards• Savings accounts• Prepaid cards such as Metabank, Green Dot
(MoneyPak), NetSpend (14 or 16 digit account numbers), Chase Liquid, Amex Bluebird
• Don’t take plastic
TMK1536 092910 Agent training only. Not for sales use.
Upload Applications Daily
• When do most people get paid?• Doesn’t effect your DCN if not paid on it and doesn’t
count toward bonus• Opportunity to make bonus if app changed to trail or
cancelled
TMK1536 092910 Agent training only. Not for sales use.
View their Driver’s License
• This makes sure they have one• Not an ID card• Don’t use the Height or Weight on the Driver’s
License
TMK1536 092910 Agent training only. Not for sales use.
Initial Draft
Initial Bank Draft happens first business day after upload to home office.
That’s why the language in the What Comes Next form say the draft will occur in the “next couple of days” because agents don’t know when the app will leave the portal. And depending on when it is uploaded and what bank it’s being drafted from, it may take an additional day.
TMK1536 092910 Agent training only. Not for sales use.
Draft Dates: Choose one between 1st – 10th
The date selected in the eapp is for the second and subsequent drafts.
What day of the month do most people get paid?
Only offer a date between the 1st and the 10th. The customer never has to worry about getting drafted twice in the same month.
TMK1536 092910 Agent training only. Not for sales use.
What Comes Next?
TMK1536 092910 Agent training only. Not for sales use.
Bank Verification Script
TMK1536 092910 Agent training only. Not for sales use.
Requested by Customer
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
QAC Not Complete
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
What Comes Next?
TMK1536 092910 Agent training only. Not for sales use.
Pending QAC Script
TMK1536 092910 Agent training only. Not for sales use.
Additional Underwriting Call or Exam not complete
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Underwriting Requirements Chart
TMK1536 092910 Agent training only. Not for sales use.
Underwriting Requirements Chart
TMK1536 092910 Agent training only. Not for sales use.
What Comes Next?
TMK1536 092910 Agent training only. Not for sales use.
Oral Swab Not Complete
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Oral Swab Authorization Form
TMK1536 092910 Agent training only. Not for sales use.
Underwriting Requirements Chart
TMK1536 092910 Agent training only. Not for sales use.
Oral Swab Form
• Barcode should have been entered in the e-app• No Oral Swab bar code?
• Do not upload app from portal until received
TMK1536 092910 Agent training only. Not for sales use.
Oral Swab Kits
No excuse for not getting an Oral Swab:
•Review Oral Swab Training Video on www.libertynational.com Agent Services
•Mail kits immediately. Heat/Cold can destroy sample.
•Should be sent FedEx/UPS
TMK1536 092910 Agent training only. Not for sales use.
Medical Records Not Received
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
When are medical records ordered?
• Factors include:• Age• Face amount of the policy• Medical conditions• Treatment
TMK1536 092910 Agent training only. Not for sales use.
Solidifying the Sale: Last 3 Minutes in the Home
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Every Customer Must Clearly Understand
The last three minutes of every sale is where quality business is nailed down. Every customer must understand these things to avoid cancellations.
•They must complete the QAC call•They may need to complete an exam •Their application can be issued as applied for, rated, modified or declined•How much they are paying•When it’s coming out of their checking account
TMK1536 092910 Agent training only. Not for sales use.
What Comes Next?
TMK1536 092910 Agent training only. Not for sales use.
Use the Closing Script
TMK1536 092910 Agent training only. Not for sales use.
Surprises Kill All Deals
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Quality After the Submit
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Provide Good Customer Service
• Return Phone Calls• Answer questions• Do what you said you were going to do
TMK1536 092910 Agent training only. Not for sales use.
Worksite
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
It’s not how much you write, it’s how much you keep.
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
What resources are available to help me write
better business?
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Where can I find this information?
This Powerpoint found on Agent Services in the Quality Business section ‘Writing Quality Business Powerpoint’
TMK1536 092910 Agent training only. Not for sales use.
Worksite On Demand
TMK1536 092910 Agent training only. Not for sales use.
Better Prospecting
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Worksite Agent Guide
TMK1536 092910 Agent training only. Not for sales use.
Ineligible Industries
TMK1536 092910 Agent training only. Not for sales use.
Why would an industry be ineligible?
• Poor quality business:• High turnover• Inability to pay bill
These guidelines are in place to protect Agents and Managers!
TMK1536 092910 Agent training only. Not for sales use.
Why can’t employers pay premiums?
• Our products are exempted from complying with certain requirements mandated by the Employee Retirement Income Security Act (ERISA) safe harbor. However, in order to maintain that exemption, we must comply with the safe harbor rules, one of which is that the employer cannot purchase or pay for the coverage.
TMK1536 092910 Agent training only. Not for sales use.
Approval Required Industries
TMK1536 092910 Agent training only. Not for sales use.
Eligible Employees
TMK1536 092910 Agent training only. Not for sales use.
Employers with less than 10 employees
• Just because you can, doesn’t mean you should.
• Key questions to ask:• Does the business have a bookkeeper/accountant?• If not, who writes the checks?• Is the business doing any other deductions or will
ours be the first?• Is it all family members?
TMK1536 092910 Agent training only. Not for sales use.
Employers with less than 10 employees
• Just because you can, doesn’t mean you should.
TMK1536 092910 Agent training only. Not for sales use.
Worksite Approval Paperwork
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Use the Electronic Packet
• Value of Electronic Packets• No omissions • Completes duplicate info• Sets correct enrollment,
deduction, and effective dates• Gives reminder to get roster
TMK1536 092910 Agent training only. Not for sales use.
Reviewing the Packet
TMK1536 092910 Agent training only. Not for sales use.
Reviewing the Packet
• Number of eligible employees. Must be at least three. The smaller the case, the more diligent QM has to be getting first bill paid.
• The more contact info, the better. Owner is not always best person to verify roster.
TMK1536 092910 Agent training only. Not for sales use.
Reviewing the Packet
• 4. Any mode selected other than Monthly requires a conversation with the Agent/Manager
• 8. Make sure dates are correct on paper packets
TMK1536 092910 Agent training only. Not for sales use.
Understanding Billing Payment Frequency
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Payment Modes
• The selections made on the Worksite Approval Paperwork are critical
• They determine the rates the employees will be quotes, based on their deduction type
• And they determine how much premium and how often the company will be billed
TMK1536 092910 Agent training only. Not for sales use.
Payment Modes
Payment Mode
Number Bills Per Year
Weekly 52
Bi-Weekly 26
Semi-Monthly 24
Every 4 Weeks
13
Monthly 12
TMK1536 092910 Agent training only. Not for sales use.
Payment Modes
• We always want the employer to pay their bill monthly. Why?• Most other bills (rent, electric) are paid monthly• Fewest number of times they have to pay• Any other payment mode, they will not receive a
late bill• Reporting easier to inspect
TMK1536 092910 Agent training only. Not for sales use.
Monthly Bill
• Bookkeeper should pay the amount on the bill• Every 13 weeks the deductions and billing will
balance out to $0
TMK1536 092910 Agent training only. Not for sales use.
Monthly Bill
• Bookkeeper should pay the amount on the bill• The amount deducted may not match the bill
• Every 13 weeks the deductions and billing will balance out to $0
TMK1536 092910 Agent training only. Not for sales use.
MarchFour Fridays
AprilFour Fridays
MayFive Fridays
Deducted $120
Monthly Bill = $130 Weekly Deduct = $30
Premiums DeductedFrom Employees
Paycheck
Wk 1 $30
Wk 2 $30
Wk 3 $30
Wk 4 $30
Deducted $120
Premiums DeductedFrom Employees
Paycheck
Wk 1 $30
Wk 2 $30
Wk 3 $30
Wk 4 $30
Deducted $150
Premiums DeductedFrom Employees
Paycheck
Wk 1 $30
Wk 2 $30
Wk 3 $30
Wk 5 $30
Wk 4 $30
Billed $130Billed $130 Billed $130
Total Deducted $390Total Billed $390
TMK1536 092910 Agent training only. Not for sales use.
4-Week Bill
• Some government entities/non-profits will request a 4-week bill
• 4-week bills are easy because you pay what you deduct
• Bookkeepers mistakenly believe that because she has paid all 12 months, she has paid all her bills
• 4-Week Billings will receive 13 bills per year, not 12• There are 52 weeks in a year, not 48• If bookkeeper pay 12 times a year on a 4-week bill,
they will be one month behind after one year and two months behind after two years, then lapse
TMK1536 092910 Agent training only. Not for sales use.
Bi-weekly vs. Semi-monthly
• There are 52 weeks in a year• Bi-weekly pay mode means 26 payments. They
should be set up on Monthly bill to reduce number of payments
• Semi-monthly pay mode means 24 payments. They should be set up on Monthly bill to reduce number of payments
• Some companies pay their employees bi-weekly (26 times a year) but on two paychecks a year, they don’t take any deductions, meaning they should be on a semi-monthly bill (24 times a year)
TMK1536 092910 Agent training only. Not for sales use.
Better Enrollments
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Employee Not Eligible
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Worksite Reasons for Declines
Declines• Ineligible employee
TMK1536 092910 Agent training only. Not for sales use.
Every Agent Must Have…
• Roster• And know how to read it!
TMK1536 092910 Agent training only. Not for sales use.
How to Read the Roster….
TMK1536 092910 Agent training only. Not for sales use.
So what do we do …
• When an employee approaches us?• When they are on the roster but not eligible?• When they are not on the roster at all?
• The employee’s word carries no weight. • It only matters what’s on the roster.
• Note: Employees are eligible if they hit their 6-month or 1-year mark during the enrollment period.
TMK1536 092910 Agent training only. Not for sales use.
Common causes for declines
• Employee may have had a break in employment• Employee have been part-time• Employee may be contract, 1099, leased• If you they eapp give you an error, the employee is
not eligible…
TMK1536 092910 Agent training only. Not for sales use.
So what do we do …
TMK1536 092910 Agent training only. Not for sales use.
Worksite Reasons for Declines
Declines• Only 1 policy per family or individual• Amount exceeds limits• Ineligible dependent• Dependent not eligible without employee
coverage
TMK1536 092910 Agent training only. Not for sales use.
What Policies Can I Only Have One?
• Accident Protector Max• Cancer Care/Plus• Cancer Endurance
TMK1536 092910 Agent training only. Not for sales use.
What Policies Can I More Than One?
• Group Term• Career Life Plus• Cash Cancer• Critical Illness
TMK1536 092910 Agent training only. Not for sales use.
Where do I find this info?
• Click on Products• Select your state
TMK1536 092910 Agent training only. Not for sales use.
Where do I find this info?
• On the Product Page• Click Marketplace Bulletin
TMK1536 092910 Agent training only. Not for sales use.
Marketplace Bulletin
Face AMT: Face amount of the policy. Group Term.
TMK1536 092910 Agent training only. Not for sales use.
Marketplace Bulletin: Career Life Plus
TMK1536 092910 Agent training only. Not for sales use.
Marketplace Bulletin: Cash Cancer
TMK1536 092910 Agent training only. Not for sales use.
Marketplace Bulletin: Critical Illness
TMK1536 092910 Agent training only. Not for sales use.
Marketplace Bulletin
ADB: Amount of Accidental Death Benefit.
Example 1
TMK1536 092910 Agent training only. Not for sales use.
ADB Examples
ADB: Cannot exceed $300,000
Example 1
TMK1536 092910 Agent training only. Not for sales use.
ADB Examples
ADB: Cannot exceed $300,000
TMK1536 092910 Agent training only. Not for sales use.
Marketplace Bulletin
State Specific Exceptions: Group Term
TMK1536 092910 Agent training only. Not for sales use.
Group Term No. 9
• Only question on Group Term that can be answered ‘yes’ and be issued standard
• Can only be ‘yes’ for high blood pressure• HBP must be controlled (140/90)
TMK1536 092910 Agent training only. Not for sales use.
Group Term No. 9
• Questions to ask:• What did you answer yes to?• If HBP, what was your last reading?• What medications do you take? Dosage?
Frequency?• Do you have any other health issues I haven’t asked
you about?
TMK1536 092910 Agent training only. Not for sales use.
Group Term to Career Life Plus
• If they don’t qualify for Group Term, sell them Career Life Plus
• Career Life Plus is guaranteed issue for the EMPLOYEE with a minimum face amount of $1,000
• Health Questions are different on Career Life Plus
TMK1536 092910 Agent training only. Not for sales use.
Collecting phone numbers on the eapp…
• Only reason we would call a Worksite customer is if they have left their job. So why would we only collect an office number?
TMK1536 092910 Agent training only. Not for sales use.
Re-Enrollments
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Every Agent Must Have…
• Roster• Worksite Management Information Report (AL915)
for re-enrollments• And know how to read them!
TMK1536 092910 Agent training only. Not for sales use.
Worksite Management Information Report
Re-enrollments: Is the business paid current? If not, don’t re-enroll until business has paid current.
TMK1536 092910 Agent training only. Not for sales use.
Worksite Management Information Report
TMK1536 092910 Agent training only. Not for sales use.
Worksite Management Information Report
PLN Column: This is the Plan Code for the policy.• Found in Policy Identity and Prefix Book found in
the Quality Section of Agent Services
Common Codes
E09: Group Term 100
E13: Group Term PU65
1U Series: Career Life Plus
HAM: Accident Protector Max
5K Series: Cancer Care
LS: Cash Cancer
TMK1536 092910 Agent training only. Not for sales use.
Solidifying the Sale: Last 3 Minutes
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Every Employee Must Clearly Understand
The last three minutes of every sale is where quality business is nailed down. Every employee must understand three things to avoid Not Takens.
•What did I buy?•How much does it cost?•How often does it come out of my check?
TMK1536 092910 Agent training only. Not for sales use.
Needs Planner
TMK1536 092910 Agent training only. Not for sales use.
Needs Planner
• Give it to the customer to take home• Only circle what they purchased• Only write how much is coming out of each paycheck
TMK1536 092910 Agent training only. Not for sales use.
Needs Planner
TMK1536 092910 Agent training only. Not for sales use.
Surprises Kill All Deals
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Relationship With The Bookkeeper
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Enrollment PeriodJuly
Deduction PeriodAugust
Effective PeriodSeptember
LateOctober
22
Bills Mailedor E-mailed
10-11
EnrollmentConducted
30
Verify PDAuthorizations
Delivered
1
$401
Bill Due
2-3
VerifyDeductions
Started
2
10
VerifyBill
Received
3
16
LateE-Mail
From HO
1
LukeInvolved
19
CommissionChargeback
30
NotTakenStatus
------------LettersMailed
The Three Periods of Worksite
$105
Premiums DeductedFrom Employee Paycheck
$1012
$1019
$1026
TMK1536 092910 Agent training only. Not for sales use.
The No. 1 Reason
• Worksite cases blow up is because authorizations are not delivered on time and deductions never start or start late
TMK1536 092910 Agent training only. Not for sales use.
Relationship With The Bookkeeper
TMK1536 092910 Agent training only. Not for sales use.
Setting it up right …
• When securing the paperwork, use the points to remember to get owner buy-in on seeing all employees
TMK1536 092910 Agent training only. Not for sales use.
Using the Points to Remember
TMK1536 092910 Agent training only. Not for sales use.
IRS Qualified Family Status Changes
• Marriage• Divorce• Death of a Spouse or Child• Birth or Adoption of a Child• Change of spouse’s employment• Termination
TMK1536 092910 Agent training only. Not for sales use.
PD Authorization
TMK1536 092910 Agent training only. Not for sales use.
PD Authorization
TMK1536 092910 Agent training only. Not for sales use.
Worksite Case Checklist
• Follow-up, who is responsible, date completed
TMK1536 092910 Agent training only. Not for sales use.
Email From Home Office
• Sent on 16th of month
TMK1536 092910 Agent training only. Not for sales use.
Red Alert
• PD01001: Franchise Initial Premium Unpaid (Daily)
TMK1536 092910 Agent training only. Not for sales use.
The Worksite Timeline
49 days late
Policies lapse, agents and managers charged back commission, polices show as lapsed in transaction register
60 days late
Letter generated from the Home Office to all policyholders and Employer
TMK1536 092910 Agent training only. Not for sales use.
Letter Customers Receive
TMK1536 092910 Agent training only. Not for sales use.
Letter Employer Receives
TMK1536 092910 Agent training only. Not for sales use.
The Worksite Timeline
After 60 Days
Case must go through reinstatement process requiring all back premiums and letter from business stating premiums have been continuously deducted, no claims have been filed, and the employer understands Liberty will not reinstate their policies if this happens again.
TMK1536 092910 Agent training only. Not for sales use.
What happens every week?
• Last week of October• Were authorizations for October enrollments and
re-enrollment turned in to bookkeeper?• First week of November
• Did deductions start for October enrollments?• Second week of November
• Did September enrollments receive first bill?• Third week of November
• Are all cases paid for November?
TMK1536 092910 Agent training only. Not for sales use.
Questions to ask your SAs and Agents
• Worksite• Were any hire dates different than the roster?• Were there any ‘Yes’ answers on Group Term No. 9?• What was the most premium sold in one house?• Did everyone take home a Needs Planner?• When are you scheduled to meet the bookkeeper?
• Individual• Where did you get this lead?• How many referrals did you get?• What was their income?• Did the customer pick Option 1 or Option 2?• What health questions did they answer ‘yes’ to?• Did you get a check?• What did they say when you read the WCN Form?
TMK1536 092910 Agent training only. Not for sales use.
Agency Owner: Red Alert
• AL040001: Worksite List By Franchise (Saturdays)
TMK1536 092910 Agent training only. Not for sales use.
Agency Director/Agent: Red Alert
• AL915: Worksite Management Information Report
TMK1536 092910 Agent training only. Not for sales use.
Impact of Not-Takens
• This is what it looks like on a production report when a worksite case is not taken
TMK1536 092910 Agent training only. Not for sales use.
DCN Detail Report Example
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
It’s not how much you write, it’s how much you keep.
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Avoiding Adverse Business
TMK1536 092910 Agent training only. Not for sales use.
TMK1536 092910 Agent training only. Not for sales use.
Top Adverse Issues
• Not sending an email to [email protected] before submitting personal business
• Repeated bad banking information and/or NSFs• Same address or bank account as the Agent or
another Agent• Wrong height/weight or birthday• QAC cannot reach applicant as phone number• Writing ineligible employees that are not on
roster
TMK1536 092910 Agent training only. Not for sales use.
Personal Business
In the E-app, the question reads “Are you a member ofthe Agent’s immediate family?”
So who is immediate family?Agent, Spouse, Mother, Father, Brother, Sister, Children, and
Grandchildren Agents may submit an app on immediate family membersprovided an e-mail is sent in advance [email protected]
Commissions are paid into the commission account. No submit advance or bonus will be paid on personal business.Personal business rules do not apply to worksite sales.