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Building Wealth Through Quality Business

Building Wealth Through Quality Business. TMK1536 092910. Agent training only. Not for sales use. Recap of Changes Impacting Quality. Increasing Direct Pay on Section 125 Worksite cases Increasing max amount of direct pay per policy Increasing AP per sale with Laptop implementation

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Building Wealth Through Quality Business

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  1. Building Wealth Through Quality Business TMK1536 092910 Agent training only. Not for sales use.

  2. Recap of Changes Impacting Quality • Increasing Direct Pay on Section 125 Worksite cases • Increasing max amount of direct pay per policy • Increasing AP per sale with Laptop implementation • But at the same time… • Increasing impact of poor DCN & Persistency on direct pay including total loss of direct pay • Increasing impact of poor DCN & Persistency on ability to earn bonus

  3. Where we are at & where we are going… As of Nov. 25, 2012 DCN: 10% 4-Month Persistency: 86% 13-Month Persistency: 62%

  4. Where we are at & where we are going… Goal for each branch moving forward DCN: 6% or less (15) 4-Month Persistency: 93% or more (8) 13-Month Persistency: 75% or more

  5. What’s in it for you? TMK1536 092910 Agent training only. Not for sales use.

  6. Employee BM, $10k/wk, 10% Growth • Renewals over the next 10 years • BM with 75% 13-month persistency makes $65,190 more vs. BM with 63% 13-month persistency

  7. Employee BM, $25k/wk, 10% Growth • Renewals over the next 10 years • BM with 75% 13-month persistency makes $162,977more vs. BM with 63% 13-month persistency

  8. Employee BM, $50k/wk, 10% Growth • Renewals over the next 10 years • BM with 75% 13-month persistency makes $325,954 more vs. BM with 63% 13-month persistency

  9. Ind. Contractor BM, $10k/wk, 10% Growth • Renewals over the next 10 years • BM with 75% 13-month persistency makes $216,315 more vs. BM with 63% 13-month persistency

  10. Ind. Contractor BM, $25k/wk, 10% Growth • Renewals over the next 10 years • BM with 75% 13-month persistency makes $540,787 more vs. BM with 63% 13-month persistency

  11. Ind. Contractor BM, $50k/wk, 10% Growth • Renewals over the next 10 years • BM with 75% 13-month persistency makes $1,081,574 more vs. BM with 63% 13-month persistency

  12. It’s not how much you write, it’s how much you keep. TMK1536 092910 Agent training only. Not for sales use.

  13. And that’s just renewals. What else does quality business impact? TMK1536 092910 Agent training only. Not for sales use.

  14. So how do you protect your wealth? TMK1536 092910 Agent training only. Not for sales use.

  15. Quality Control Manager TMK1536 092910 Agent training only. Not for sales use.

  16. Quality Control Manager Profile – Who are you looking for? • Experienced administrator or Agent with good work habits but not strong prospector • Great organizational skills • Strong product and underwriting knowledge • Strong phone, email, and spreadsheet skills • Doesn’t have desire to be liked by Agents or Managers • THIS PERSON IS NOT A UNIT MANAGER!!

  17. Quality Control Manager Duties • Review applications in the portal • Change apps to trial/cancel apps • Make bank verification calls • Make internal QAC calls to applicant • Follow up on Pending Business (CODs, QAC, Medical Records, Oral Swabs, etc.) • Call Worksite clients to verify deductions started, first bill received, first bill paid • Call past due worksite cases • Analyze Qlikview data • Train agents on recurring issues

  18. Ideas on how you pay Quality Control Manager • Hourly rate • Bonus for each point better than company average on DCN and 13-month persistency

  19. Conservation Agents TMK1536 092910 Agent training only. Not for sales use.

  20. Conservation Agent Profile – Who are you looking for? • Agent with good work habits but not strong prospector • Great organizational skills • Calm demeanor to deal with customers • Strong phone, email, and spreadsheet skills • Ability to drive your entire territory • Doesn’t have desire to be liked by other Agents

  21. Conservation Agent Duties • Reinstate lapsed policies • Move Payroll Deduction customers to bank draft ($6 MM) • Travel to customer home/worksite to collect paperwork, signatures, swabs, etc.

  22. How Conservation Agent is paid • Reinstatement bonus • Writing additional business while reinstating policies • Renewals • Build a team and supervise Agents

  23. Portal Usage TMK1536 092910 Agent training only. Not for sales use.

  24. Are we utilizing the portal? • Last two weeks 4,500 submitted apps • 39% of the apps have been viewed • Last week, 11 BMs did not view any apps • 15 apps cancelled • 11 apps changed to trial

  25. We Don’t Accept • Prepaid cards such as Metabank, Green Dot, NetSpend (14 or 16 digit account numbers) or Chase Liquid

  26. Coming Attractions TMK1536 092910 Agent training only. Not for sales use.

  27. Coming Attractions… • Quality Playbook • Torch Magazine recognition • Reinstatement bonus test … Who is committed? • Quality School March 6-7, 2013

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