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Quality Manager Training Updated Dec 2014

Quality Manager Training Updated Dec 2014. TMK1536 1214. Agent training only. Not for sales use. Checklist. TMK1536 1214. Agent training only. Not for sales use. Checklist. Show me: Computer with Microsoft Office 2010 or 2013 Access Agent Services Access qm@libnat.com email

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Quality Manager Training Updated Dec 2014

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  1. Quality Manager Training Updated Dec 2014 TMK1536 1214 Agent training only. Not for sales use.

  2. Checklist TMK1536 1214 Agent training only. Not for sales use.

  3. Checklist • Show me: • Computer with Microsoft Office 2010 or 2013 • Access Agent Services • Access qm@libnat.com email • Access Qlikview • Access Portal (Set up as App Approver) • App Approval Packet • Scripts • Roster

  4. Agenda TMK1536 1214 Agent training only. Not for sales use.

  5. Agenda • Introductions & Role of Quality Manager • Reviewing Apps in the Portal • Individual Applications • Worksite Applications • Worksite Case Tracking • Tracking Lost Business • Conservation Log • SAMs & Reports • Reinstatements • Miscellaneous

  6. My Expectations of You • Take lots of notes • Ask lots of questions (Test) • Leave here more confident • Have fun TMK1536 1214 Agent training only. Not for sales use.

  7. The Role of the Quality Manager TMK1536 1214 Agent training only. Not for sales use.

  8. Liberty Hierarchy • Agency Owner • Agency Director • Supervising Agents • Agents

  9. Quality Control Manager Responsibilities • The Quality Control Manager is responsible for • overall quality of business and profitability in the • Agency. This person reports directly to the Agency • Owner and is accountable for decreasing the • amount of business that is Declined, Cancelled, and • Not Taken and increasing in 13-month persistency to • build Agency Owner renewals.

  10. Role of the Quality Manager • To help the Agency Owner Build Wealth • Front End: Prior to Upload to Home Office • Pending Business: Follow-up Work • Keeping Business on the books • The Best Quality Managers • Great communicators • Extra set of eyes and ears for Agency Owner • Business partner

  11. Understanding • Quality Business TMK1536 1214 Agent training only. Not for sales use.

  12. How is your performance evaluated? • Are you a good investment for the Agency Owner? • This is evaluated each month based on… • Front End: DCN • Pending Business: DCN and Persistency • Keeping Business on the books: Conservation

  13. 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

  14. Resources • All documents, scripts, directions, reports, etc… • www.libertynational.com Agent Services (Use QMxxxxx to log in) • Quality Business Section

  15. Individual vs. Worksite • Individual Business: Written in the home through the needs-based laptop presentation. Premiums paid through checking account • Worksite Business: Also known as Payroll Deduction (PD) or Section 125. Written in the workplace to employees. Premiums deducted from employees’ paycheck and sent by employer to Liberty National

  16. Building Wealth = Renewals • Renewals are paid starting the 13th month a policy is in force. • They are paid every month that the customer makes their premium payment … forever!

  17. What is DCN? Did we get the business to the Customer?

  18. What is DCN? Declines (<1%): Primarily worksite. Never should have been uploaded to Home Office. Cancellations (3%): Primarily individual. Cancelled by customer or Home Office. Not-Takens (6%): Primarily worksite. Company never received any money. Company DCN 10% as of November 2014

  19. Agents Direct Pay and Bonus is impacted by DCN their first 7 months TMK1536 1214 Agent training only. Not for sales use.

  20. Agents receive maximum direct pay and 100% of bonus first two months. TMK1536 1214 Agent training only. Not for sales use.

  21. How is DCN calculated? Declined Premium Submitted Premium Cancelled Premium Not Taken Premium

  22. Example of 6% DCN $0 Declines $10,000 Submitted Premium $200 Cancels $400 Not Takens

  23. 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?

  24. $10,000 $10,000 Submitted Premium $1,000 DCN

  25. Example: Calculating Individual DCN $4,000 $4,000 $4,000 Reports Published 3 2 1 Submitted Business Submitted Business $100 $350 $350 $200 4 3 2 1 Declined, Cancelled, Not Taken Premium DECLINES, CANCELLATIONS, NOT TAKENS DCN Calculated

  26. Example: Calculating Payroll Deduction DCN $4,000 $4,000 $4,000 Reports Published 3 2 1 Submitted Business Submitted Business $0 $0 $400 $0 $0 $600 4 3 2 1 6 5 Declined, Cancelled, Not Taken Premium DECLINES, CANCELLATIONS, NOT TAKENS DCN Calculated

  27. What is 4-month Persistency? Got the business to the Customer, do they keep it?

  28. Agents Direct Pay and Bonus is impacted by Persistency Months 8 and beyond TMK1536 1214 Agent training only. Not for sales use.

  29. Example of 93% 4-Month Persistency $10,000 Issued Premium $9,300 Paid 4 Months

  30. $8,800 $8,800 Issued Premium $1,000 Lapse

  31. Example: Calculating Persistency $5,000 $5,000 $5,000 Issued Business 3 2 1 Reports Published Submitted Business $12,000 Paid 4 months or greater Persistency Calculated

  32. New DCN and Persistency Reports are published on the 25th of each month. TMK1536 1214 Agent training only. Not for sales use.

  33. What is 13-month Persistency? How much of my hard work, effort, and energy is paying me a renewal?

  34. 13th Month Persistency is the most important measure of quality in regards to wealth building TMK1536 1214 Agent training only. Not for sales use.

  35. Example: Calculating 13-month persistency $3300 $3300 $3300 $7,500 Paid 13 months Issued Business

  36. Example of 75% 13-Month Persistency $10,000 Issued Premium $7,500 Paid 13 Months

  37. Why all this focus on quality? • Policy must be in force 18-24 months before Liberty makes a profit • Whole Life Policy • 60% Agent Commission of Annual Premium • 10% Supervising Agent Commission of AP • 35% Agency Director Commission of AP • 25% Agency Owner Commission of AP • 130% of First-Year Premium • Plus Home Office expense for marketing, underwriting, printing, mailing policy, etc.

  38. How do I check my DCN and Persistency? Agent Services on www.libertynational.com Click on ‘Reports’

  39. How does Quality impact pay & retention? • 1. Chargebacks

  40. How does Quality impact pay & retention? • 1. Chargebacks • 2. Direct Pay submit advance commissions

  41. How does Quality impact pay & retention? • 1. Chargebacks • 2. Direct Pay submit advance commissions

  42. 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) • * Best case scenario: Assumes agent has positive commission account.

  43. How does Quality impact pay & retention? • 1. Chargebacks • 2. Direct Pay submit advance commissions • 3. DCN: Bonus multiplier or reduction first 7 months

  44. How does Quality impact pay & retention? • 1. Chargebacks • 2. Direct Pay submit advance commissions • 3. DCN: Bonus multiplier or reduction first 7 months

  45. How does Quality impact pay & retention? • 1. Chargebacks • 2. Direct Pay submit advance commissions • 3. Persistency Bonus multiplier or reduction month 8+

  46. How does Quality impact pay & retention? • 1. Chargebacks • 2. Direct Pay submit advance commissions • 3. Persistency Bonus multiplier or reduction month 8+

  47. Oh by the way … Career Track

  48. 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 Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals Renewals RenewalsRenewalsRenewalsRenewalsRenewalsRenewals RenewalsRenewalsRenewalsRenewals

  49. So how does that translate to dollars? TMK1536 1214 Agent training only. Not for sales use.

  50. What does an 8% vs. 18% DCN mean to an Agent in his first seven months with a $1,425 per week average? TMK1536 1214 Agent training only. Not for sales use.

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