General Company Knowledge
Who is the President of Senior Life Insurance Company?
Ron Powell
Name 3 basic guidelines for crediting/replacing a lead.
Duplicate, Over 85, Current Policy Holder.
Out of the 5 lead types we offer (TV, Direct Mail, Yellow Page, Facebook, Website) how many do we generate ourselves?
All 5
Where does everything for Senior Life Operations begin? Where does it end?
Leads
Claims
Why is it important to make sure that orders are filled and credits/replacements are done as quickly as possible/same day without errors?
Leads are how the agents make money. If they request 20 leads on Friday and we dont send them until Monday that is 2 days they could have been working that they missed. They do not get paid until we send them leads and they go work them... If you knew you had a bill to pay on Tuesday and the only way you could pay it was to work friday/saturday to make money by monday and then you never got your leads that would not be okay. Same concept for credits/replacements.
Which agency has the highest consistent production?
Elsberry
Explain what an LOA is.
When an RVP charges their agents higher than Senior Life's cost for leads and the difference is held for them to use how they want (i.e. paying off lead debt, using the balance to pay for leads for their agents, sending leads for a contest or a replacement that doesn't fall under our guidlines)
*Daily Double: Do we offer LOA's to everyone? Who has an LOA?
What does CPL stand for?
Cost Per Lead
What is persistency?
The amount of business that stays on the books over time.
More leads generated & sent out = ______ ?
Higher production.
And higher production equals more business for the company which means more opportunities for advancement/pay increases for home office employees.
Name 5 departments in the home office:
Accounting, Agent Support, Business Retention, Claims, Fiscal, Humane Resources, Customer Service, Leads, Licensing, Market Compliance, Marketing, Recruiting, Legal, Legacy Assurance, Financial Compliance, Direct to Consumer Sales, Direct Sales, Employee Sales
What reason(s) would a direct mail lead type be left as "DM" rather than the price (DM-25, DM-32 etc)?
The lead is for an agent under an RVP upcharges their leads (it is labeled DM even if the RVP has requested it be charged at normal cost if they normally upcharge*). The lead is for a prepaid drop.
What information is okay to share with an RVP about how we generate leads or how much we generate them for?
No information on how we generate leads or how much we generate them for is okay to share with anyone (not even someone else in another department within the home office)
What is the difference in 100% payback and the 50/50 program?
With 100% payback whenever the agent writes business the money they make goes completely towards debt they owe the company (lead debt, misc debt) until their debt is paid down completely and THEN they get whatever is left from their pay. On the 50/50 program 50% of everything they make goes towards debt and the other 50% goes to them on every piece of business they issue.
Why is it important for the agent to know what type of lead they are working?
So they can present that information when contacting the customer. (i.e. "I'm calling you because you.. *called in after seeing our TV commercial, *responded to our Facebook ad, *filled out the form on our website.." or "I'm here because you filled out this piece of mail requesting more information")
What is the difference between Direct to Consumer Sales and Direct Sales?
Direct to Consumer mails applications out to potential clients. Direct Sales sells insurance over the phone (telesales) to leads that have been returned.
How old is too old for a TV/Website/Facebook/Yellow Page lead aka what is the longest amount of time they should sit before they are pushed out of inventory?
And how old for Direct Mail?
1. 30 days.
2. 90 days.
When tracking or uploading leads such as TV/Website/Facebook/Yellow Page.. What actually qualifies as a lead?
Has at least first OR last name AND a phone number OR address.
No name at all is not a lead.. name with no phone number and no address is not a lead.
What does an advance statement show?
The amount of money the agent has earned from issuing business and what debt is being paid out from that.
Daily Double: How do you find an advance statement?
Why is the lead debt cap important/why do we have it?
This is money that the agent owes the company for leads and has not paid. If you owed money to the bank and wanted to take out another loan there is a limit to what they would allow you to take out. Same with leads.
If an agent is writing business with other companies and not paying down their lead debt we cannot send them more leads because we are not making our money back.
Explain the difference in a Whole Life and Term insurance policy.
Whole Life - policy that you pay on that lasts your whole life no matter how long you live.
Term - policy that only lasts a certain amount of time (i.e. 20 years) and when it ends you will need another policy if you are still alive.
*Daily Double: What is an ROP Policy?
What is the lead debt cap for an agent not on 50/50? What do you do if an RVP has ordered leads for an agent who's lead debt is too high?
$1,200-$1,500
You first check to see if the agent has pending business that is going to pay the debt down before the new charge would go in (Jonathan Rossi has this info), if they do not have pending business you would check their appointments to see if they are licensed with other final expense carrier (aka if they are a broker/writing business with someone else).. Check with Kayley or Melanie by presenting the information you have found to make sure there are no special circumstances and if not, email the RVP to let them know we cannot fill the order using financing due to lead debt and let them know how much the debt is, that there is no (or not enough) pending business and if they are appointment with other carriers. We can always fill orders but they will need to pay with a credit card.
What is the difference in a Final Expense (FE) lead and a Return of Premium (ROP) lead ?
FE Lead - customer saw an advertisement for a whole life final expense policy
ROP Lead - customer saw an advertisement for a return of premium term final expense policy
Daily Double: Explain how a ROP Term Policy works.
What should you do if you answer a call not meant for the leads department?
If it is a customer - get their name and policy number if applicable.
If it is an agent - get their name and agent number.
Find out why they are calling and transfer to the appropriate department. Do not cold transfer. Provide the employee you transfer to the persons name and policy or agent number with a short explanation of why you are transferring them when possible.
What is the most important thing to make sure you are always doing in the leads department?
Paying attention to detail.
Small details and overall picture.