Your username and password have not changed. Please remember that these schedules are dynamic – always changing - so please refer to the RVP Center often for commission updates.
In summary, most of the schedules remained the same. The companies that did have commission changes were within a few points up or down of their 2005 schedule. At this point, I am going to categorize the important administrative changes, sales opportunities, and new company introductions.
Bonus Administration
As always, all ABS and iGroup bonuses will be paid approximately the 25th of each month for the prior month’s production. More importantly, please realize that AIG/AG bonuses will be paid by ABS. This will be a significant improvement from the issues that we have experienced with RVP bonus levels being evaluated/changed by AIG/AG on a quarterly basis. Your base commission level will remain the same – 105% - direct from AIG/AG. Starting in March 2006, for your paid February 2006 business, you will receive your corresponding AIG/AG bonus from ABS.
2006 New Companies
You will notice that we have added John Hancock and Fidelity Life to our portfolio. These companies provide us industry leading product and underwriting in two very different markets.
John Hancock is clearly one of the most dominant “players” in the brokerage Universal Life market. In this respect, John Hancock’s combination of cutting-edge product, pricing, and underwriting capacity (automatics/re-insurance relationships) make them a preeminent resource for larger, more sophisticated sales. We highly suggest that you get licensed now, as we are confident that John Hancock’s products will have a significant impact on your business.
(John Hancock Licensing Information)
Fidelity Life Association provides us dynamic products in the simplified term insurance marketplace. Fidelity’s Rapid Decision Term is designed for transactional term sales from 10K – 250K face amounts. Underwriting decisions will be made within a matter of days on an accept/decline basis. When you combine this simplified process (applications can be taken over the phone/through the mail) with their lucrative commission structure, Fidelity should develop a nice sales niche for all of us.
(Fidelity Life Licensing Information)
Sales Resources
At present, we are arranging conference calls with both John Hancock and Fidelity Life. These calls will be led by each company’s respective Sales VP. Clearly, the focus of these calls will be to introduce you to the products and their target markets. Also, we would like to use these opportunities as means to get you more acquainted to key contacts at each home office. Please stay tuned for the details of these calls.
We all are confronted with the challenges of impaired life sales on a daily basis. In many ways, this is a very good thing, as it gives us the opportunity to build value-added relationships with key producers. Still, to make this sales niche truly profitable, it is essential that you are continually updated on the target markets of a given carrier. For example, there are carriers that provide superior offers for diabetics, but are not interested in avocations. In this regard, the impaired risk market has diversified, and to capture this business effectively, we need to further our education of “who is doing what well.”
“Accordingly, ABS is going to start this process by focusing on US Financial’s impaired risk underwriting. Clearly, US Financial remains a leader in this market, but their underwriting strategy has changed. Most significantly, US Financial has built an infrastructure that is clearly targeting larger premium businesses (10K premium and up). Furthermore, the more transactional impaired cases (face amounts from 250K – 1 million) require you to truly understand US Financial’s strategic model. For example, USFL is still a market leader in providing solutions to clients confronting heart disease, diabetes, and obesity. Yet, they have decided not to be competitive for business under 250K of face amount. In an effort to grow this impaired risk business, ABS would like to introduce US Fianancial’s “CUI on Location” program to you. This Clinical Underwriting symposium is designed to quickly and skillfully increase your ability to place cases with US Financial. This program is directed by Dave Murphy, VP of Sales at USF, and is co-presented by members of our underwriting and new business teams. There are two very effective ways to utilize this program:
- To have a Clinical Underwriting Institute held in your office to further your company’s knowledge of USF.
- To have a Clinical of Underwriting Institute for your agents to enhance their ability to place cases in the impaired risk market. These seminars (provided that they meet USF’s requirements) will be paid for by USF.
The demand to host a Clinical Underwriting Institute is quite high, so we suggest that you let us know your interest immediately by contacting allas@absgo.com to begin the process. Please find information attached highlighting the turnkey system for hosting a CUI.
Lastly, ABS would like to thank you for giving us the opportunity to earn your business. We realize that there is healthy competition in the market for your business. Yet, we are confident the value that we bring to your company is only going to increase. We are committed to developing our portfolio and infrastructure, so that we can continue to evolve into one of “dominant” brokerages in the business.
In the weeks ahead, we will unveil to you a host of new resources and sales opportunities that we have been working on for the last year. We are, both, proud and excited of the potential for growth that these resources will have on our business.
