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Quality Business & Your Money Updated January 2014

Quality Business & Your Money Updated January 2014. LNL2280 0114. Agent training only. Not for sales use. It’s not how much you write, it’s how much you keep. Agent training only. Not for sales use. Quality or Quantity? Both!. Top Agents in 2012. What’s in it for you?.

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Quality Business & Your Money Updated January 2014

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  1. Quality Business & Your Money Updated January 2014 LNL2280 0114 Agent training only. Not for sales use.

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

  3. Quality or Quantity? Both! • Top Agents in 2012

  4. What’s in it for you? • Make more money by writing quality business • Make more money by helping your Agents write quality business • Make more money by retaining Agents

  5. What resources are available to help me write better business? TMK1536 092910 Agent training only. Not for sales use.

  6. Where can I find this information? This Powerpoint found on Agent Services in the Quality Business section ‘Writing Quality Business Powerpoint’

  7. Where can I find this information? Quality and Compensation Information is found in the Guide to Growth on Agent Services:

  8. Guide to Growth

  9. Where can I find this information? Individual underwriting rules found in the Agent Instruction Guide on Agent Services:

  10. Agents Instruction Guide

  11. Where can I find this information? Worksite guidelines are found in the Worksite Agent Guide on Agent Services:

  12. Worksite Agent Guide

  13. Where can I find this information? Reports at a Glance and Steps to Control DCN/Persistency are found on Agent Services:

  14. Deadlines TMK1536 092910 Agent training only. Not for sales use.

  15. 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

  16. 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

  17. DCN TMK1536 092910 Agent training only. Not for sales use.

  18. What is DCN? Declines (<1%): Primarily worksite. Poor training, systems, and oversight. Cancellations (2%): Primarily individual. Poor training, systems and oversight. Not-Takens (6%): Primarily worksite. Poor training, systems and oversight. Company DCN 9% as of January 2014

  19. New DCN and Persistency Reports are published on the 25th of each month. TMK1536 092910 Agent training only. Not for sales use.

  20. Agents Direct Pay and Bonus is impacted by DCN their first 7 months TMK1536 092910 Agent training only. Not for sales use.

  21. Agents receive maximum direct pay and 100% of bonus first two months. Clock starts with first submitted business. TMK1536 092910 Agent training only. Not for sales use.

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

  23. Example of 8% DCN $0 Declines $10,000 Submitted Premium $300 Cancels $500 Not Takens

  24. 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

  25. 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

  26. Persistency TMK1536 092910 Agent training only. Not for sales use.

  27. Agents Direct Pay and Bonus is impacted by Persistency Months 8 and beyond TMK1536 092910 Agent training only. Not for sales use.

  28. Definitions Persistency: Premium issued and paid four months or longer, divided by total issued business based on policy effective date

  29. 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

  30. Example of 88% 4-Month Persistency $10,000 Issued Premium $8,800 Paid 4 Months

  31. Example: Calculating 13-month persistency $4000 $4000 $4000 $9,000 Paid 13 months Issued Business

  32. Example of 75% 13-Month Persistency $12,000 Issued Premium $9,000 Paid 13 Months

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

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

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

  36. 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)

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

  38. How does Quality impact pay & retention? • 1. Chargebacks • 2. Direct Pay submit advance commissions • 3. DCN: Bonus multiplier first 7 months & Persistency Bonus multiplier month 8 and beyond

  39. Oh by the way … Career Track

  40. 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

  41. So how does that translate to dollars? TMK1536 092910 Agent training only. Not for sales use.

  42. What does an 8% vs. 18% 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.

  43. Take Home Pay 8 DCN Agent takes home $8,400 more TMK1536 092910 Agent training only. Not for sales use.

  44. So when is a good time to train on Quality? TMK1536 092910 Agent training only. Not for sales use.

  45. 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

  46. Individual Business A-250 Application TMK1536 092910 Agent training only. Not for sales use.

  47. Top Reasons for Cancels Cancellations (2%) Outdated COD Non-Sufficient Funds (NSFs)/Bad Bank Information Requested by customer (QAC) QAC not completed Additional underwriting call, exam not complete Oral swab not complete Medical records not received

  48. What Comes Next?

  49. Summary Sheet TMK1536 092910 Agent training only. Not for sales use.

  50. Summary Sheet

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