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Quality Manager Training Updated Feb 2014

Quality Manager Training Updated Feb 2014. TMK1536 0214. Agent training only. Not for sales use. Checklist. TMK1536 0214. 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 Feb 2014

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  1. Quality Manager Training Updated Feb 2014 TMK1536 0214 Agent training only. Not for sales use.

  2. Checklist TMK1536 0214 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 0214 Agent training only. Not for sales use.

  5. Agenda • Introductions & Role of Quality Manager • Reviewing Apps in the Portal • Individual Applications • Worksite Applications • COD Tracking • Worksite Case Tracking • Tracking Lost Business • 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 0214 Agent training only. Not for sales use.

  7. The Role of the Quality Manager TMK1536 0214 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 0214 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: Reinstatements and PD Policyholders Transferred to Bank Draft

  13. Goals • DCN 6% or less • 4-Month Persistency 93% or better • 13-Month Persistency 75% or better

  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. Guide to Growth Quality and Compensation Information is found in the Guide to Growth on Agent Services:

  18. Guide to Growth

  19. What is DCN? Declines (<1%): Primarily worksite. Never should have been uploaded to Home Office. Cancellations (2%): Primarily individual. Cancelled by customer or Home Office. Not-Takens (6%): Primarily worksite. Company never received any money. Company DCN 9% as of January 2014

  20. Agents Direct Pay and Bonus is impacted by DCN their first 7 months TMK1536 0214 Agent training only. Not for sales use.

  21. Agents receive maximum direct pay and 100% of bonus first two months. TMK1536 0214 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 DCNCurrently measuring 9/25 to 12/24 $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 DCNCurrently measuring business submitted 7/25 to 10/24 $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. DCN: Can we get the business to the customer? Persistency: Do they keep it? TMK1536 0214 Agent training only. Not for sales use.

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

  28. Agents Direct Pay and Bonus is impacted by Persistency Months 8 and beyond TMK1536 0214 Agent training only. Not for sales use.

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

  30. Example: Calculating PersistencyCurrently measuring business issued June 1, July 1, August 1 $5,000 $5,000 $5,000 Issued Business 3 2 1 Reports Published Submitted Business $12,000 Paid 4 months or greater Persistency Calculated

  31. New DCN and Persistency Reports are published on the 25th of each month. TMK1536 0214 Agent training only. Not for sales use.

  32. 13th Month Persistency is the most important measure of quality in regards to wealth building TMK1536 0214 Agent training only. Not for sales use.

  33. Example: Calculating 13-month persistencyCurrently measuring business issued Sept. 1, Oct. 1, Nov. 1 2012 $4000 $4000 $4000 $9,000 Paid 13 months Issued Business

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

  35. 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.

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

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

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

  39. 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)

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

  41. 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

  42. Oh by the way … Career Track

  43. 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

  44. So how does that translate to dollars? TMK1536 0214 Agent training only. Not for sales use.

  45. What does an 8% vs. 18% DCN mean to an Agent in his first seven months with a $1,425 per week average? TMK1536 0214 Agent training only. Not for sales use.

  46. Take Home Pay 8 DCN Agent takes home $8,400 more Agent training only. Not for sales use. TMK1536 0214

  47. II. Reviewing Applications in the Portal TMK1536 0214 Agent training only. Not for sales use.

  48. When and where to I review apps? • Every day. First thing when you come in and last thing before you leave. Don’t let it stack up on you. • Advantage of Daily Upload: • App doesn’t effect Agency DCN if not paid on it and doesn’t count toward bonus • Opportunity to make bonus if app changed to trial or cancelled • It’s the World Wide Web. You can access from anywhere you have an Internet connection • Find a quiet place where you are uninterrupted • You call for others, they do not come to you

  49. 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

  50. Application Review Process • Application Written by Agent (7 days to upload) • Agent uploads App to Portal • Weekly deadline Monday 3:30 p.m. Central • 10 days to upload • Once an application is upload, it cannot be recalled • QM should only hold apps: • Applicant requests specific draft date • Worksite case awaiting third applicant

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