Fw: [LTPC-disc] Agenda For Upcoming Phone Call with Progeny/Cendant
Management
Doug Burg
ltpc-disc@ltpcalums.com
Tue, 10 Jun 2003 13:25:54 -0400
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----- Original Message -----=20
From: Jane Kopecky=20
To: Doug Burg=20
Sent: Tuesday, June 10, 2003 11:50 AM
Subject: RE: [LTPC-disc] Agenda For Upcoming Phone Call with =
Progeny/Cendant Management
Doug, I and my RSM John Krohn, have both sold blocks of business before. =
(I was a group insurance producer and had a block of clients numbering =
about 30 and generating about $75,000 in renewal commissions.) In =
John's case, I believe he had a book of previously written LTC business =
with non-LTPC carriers. A book of business usually sells for between =
75% and 300% of the renewal commissions, depending on the type of =
insurance (health is usually low because the turnover is higher, while =
life is usually low becuase turnover is very low). How about an =
outright buy out of the renewals at the annual commission times 1.5, or =
2, or whatever. A compromise to vesting everyone. Agents get a lump =
sum of a year and a half to two years of the value of their renewals, =
Progeny gets all the renewals, and Progeny settles quickly. Using this =
approach, Progeny "buys" and "owns" the business and the question of who =
the block belongs to will never be in question again. I think they'd =
jump at the chance to limit their liability to only 1.5 to 2 years of =
renewals rather than defending a class action suit, and the question of =
ownership would be settled once and for all.
And just as an FYI, I sold my block on March 1, 2003 after discussing =
with my RSM that the main reason I was not as successful as I wanted to =
be with LTPC was because my attention was divided between servicing my =
existing block and trying to build a business with LTPC. As you can =
guess, I'm pretty ticked off that I dumped a block of $75K a year in =
renewals to focus on LTPC only to be dumped by them 2 month's later. =
Pretty lousy.=20
--- Jane Kopecky
--- kopeckyjma@earthlink.net
----- Original Message -----=20
From: Doug Burg=20
To: ltpc-disc@ltpcalums.com
Sent: 6/10/2003 9:24:56 AM=20
Subject: [LTPC-disc] Agenda For Upcoming Phone Call with =
Progeny/Cendant Management
Howdy,
I have scheduled a phone call with the top Progeny Management for =
later this week to discuss this issue of problems with LTPC's shutdown. =
I am putting my agenda for the phone call together and wanted some =
input. My skills as a neogiator are not tuned to perfection, but I have =
been known to be competent in this area & I am convinced that we have =
some leverage.
I feel that we have the right to ask for certain concessions from =
Progeny. I also feel that it is imperative that this dialogue start =
now. So what I'm asking is for you to tell me what area's are important =
to you. Where do you think you are being "short changed" by LTPC's =
shutdown and the policies that are being enforced. The deadline for =
submissions is NOON tomorrow, Wednesday, June 11th. My phone call will =
take place shortly thereafter. Please address your issues to =
ltpc-disc@ltpcalums.com so we can all participate.
Thanks,
Doug
P.S. I will report back about the results of the phone call.=
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<DIV style="FONT: 10pt arial">----- Original Message -----
<DIV style="BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A
title=kopeckyjma@earthlink.net href="mailto:kopeckyjma@earthlink.net">Jane
Kopecky</A> </DIV>
<DIV><B>To:</B> <A title=doug@dougburg.com href="mailto:doug@dougburg.com">Doug
Burg</A> </DIV>
<DIV><B>Sent:</B> Tuesday, June 10, 2003 11:50 AM</DIV>
<DIV><B>Subject:</B> RE: [LTPC-disc] Agenda For Upcoming Phone Call with
Progeny/Cendant Management</DIV></DIV>
<DIV><BR></DIV>
<DIV><FONT face="MS Sans Serif" size=2>Doug, I and my RSM John Krohn, have both
sold blocks of business before. (I was a group insurance producer and had
a block of clients numbering about 30 and generating about $75,000 in renewal
commissions.) In John's case, I believe he had a book of previously
written LTC business with non-LTPC carriers. A book of business usually
sells for between 75% and 300% of the renewal commissions, depending on the type
of insurance (health is usually low because the turnover is higher, while life
is usually low becuase turnover is very low). How about an outright buy
out of the renewals at the annual commission times 1.5, or 2, or whatever.
A compromise to vesting everyone. Agents get a lump sum of a year and a
half to two years of the value of their renewals, Progeny gets all
the renewals, and Progeny settles quickly. Using this approach,
Progeny "buys" and "owns" the business and the question of
who the block belongs to will never be in question again. I
think they'd jump at the chance to limit their liability to only 1.5 to 2 years
of renewals rather than defending a class action suit, and the question of
ownership would be settled once and for all.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face="MS Sans Serif" size=2>And just as an FYI, I sold my block
on March 1, 2003 after discussing with my RSM that the main reason I was not as
successful as I wanted to be with LTPC was because my attention was divided
between servicing my existing block and trying to build a business with
LTPC. As you can guess, I'm pretty ticked off that I dumped
a block of $75K a year in renewals to focus on LTPC only to be dumped by
them 2 month's later. Pretty lousy.</FONT> </DIV>
<DIV> </DIV>
<DIV><FONT face="MS Sans Serif" size=2>
<DIV>--- Jane Kopecky</DIV>
<DIV>--- <A
href="mailto:kopeckyjma@earthlink.net">kopeckyjma@earthlink.net</A></DIV>
<DIV> </DIV>
<DIV> </DIV></FONT></DIV>
<DIV> </DIV>
<BLOCKQUOTE
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid">
<DIV style="FONT: 10pt Arial">----- Original Message ----- </DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
<A title=doug@dougburg.com href="mailto:doug@dougburg.com">Doug Burg</A>
</DIV>
<DIV style="FONT: 10pt arial"><B>To: </B><A title=ltpc-disc@ltpcalums.com
href="mailto:ltpc-disc@ltpcalums.com">ltpc-disc@ltpcalums.com</A></DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> 6/10/2003 9:24:56 AM </DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> [LTPC-disc] Agenda For Upcoming
Phone Call with Progeny/Cendant Management</DIV>
<DIV><BR></DIV><FONT size=2>
<DIV><FONT face=Arial size=2>Howdy,</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>I have scheduled a phone call with the top
Progeny Management for later this week to discuss this issue of problems with
LTPC's shutdown. I am putting my agenda for the phone
call together and wanted some input. My skills as a neogiator are
not tuned to perfection, but I have been known to be competent in this area
& I am convinced that we have some leverage.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>I feel that we have the right to ask for certain
concessions from Progeny. I also feel that it is imperative that this
dialogue start now. So what I'm asking is for you to tell me what area's
are important to you. Where do you think you are being "short changed"
by LTPC's shutdown and the policies that are being enforced. The
deadline for submissions is NOON tomorrow, Wednesday, June 11th. My
phone call will take place shortly thereafter. Please address your
issues to <A href="mailto:ltpc-disc@ltpcalums.com">ltpc-disc@ltpcalums.com</A>
so we can all participate.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT><FONT face=Arial
size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>Thanks,</FONT></DIV>
<DIV><FONT face=Arial size=2>Doug</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>P.S. I will report back about the results
of the phone call.</FONT></DIV></FONT></BLOCKQUOTE></BODY></HTML>
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