[LTPC-disc] Agenda For Upcoming Phone Call with Progeny/Cendant Management
mark leonard
ltpc-disc@ltpcalums.com
Wed, 11 Jun 2003 08:35:41 -0400
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great idea,mark
-----Original Message-----
From: ltpc-disc-admin@ltpcalums.com
[mailto:ltpc-disc-admin@ltpcalums.com]On Behalf Of Doug Burg
Sent: Tuesday, June 10, 2003 1:26 PM
To: ltpc-disc@ltpcalums.com
Subject: Fw: [LTPC-disc] Agenda For Upcoming Phone Call with
Progeny/Cendant Management
----- Original Message -----
From: Jane Kopecky
To: Doug Burg
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.
--- Jane Kopecky
--- kopeckyjma@earthlink.net
----- Original Message -----
From: Doug Burg
To: ltpc-disc@ltpcalums.com
Sent: 6/10/2003 9:24:56 AM
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><SPAN class=3D062513112-11062003><FONT face=3DArial color=3D#0000ff =
size=3D2>great=20
idea,mark</FONT></SPAN></DIV>
<BLOCKQUOTE dir=3Dltr style=3D"MARGIN-RIGHT: 0px">
<DIV class=3DOutlookMessageHeader dir=3Dltr align=3Dleft><FONT =
face=3DTahoma=20
size=3D2>-----Original Message-----<BR><B>From:</B>=20
ltpc-disc-admin@ltpcalums.com =
[mailto:ltpc-disc-admin@ltpcalums.com]<B>On=20
Behalf Of </B>Doug Burg<BR><B>Sent:</B> Tuesday, June 10, 2003 1:26=20
PM<BR><B>To:</B> ltpc-disc@ltpcalums.com<BR><B>Subject:</B> Fw: =
[LTPC-disc]=20
Agenda For Upcoming Phone Call with Progeny/Cendant=20
Management<BR><BR></FONT></DIV>
<DIV> </DIV>
<DIV style=3D"FONT: 10pt arial">----- Original Message -----=20
<DIV style=3D"BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A=20
title=3Dkopeckyjma@earthlink.net =
href=3D"mailto:kopeckyjma@earthlink.net">Jane=20
Kopecky</A> </DIV>
<DIV><B>To:</B> <A title=3Ddoug@dougburg.com=20
href=3D"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=20
Progeny/Cendant Management</DIV></DIV>
<DIV><BR></DIV>
<DIV><FONT face=3D"MS Sans Serif" size=3D2>Doug, I and my RSM John =
Krohn, have=20
both sold blocks of business before. (I was a group insurance =
producer=20
and had a block of clients numbering about 30 and generating about =
$75,000 in=20
renewal commissions.) In John's case, I believe he had a book of =
previously written LTC business with non-LTPC carriers. A book =
of=20
business usually sells for between 75% and 300% of the renewal =
commissions,=20
depending on the type of insurance (health is usually low because the =
turnover=20
is higher, while life is usually low becuase turnover is very =
low). How=20
about an outright buy out of the renewals at the annual commission =
times 1.5,=20
or 2, or whatever. A compromise to vesting everyone. =
Agents get a=20
lump sum of a year and a half to two years of the value of their=20
renewals, Progeny gets all the renewals, and Progeny =
settles=20
quickly. Using this approach, Progeny "buys" and "owns" the =
business and the question of who the block belongs =
to will=20
never be in question again. I think they'd jump at the chance to =
limit=20
their liability to only 1.5 to 2 years of renewals rather =
than defending=20
a class action suit, and the question of ownership would be settled =
once and=20
for all.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=3D"MS Sans Serif" size=3D2>And just as an FYI, I =
sold my=20
block on March 1, 2003 after discussing with my RSM that the main =
reason I was=20
not as successful as I wanted to be with LTPC was because my attention =
was=20
divided between servicing my existing block and trying to build a =
business=20
with LTPC. As you can guess, I'm pretty ticked off that =
I dumped=20
a block of $75K a year in renewals to focus on LTPC only to be =
dumped by=20
them 2 month's later. Pretty lousy.</FONT> </DIV>
<DIV> </DIV>
<DIV><FONT face=3D"MS Sans Serif" size=3D2>
<DIV>--- Jane Kopecky</DIV>
<DIV>--- <A=20
=
href=3D"mailto:kopeckyjma@earthlink.net">kopeckyjma@earthlink.net</A></DI=
V>
<DIV> </DIV>
<DIV> </DIV></FONT></DIV>
<DIV> </DIV>
<BLOCKQUOTE=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid">
<DIV style=3D"FONT: 10pt Arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Ddoug@dougburg.com href=3D"mailto:doug@dougburg.com">Doug =
Burg</A>=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>To: </B><A =
title=3Dltpc-disc@ltpcalums.com=20
=
href=3D"mailto:ltpc-disc@ltpcalums.com">ltpc-disc@ltpcalums.com</A></DIV>=
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> 6/10/2003 9:24:56 AM =
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [LTPC-disc] Agenda =
For=20
Upcoming Phone Call with Progeny/Cendant Management</DIV>
<DIV><BR></DIV><FONT size=3D2>
<DIV><FONT face=3DArial size=3D2>Howdy,</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>I have scheduled a phone call with =
the top=20
Progeny Management for later this week to discuss this issue of =
problems=20
with LTPC's shutdown. I am putting my agenda for =
the phone=20
call together and wanted some input. My skills as a =
neogiator are=20
not tuned to perfection, but I have been known to be competent in =
this area=20
& I am convinced that we have some leverage.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>I feel that we have the right to =
ask for=20
certain concessions from Progeny. I also feel that it is =
imperative=20
that this dialogue start now. So what I'm asking is for you to =
tell me=20
what area's are important to you. Where do you think you are =
being=20
"short changed" by LTPC's shutdown and the policies that are being=20
enforced. The deadline for submissions is NOON tomorrow, =
Wednesday,=20
June 11th. My phone call will take place shortly =
thereafter. =20
Please address your issues to <A=20
href=3D"mailto:ltpc-disc@ltpcalums.com">ltpc-disc@ltpcalums.com</A> =
so we can=20
all participate.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT><FONT face=3DArial=20
size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Thanks,</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>Doug</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>P.S. I will report back about =
the results=20
of the phone =
call.</FONT></DIV></FONT></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>
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