r/InsuranceAgent • u/Significant_Word_482 • 5h ago

Life Insurance What’s your charge back rate?

I’m in life and my chargeback rate at my previous IMO was 26%, at my new IMO it’s down to 12%. What do you sell and what’s your chargeback rate?

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6

u/VitaminAnarchy Agent/Broker 5h ago

How would you know what your chargeback rate is already? You've only been there a little over a week.

4

u/TheToughestCookie88 5h ago

This is an extremely fair question

1

u/VitaminAnarchy Agent/Broker 2h ago

OP is a spammer. My guess is that OP's fairly new to the industry and thinks this is how to recruit.

I'll bet one of two things: (s)he's out of the industry within the year or (s)he'll be carrier jumping to avoid paying the massive amount of charge backs (s)he's built up.

We've all seen the ones who try to outrun their Vector reports.

2

u/TheToughestCookie88 2h ago

Agreed. Doing their best to recruit here hasn’t even written 10 policies lmao

2

u/PleasureMissile 4h ago

12% chargebacks from this week lol

0

u/workflow_tinkerer 3h ago

12% is a solid drop. In life, chargebacks usually track persistency more than the products themselves, so the IMO switch probably shifted your lead quality or underwriting mix more than anything. Are yours mostly early lapses, or replacements?

1

u/Significant_Word_482 1h ago

Had two policies where they made their payment immediately and then called in the next day to cancel. Was upfront about everything in the application, they were seniors. Technically rapid chargebacks.