Complaint Review: Bankers Life & Casualty - Chatsworth California
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- Author Confirmed
- Bankers Life & Casualty 9801 Oakdale Ave #210 Chatsworth, California U.S.A.
- Phone: 818-885-3800
- Web:
- Category: Insurance Companies
Bankers Life & Casualty Illegal Employee Practices Chatsworth California
*UPDATE EX-employee responds: PLEASE BEWARE OF BANKERS
*Consumer Comment: "BANK SONG 3" might be posted later today at the BANK OF AMERICA page of Ripoff Report....
*General Comment: Same everywhere!
*UPDATE EX-employee responds: McArthur would turn over in his grave....
*UPDATE EX-employee responds: McArthur would turn over in his grave....
*UPDATE EX-employee responds: McArthur would turn over in his grave....
*UPDATE EX-employee responds: McArthur would turn over in his grave....
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Bankers Life & Casualty is a multi-level marketing scam designed to look like a mainstream Corporate entity.
Everyone is hired on a 1099 independent contractors basis. Field Trainers are given no salary, are not employees of the company, but are expected to attend manatory meetings, train new agents in the field, and receive no car/gas expense or salary...only the opportunity to "split" the commission with the trainee.
Agents are also told to attend "mandatory" meetings, and to spend 8 to 10 hours a day twice weekly to make phone calls to people who usually have not responded to Bankers mailings. This is illegal. If an agent does not attend these meetings, they are not supported in the field by management, and receive few if any leads. They are bullied into getting back into line. However, Bankers fully expects 90 to 95% of their agents to quit within a 4 to 6 month period. It is from these agents who do leave, that their "best" leads are procurred. Their "orphan" clients, written by the long-gone agents, are passed on to those few successful agents as a reward. They are then trained to re-write the policies already written, and to have the client cancel the previous policy. This creates a commission charge back against the agent who has left, but new business for the remaining agent. The remaining agent is also told to write new business if possible with the client.
Bankers agents expect to find copiers and printers that have no ink and no paper. There are usually not enough supplies such as policy applications. The reason for this is that the Branch Manager is basically a franchise owner who is responsible for these costs...not the corporation. Branch Managers typically pass these costs on to the Unit Managers, who sometimes can't even afford the gasoline to get to work.
Recruits are told that they can make lots of money, and are shown an 'earnings' board that seemingly shows many agents making $5000 monthly or more. What they are not told is that these numbers do not take into consideration applications that were declined or cancelled, and do not reflect the fact that most applications have a $500 maximum advance, and that it can take 60 days for final commissions to be paid. Recruits are not told that money for leads will be taken from their check, as well as money for E & O insurance, which can be purchased outside of Bankers and shopped for best price.
This is one of the most evil and jaded companies I have ever seen in over 20 years of working in commission only based positions.
Agent101
Granada Hills, California
U.S.A.
This report was posted on Ripoff Report on 03/13/2009 05:08 PM and is a permanent record located here: https://www.ripoffreport.com/reports/bankers-life-casualty/chatsworth-california-91311/bankers-life-casualty-illegal-employee-practices-chatsworth-california-434002. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#7 UPDATE EX-employee responds
PLEASE BEWARE OF BANKERS
AUTHOR: Happy Agent - (United States of America)
SUBMITTED: Tuesday, December 14, 2010
I totally agree with all the comments so far. My story and background is this: After working in the corporate world for a few years, I decided that the insurance industry sounded promising because I could be my own boss. Banker's recruited me from my resume online. I went to an "interview" in Santa Rosa.
I heard of the mysterious "Mr. Nakata" buthe never emerged during the group interview. I felt like cattle, but being new to the industry, didn't know better. I should have realized from the rehearsed verbage and diagrams coming from the training/recruiting guy, that this was all a deceptive ploy to draw naive new agents into the Bankers organization.
Anyway, I agreed to study and take the insurance exam under their terms and then went into training. It was a joke. As a new agent, they excluded us from their secret meetings. I was angered by this, because being new, you want as much support and training as possible. They pressured you to sell to friends/family, and wouldn't even look at you until you produced 9 policies on your own.
Soon after I started, I rebelled. I demanded that I receive help with leads and training. Mr. Nakata didn't like that at all. So I left. At that point, I was licensed and starting researching other companies.
I found my way to Insphere Insurance Solutions. I loved how they took you under their wing from the very start, gave you tons of free leads and lots of training. I feel so connected to my office that I wouldn't trade it for the world (the money is also pretty good too:) They were the polar opposite of Banker's. Banker's has to be the absolutely WORST insurance company to be involved with. Oh yeah, by the way, they tried to take policies I had done on my PARENTS!!!! Yikes! And, they tried to stick me with an entire year of E&O payments even though I left months ago. I asked them for a copy of where I signed that I would pay for an entire year if I left, and gee, they never got back to me on that one!
DON'T EVER WORK WITH BANKER'S!!!!!
#6 Consumer Comment
"BANK SONG 3" might be posted later today at the BANK OF AMERICA page of Ripoff Report....
AUTHOR: Karl - (USA)
SUBMITTED: Tuesday, October 19, 2010
because it was written earlier this morning and submitted in the consumer comments section at Ripoff Report #411913.
#5 General Comment
Same everywhere!
AUTHOR: OHara - (United States of America)
SUBMITTED: Monday, October 18, 2010
What you have experienced seems to be comon among insurance companies. I'm a new agent with another company and have seen much of what you've experienced. This is probably my last week.
.
#4 UPDATE EX-employee responds
McArthur would turn over in his grave....
AUTHOR: Eflteacher - (U.S.A.)
SUBMITTED: Sunday, March 22, 2009
Your comments are exactly on point. The owner, John D McArthur, would roll over in his grave if he knew where his beloved company is now.
In the eighties, when I worked for this company, it was still a real insurance company. A company that sold all kinds of policies, gave its Agents medical and dental coverage and even started them off with a salary of sorts, ample leads and hands OFF management.
The current owners and managers ought to be ashamed of themselves.
#3 UPDATE EX-employee responds
McArthur would turn over in his grave....
AUTHOR: Eflteacher - (U.S.A.)
SUBMITTED: Sunday, March 22, 2009
Your comments are exactly on point. The owner, John D McArthur, would roll over in his grave if he knew where his beloved company is now.
In the eighties, when I worked for this company, it was still a real insurance company. A company that sold all kinds of policies, gave its Agents medical and dental coverage and even started them off with a salary of sorts, ample leads and hands OFF management.
The current owners and managers ought to be ashamed of themselves.
#2 UPDATE EX-employee responds
McArthur would turn over in his grave....
AUTHOR: Eflteacher - (U.S.A.)
SUBMITTED: Sunday, March 22, 2009
Your comments are exactly on point. The owner, John D McArthur, would roll over in his grave if he knew where his beloved company is now.
In the eighties, when I worked for this company, it was still a real insurance company. A company that sold all kinds of policies, gave its Agents medical and dental coverage and even started them off with a salary of sorts, ample leads and hands OFF management.
The current owners and managers ought to be ashamed of themselves.
#1 UPDATE EX-employee responds
McArthur would turn over in his grave....
AUTHOR: Eflteacher - (U.S.A.)
SUBMITTED: Sunday, March 22, 2009
Your comments are exactly on point. The owner, John D McArthur, would roll over in his grave if he knew where his beloved company is now.
In the eighties, when I worked for this company, it was still a real insurance company. A company that sold all kinds of policies, gave its Agents medical and dental coverage and even started them off with a salary of sorts, ample leads and hands OFF management.
The current owners and managers ought to be ashamed of themselves.
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