PLATINUM SUPPLEMENTAL INSURANCE

PLATINUM SUPPLEMENTAL INSURANCE Employee Reviews in United States

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They provide the product and you do the leg work
Private Contractor (Current Employee) –  Debuque IowaJune 22, 2016
A great opportunity to earn serious money at the expense of your personal time. Look at it as your own business. They do not provide any help with the start up cost. (Study material, paying for your licenses, tests, hotels, gas, car maintenance, etc.)
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Not everything which shines is gold and certainly not platinum
Supplemental Insurance Consultant (Current Employee) –  Dubuque, IAApril 30, 2016
At first look Platinum Supplemental Insurance appears to be a great opportunity. As the old saying goes though, not everything which shines is gold or in this case platinum. This is because while Platinum sells insurance, it is NOT an insurance company. They are an Iowa based insurance agency which operates across multiple states and provides the marketing structure for numerous companies like your local agency. On a community level this works because the agency provides a local presence to make the consumer feel comfortable with an insurer which is not a household name. Platinum does not have an office in any of the other states it operates and so there is no such reassurance. Even after nearly. 20 years of operation, few people recognize them or the companies they represent.

While the products they offer can be highly competitive. This does not always overcome the lack of name recognition when competing against an actual insurance company. Especially industry giants like AFLAC or Combined Insurance. In some cases you may be able to provide someone with higher benefits for the same or less premium but that may or may not even the playing field. If that were the only disadvantage then it might not be but so bad. Unfortunately it is not.

You will notice these differences from the start. A company recognizes that the investment of getting a license to sell their products and so typically compensates you for making this investment. Platinum passes the full cost of getting your license to work for them on to you. You will continue to notice this if you decide to work with
  more... Platinum. The companies invest millions in advertising, marketing and training. You will quickly see that Platinum lacks the same vested interest and commitment in their agents. So you are left to compete on your own against millions and millions.

To make up for the lack of advertising and working for an unknown company, you will work in rural markets which are admittedly under served. With no office or other presence in these areas, you will have to canvass door-to-door like a vacuum cleaner salesman or bible thumper to find someone willing to let a perfect stranger from a virtually unknown company into their home. Platinum sells on a county enrollment bases, meaning they will send you from one county to the next throughout the state they assign you to. You are told you to be successful need to talk with at least 30 people a day to get enough appointments set for your day and pray a couple of those folks actually keep their appointments.

To help you get your day started and accomplish their methods you will have start your day at 7:30AM to meet your team for breakfast. You will also meet them back at the hotel at 10:30PM. So you will not only invest 60 hours of your time but the cost to travel across hundreds of miles to your assigned locations, plus your own food and lodging. Platinum will provide you you with a blank map of the area you are assigned to work. You will fill in the map by finding someone willing to tell you all about their neighbors. Like with the licensing, this cost of this will again fall to you and you alone. If you have caught on, you a subsidizing Platinum.

How much does this cost you? By their own admission it costs you your your first sale every week. In other words, you start off each the year 50 or more sales behind an agent working for a company. Now you see why you have to put in so much more time and effort than an company agent. The Platinum spin on this is to tell you all about they money you will make as result. The fact is that you can make as much or more money. This includes the renewals the refer to as lifetime residuals, renewals are an industry standard.

Platinum is on par with industry standards for bonus money, trips and renewals, but not in the most critical area: First Year Commission. The industry standard is around 55% of the first year annual premium, yet Platinum pays a 40% commission. Training is another critical area where you will suffer from their lack of vested interest in you.

An insurance company can not risk having an agent misrepresent them or their products so they provide comprehensive product training. Again, because they recognize how important this for them and you are not learning this just for yourself you are typically compensated. Platinum you will provide you the marketing brochure of the underwriter, the rest is left to you and the cost of this education is of course yours.

At this point, a company already has invested enough in getting you licensed and product certified to make it necessary to protect that investment by providing comprehensive field training. This will initially occur over a month or more, then additional training each quarter over your first year with them. Yes, they are actually planning on you being around for a year. Platinum begins by having you memorize the introduction you will use at the initial contact while canvassing, then spend a week and a day with a team leader. A team leader is anyone who has sold 20 or more policies in a given month. This may or may not qualify them to train another agent.

Even with all this investment, turnover is still an issue but without any kind of an investment Platinum will hire anyone. Why not, they are not paying for it. They run through more people in a given month than many companies lose in a year. Your leader is painfully aware and so has not vested interest in you until you've stuck around at least a few weeks.

Can you make money with Platinum? You can but the same can be said with any insurance company. The better question is do you want to provide Platinum with the corporate welfare of your first sale every week just for the opportunity to sell for them? You will have to come to your own conclusion on that.
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Pros
Work for youself, some opportunty for advancement.
Cons
Even though you pay your own way and many of the expense typically provided by an insurance company, you must report to leadership and management often.
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Poor compensation
Producer/ Agent (Former Employee) –  MinnesotaMarch 10, 2016
The product offered by Platinum Supplemental Insurance was not a bad product by any means. The policies were competitively priced and pretty comprehensive in terms of what they offered. Having said this the job of producer/ agent was completely commission based. They require you spend your money on gas/ food and accommodations while on the road selling there product. Not necessarily wrong however you only work a 4 day work week in rural country areas sometimes hundreds of miles from where you live. After doing a cost analysis you can quickly conclude that you must sell at least one policy a work week just to break even on the cost associated with selling it. If your looking for a stable income or something other than a 1099 than do not consider a position with this company.
Pros
50 % commision
Cons
1099 tax form.
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Overall great company to work for if you don't mind going door to door
Sales Producer (Current Employee) –  Iowa and WisconsinSeptember 5, 2015
Great pay if you can handle going door to door and working long hours while away from home four days a week.

Leadership is always giving extra bonuses during the week to keep up moral and earn extra money.

What I don't like the most is having to go door to door to generate appointments which may or not be there or keep the appointment when you arrive.

Mislead by recruiting person as to how leads were generated. I was told that leads would be provided, but what I found out is that I have to generate my own leads by going door to door.

Even with this in mind, this is still a great company to work for if you don't mind being away from home and driving long hours every day.
Pros
Great compensation
Cons
Long work hours while traveling away from home
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I prefer not to provide details
AGILE PROJECT MANAGER (Former Employee) –  dubuque, IAJanuary 28, 2015
This position was not a good experience. The work was very interesting and challenging. The company culture is unprofessional. The IT projects were mainly supporting in house mobile applications that are used by the sales staff.
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Great Compensation, Away from home
Sales Rep (Current Employee) –  Topeka KsJanuary 8, 2015
I had a lot of fun learning the door to door process with this company. With Platinum, you get to travel and meet a lot of people. I have a 3 year old so this was not a good choice for me at this point in my life because I would rather make less money and be at home with my family every night.
Pros
travel
Cons
living out of hotels
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Best support team and company I have ever worked for.
Heath Insurance Agent (Current Employee) –  Dubuque, IADecember 22, 2014
My time with company has been very short so far, but nothing but good things to say about all the support. Great team to work with in field, and good top sales folks who come out to field to help in any way possible. Job itself is very hard, meet at far away rural locals and work 4 to 5 10 hour days, many miles and many doors to knock on, but met some great folks and had mostly good experiences doing it. Not sure it is what I want to do for long period of time, but it has been rewarding in many ways. It is the way the company treats it agents that is most important, best I have ever seen and worked for by far.
Pros
morning meetings, breakfast with team, leader there for support and to learn from and help in any way.
Cons
very long days of work, from 7am to 10pm at night, knocking on doors and setting appointments to talk to customers.
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an exciting career path
Assistant Team Leader/Door-to-Door Sales Agent (Current Employee) –  Southwest, MOMarch 30, 2013
Platinum is fun working experience. One goes door to door out in the country to sell a cancer, heart attack and stroke policy. You meet people from all walks of life. Your income is up to you and your closing ability. Gas, lodging and food is on you. Great learning experience.
Pros
good commissions, flexible with schedules
Cons
normally requires 4 nights of overnight travel-not ideal for a family life
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Fun meeting new clients everyday.
Insurance Agent (Current Employee) –  KansasJanuary 1, 2013
I work county by county in the state of Kansas traveling 4 days a week selling insurance to farmers, ranchers, and rural citizens. I start each day off having a meeting and breakfast with all other agents on the team. I then go out door to door setting appointments up to fill my night. When I go to an appointment I give a 1 to 2 hour presentation about our product. The hardest part of the day is setting up appointments with new potential clients by knocking at their door. The best part of the day is the interesting folks I meet throughout the day.
Pros
payed well, i set my own hours.
Cons
out of town 4 days a week
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