Agent Training - Walker v LSW

(p28) - <Not in front of Jury>, also p49

MR. SHAPIRO (Defense Attorney): 

This is a diffuse atomistic sales force. 

We don't require a lot. -- There is very good reasons for that.

  • It's not a unique business model.

Perhaps other businesses run other ways, but beyond essentially telling folks that they have to be honest and good and do the right thing and that they are welcome to participate in some fairly basic training, which most folks never bother to, it's very atomistic.

  • And we are talking about over 3,000 independent agents in the state of California that sold these policies. 
  • Obviously some sell a few, and some sell a lot, but there are a lot of them out there.

2012 0918 - DOC 335 - TRANSCRIPT for proceedings - 68p

Michael Tivilini - LSW - primarily designing products, product design 

  • (p109) - A:  The other -- the other purpose of target premium is it's a premium that you'd like to get the policyholder to pay because it really would make the policy very safe.
  • I mean, it was -- something I used to say to agents about these policies was, If you can get the policyholder to pay target premium, these will never lapse. 

....

  • (p65) - A  It's -- you might have an agent call in to the customer service area who is looking for information on in-force policies, and you educate an agent on that.
    • I have the entire marketing department, and all the distribution channels are constantly providing that support.
    • Even our actuaries get involved and provide training and help to agents and agencies and clients. It's part of what we all do.  

2013 1211 – DOC 735-2 : Deposition of Michael Tivilini- Walker v LSW – 215p

Matthew DeSantos - LSW’s Senior Vice-President of Distribution and Business Development (himself a former insurance agent) - DOC 792 p27>

  • Q How big a deal is training of agents in the culture of National Life and LSW?
  • A It's critical. It's part of what we do every day.
  • Q Could you give us a sense of what percent of employees at National Life are involved in helping train agents.  (p64)

...

  • Q Now, to make sure these agents are familiar with the products and how to describe them to potential policyholders, did you make any efforts to determine that your training programs would be best suited to adult learning?
  • A We actually did.
    • We have hired people and utilized consultants.
    • We actually -- the industry that has done a good job of that is the educational space, higher education.
    • We utilized some folks who had experience there to work on putting that together.
  • Q Is it fair to say you're trying to make sure agents understand your products so that they can fully describe them to potential customers?
  • A Yes.  (p69)

...

  • A Sure: It's important to review the illustration with the client, explain the content of the illustration, and answer any questions that the client may have about the policy being illustrated.
    • Additionally, the illustration requires that the client and you both sign and date the illustration.
    • A copy of the signed and dated illustration should be left with the client as well.
  • Q Is this representative of the types of training that LSW and National Life were trying to provide to their agents during the time that you've been at the company?
    A Yes. (p89)

...

  • Q Now, are there any efforts to train potential agents working for LSW or selling LSW products regarding how to use the illustration system?
  • A Yes. We hold regular just purely illustration training.
  • Q In particular the guaranteed and current basis A and current basis B columns that we looked at, would those various columns be explained as part of that training process?
  • A Well, they're pretty standard from company to company, so likely with most of the agents we bring on, they do have experience in the industry.
    • We would show them how it works in our illustration, but generally there is a level of experience there.  (p94)

2014 0423 – DOC 812 – Trial Transcript – Day 10 – Walker v LSW – 194p