Aged Medigap Leads

[gmhopks]

I think you were addressing me. I was mainly talking about netquote leads. Just save them in your e-mail box and call them one year after they submitted the quote request. I work old netquote leads a lot.

I should add that I do contact them within a week or so of the initial quote request and say something like "Listen, I know you're getting a ton of annoying calls from agents right now. I would love to become your agent right now but if not I'd like to have your permission to call you back in one year to make sure you're still happy with the coverage you picked out"

Thanks, bourbonlegend.

 

[Frank Stastny]

I should add that I do contact them within a week or so of the initial quote request and say something like "Listen, I know you're getting a ton of annoying calls from agents right now. I would love to become your agent right now but if not I'd like to have your permission to call you back in one year to make sure you're still happy with the coverage you picked out"

That is the smoothest, easiest way of selling Med Supps and getting new clients. My prospects database is full of people who I have talked to 12, 24 and even 36 months ago.

I keep track of the company they currently have their insurance with and when that company has a premium increase I call them back. It's almost like having a license to steal. If I can save them money it's a "done deal".

 

[sshafran]

I keep track of the company they currently have their insurance with and when that company has a premium increase I call them back. It's almost like having a license to steal. If I can save them money it's a "done deal".

Can we get an update on how the campaign went if you don't mind? I'm considering trying this myself.

Frank - I too keep a database of their current company. I haven't been doing this nearly as long, but I know this information will come in handy in the years to come, and I want to utilize the data to help the client and to build my business.

My question - how do you know when they have a rate increase? Is there a way to find out with State DOI's? Also, for the many that I talk to who already have an Advantage plan, I take note of that as well. Is there a simple way to find out when an advantage plan leaves a market?

For now, I just assume that if their Part B date is 1-1-2011 that they likely started their med supp on 1-1-11, and then they'll get a rate increase every January, etc. So, I plan on calling the month before every year until they die or until they tell me to stop, lol. A call in mid-December makes sense to me.

This is my plan, but if there is a better way to do things then I'd love to know so that I can do this more effectively.

 

[somarco]

Still a work in progress. Only one sale so far, but this was an experiment and will try a few other things on these folks before passing judgement.

At the very least I have made a small profit and have not had a major investment in time or money.

 

[YouGotMyMoney]

Still a work in progress. Only one sale so far, but this was an experiment and will try a few other things on these folks before passing judgement.

At the very least I have made a small profit and have not had a major investment in time or money.

Are you calling and emailing or just emailing?

 

[somarco]

Just emailing at this point. Got a postcard mailer next week, mostly to those who clicked through the email, to see what kind of response comes from that.

 

[sman]

For now, I just assume that if their Part B date is 1-1-2011 that they likely started their med supp on 1-1-11, and then they'll get a rate increase every January, etc. So, I plan on calling the month before every year until they die or until they tell me to stop, lol. A call in mid-December makes sense to me.

Assuming their Med Supp has a January 1st effective date, I would recommend calling before mid-December. They will get their rate notification as much as two months prior, which means early November. That's when I would be making contact.

Also, if they have a MA plan, the new AEP begins October 15th, so you'd need to make contact with those folks in October.

 

[Frank Stastny]

Assuming their Med Supp has a January 1st effective date, I would recommend calling before mid-December. They will get their rate notification as much as two months prior, which means early November. That's when I would be making contact.

That has not been my experience. I have found that clients usually don't get notification of a rate increase until the eleventh hour. I have also found that premium increases come at any time during the year, very seldom on effective date.

 

[sman]

I guess we have different experiences then. My clients have generally gotten their notifications, at the very latest, one month out. But usually 6-8 weeks out. I'll make contact 6-8 weeks out and sometimes they've received their notification already and sometimes they haven't. Either way I wouldn't wait until 2 weeks before their rate increase to make contact.

That has not been my experience. I have found that clients usually don't get notification of a rate increase until the eleventh hour. I have also found that premium increases come at any time during the year, very seldom on effective date.

 

[Frank Stastny]

I guess we have different experiences then. My clients have generally gotten their notifications, at the very latest, one month out. But usually 6-8 weeks out. I'll make contact 6-8 weeks out and sometimes they've received their notification already and sometimes they haven't. Either way I wouldn't wait until 2 weeks before their rate increase to make contact.

I assume you are talking about existing clients only, not prospects you have spoken to in the past.

Assuming I know that premiums are going up before the company announces it to my existing clients I will call my clients as soon as I find out and tell them. It is important that they hear it from me before the hear it from the company.

If the increase is too large then, while I have them on the phone, I will roll them into another company. Now they are saving money over what it would have cost them if I hadn't moved them.

What companies only increase premiums on the effective date of the policy. I don't think I have ever represented a company that did that just on the anniversary date unless it is with a company where the first twelve months premium is guaranteed not to increase. But then, it is only for the first year.