captive to independent /need advise

[J.R.]

Does that work well? Do newspaper ads work?

I have yet to do any B2B because it is too cold right now, however, within the next month I plan on hitting the streets again and will implement the take-one cards. I have never advertised in the newspaper and consider it a waste of money since more people get their news online and the only people who wold look through the classified are other agents like myself, investors and the worse.....shoppers!!!!! I don't have a desire to do any mailings or newspapers ads, although I will call the businesses listed in newspapers.

Start with your physician and see if he might be able to help you out in his office and refer you to the other people. James talks a lot about the COI and I am debating on implementing that as one of marketing strategies.

 

[midwestbroker]

I have a Wal Mart pharmacy that will kick me business.

What I do for them is make them fliers for their reference, like what AEP / OEP and the dates, Info on the coverage gap, etc. They post it in the pharmacy (where people cannot see it) and they said that helps with quick answers. If people want more detailed answers, the give them my card. I usually visit them once a month (usually with donuts). It took me some months to get my foot in the door, but it was worth it.

I have talked to some Dr offices and have not had any luck yet, but I am still working that angle.

 

[Frank Stastny]

The transition from captive to independent was really quite easy for me.

I first researched the companies offering Med Supp insurance in Missouri. I selected three that I felt were doing the best job of keeping premiums low with small and infrequent increases over the past several years and licensed with them.

In Missouri I feel Continental Life in Brentwood, TN has consistently been doing the best job. I only recommend Plan D to prospects and over the past several years, when they do have an increase, Plan D has only gone up around 10%. (Plan F usually has around a 25% increase.) You may want to call them and talk to Georgia. Ask for Marketing, 800.445.4254.

Leads were not a problem because I had all of the leads I had received while captive. They were all in my computer in YIO and I could organize them in several different ways and bring them up at the click of a button. ((I routinely sell insurance to leads I have received one to three years ago.)

This made the transition much less painless because I didn't have to worry about buying leads and spending a bunch of money until I started building my book of business.

Apparently you have been successful selling Med Supps so I would recommend that you continue selling them the way you have been. I have tried flyers and brochures in dr. office, pharmacies, etc and have gotten limited success. It's nice to have that info out there but I would not count on that giving you enough "leads" to generate the kind of sales you will need.

I feel like I have tried just about everything and so far I haven't found anything more effective than picking up the phone and calling prospects. It's not the "easiest way", but for me the most effective.

I have mixed emotions about buying Med Supp leads. I have tried that from many sources and sometimes the leads are not too bad and other times they are just a bunch of junk. Most of the people do not remember sending in the card or claim that they didn't send a card in.

A "lead" is nothing more than a name, address and phone number of a person who filled out a card, usually just because it was available and they were curious at the time. They put it in the mail and forgot about it. I've never found them "sitting at the kitchen table with there check book in front of them".

For me, the most cost effective way to prospect is to buy a list of names, addresses, phone numbers and birthdays. I have found that the most receptive group of people to contact are those between the ages of 68 and 75. I have never had a great deal of success with people turning 65. No, I don't have a clue why.

I am not "in love" with Advantage plans either, at least not yet. Maybe some day but I still think that are "too new" and still have too many kinks in them. I have them available if someone insists on them but as of yet do not recommend them as the "end all be all". Prospects will get all excited because of the "savings", but just because they are less expensive doesn't mean they are the best. Just my opinion.

If you would like to give me a call I will be glad to discuss it further with you in more detail.

 

[senior-advisor-indiana]

i usually have success knocking on doors with direct mail leads, but seems to waste alot of gas somedays. i feel the same way u do about MA plans. I stink at cold calling i definetly need help on the phone. how do u get around the do not call list?

 

[Frank Stastny]

I have found knocking on doors to be the least cost effective and efficient way of selling Med Supps. I tried that once for a couple of weeks and decided if that was the only way, then I probably should get out of it and do something else. It was way too frustrating and discouraging for me.

So, I learned to use the phone. I sucked too initally. I only became "good at it" after a lot of time, practice, and trial and error. Finally found an approach that worked and have been using it ever since.

Now when I go on an appointment I know I have at least a 70% to 80% chance of making a sale. I know how much they are paying, who they have their insurance with and if they will qualify. The prospect knows what the premium will be if they take a policy with me.

It is a waste of time, in my opinion, to drive around all day to "drop off valuable information" without knowing if I have a realistic chance of making a sale. An "appointment" to "drop off valuable information" in my opinion isn't a real appointment.

The no call list really hasn't been a problem yet. I have enough prospects who I can call where I don't have to be concerned about the list.

 

[johnrocks]

i usually have success knocking on doors with direct mail leads, but seems to waste alot of gas somedays. i feel the same way u do about MA plans. I stink at cold calling i definetly need help on the phone. how do u get around the do not call list?

go to the national do not call registry you are new so you need to get legit before u cold call we've been emailing back and forth so i know you want to learn as much as possible in the shortest amount of time and i commend you for your enthuasism but please get legit all it would take is one person with nothing better to do than to report you and it could literally ruin u before u get started e mail me tonight with your # and i will call u with the info and tell u how i do it

 

[Frank Stastny]

I also set appointments for a specific day and time. Telling them I am going to be in their area "next Wednesday" and asking if they will be around that day has never worked for me.

I also do not try to set appointments more than one or two days in advance. They will forget if you make it much furthere into the future than that. I don't believe that one can make all the appointments for the week on Monday and then run them the rest of the week. I have tried that also and found too many people either not at home or involved in something else only to be told that I would have to come back another time.

I have had my best success calling "today" and either going to see them "today" or at the latest "tomorrow. I have been on the phone trying to set an appointment at 4 pm and have the person say they are interested. I ask them if they are available now and if they say yes I give them a time I can be there and I get in the car and leave immediately. Sometimes it has involved an hour or more drive to get to their house.

Many times it is initially an emotional decision that them make to let me come by and I feel that it is important to see them NOW or as quickly as possible. Not days later.

If you write and average of 5 to 7 med supps a week for 52 weeks that stay on the books you will be head and shoulders above other agents selling med supps. That will put you around $350,000 to $400,000 in annualized premium for the year and that is kicking ass and taking names when selling med supps.

 

[Frank Stastny]

go to the national do not call registry you are new so you need to get legit before u cold call we've been emailing back and forth so i know you want to learn as much as possible in the shortest amount of time and i commend you for your enthuasism but please get legit all it would take is one person with nothing better to do than to report you and it could literally ruin u before u get started e mail me tonight with your # and i will call u with the info and tell u how i do it

That is good advice but when one is selling Med Supps they are not under the same restrictions as they would be if they were trying to sell Advantage plans. I believe that his main interest is in selling Supps, not Advantage plans.

It is completly "legal" to knock on doors and call prospects on the phone without having to worry about breaking any laws when selling Medicare Supplement policies. Those restrictions only apply to Advantage plans.

 

[johnrocks]

That is good advice but when one is selling Med Supps they are not under the same restrictions as they would be if they were trying to sell Advantage plans. I believe that his main interest is in selling Supps, not Advantage plans.

It is completly "legal" to knock on doors and call prospects on the phone without having to worry about breaking any laws when selling Medicare Supplement policies. Those restrictions only apply to Advantage plans.

it is completly legal to knock on doors if there is not a local solicitation law on the books inside the city limits where i live it is illegal to knock on doors (certain exceptions such as political or pollsters or census but it IS against the law to call residential numbers to solicit business if you don't already have a relationship with them or have their permission don't take my word for it go to the do not call web site email them the question

 

[Frank Stastny]

it is completly legal to knock on doors if there is not a local solicitation law on the books inside the city limits where i live it is illegal to knock on doors (certain exceptions such as political or pollsters or census but it IS against the law to call residential numbers to solicit business if you don't already have a relationship with them or have their permission don't take my word for it go to the do not call web site email them the question

Sorry about that, I stand corrected. I was thinking more in terms of CMS regulations when selling Advantage plans than local restrictions pertaining to selling insurance in general. I believe I stated that in my reply.

I am not faced with that situation so it hasn't been a major concern of mine. I will keep that in mind when posting replies to other comments. It sounded as though you were speaking about CMS. I didn't notice the part about taking into consideration local restrictions.

If they have returned a reply card requesting more information and listed their phone number and address, that is considered "giving their permission".

The way things are going some day we may only be permitted to sit in our office with the door open and hope that some one walks in and specifically asks to write a policy on them. We may not even be able to explain the options available to them without having to move our "office" to a jail cell.

Why does the government want to put us out of business? Seniors today are making bad decisions because we are prevented from providing them with valuable information to help them make an intelligent decision.