Cross Selling with Medigap

[mkd1204]

Just curious if any of you cross sell other types of policies like home and auto alongside your medigap marketing efforts. Seems to me that if your are licensed in p&C it may be easier to lead with the supplements in your marketing opposed to home and auto. The auto market is extremely crowded compared to medigap. At least in my area.

Anyone having success doing something like this opposed to the normal cross selling of final expense, annuities etc...?

 

[Superchief]

And I thought you were going to say Pre Paid Legal.

 

[Focus LTC]

I've had several senior clients call me asking for P&C quotes. You need an infrastructure in place to service P&C business.

 

[mkd1204]

I've had several senior clients call me asking for P&C quotes. You need an infrastructure in place to service P&C business.

That we do. I work at a medium sized p&C office and I was thinking it would be beneficial for both myself and them to spend some more marketing dollars on the senior market. It may be a path of least resistance to the ultra competitive home and auto lines.

 

[Focus LTC]

That we do. I work at a medium sized p&C office and I was thinking it would be beneficial for both myself and them to spend some more marketing dollars on the senior market. It may be a path of least resistance to the ultra competitive home and auto lines.

Auto companies don't particularly like Seniors. Its not a desired demographic but they'll take them...

 

[billyg]

That we do. I work at a medium sized p&C office and I was thinking it would be beneficial for both myself and them to spend some more marketing dollars on the senior market. It may be a path of least resistance to the ultra competitive home and auto lines.

I don't do P&C, I'm focused on Medicare now. But probably about 15%-20% ask me for P&C (home and/or auto) quotes. I have a local P&C agency that I refer them to that treats them well. If I get my P&C license, they will commission share with me about one third. I could probably generate more P&C business from my current book if I was more systematic about cross selling it.

Based on my experience, I would say that if your goal is to build a P&C customer base through the Medicare market, probably not the best approach. On the other hand, if you are looking to build a solid personal Medicare business and also participate in the P&C income you can generate from your affiliation with your current agency, that's a valid approach.

 

[Daytona_Guy]

I don't do P&C, I'm focused on Medicare now. But probably about 15%-20% ask me for P&C (home and/or auto) quotes. I have a local P&C agency that I refer them to that treats them well.

I do get asked this question all the time... "Do you do car insurance, too?" and this is a good idea, BillyG, to find a referral partner in that space to work with.

Last week we were vacationing on Anna Maria Island, FL and I walked into a P&C shop that was next to where my wife was shopping for the usual tourist stuff. I asked the woman in there how much difference there would be in homeowner's premium, living on the island, for when we finally move there.

As the conversation continued, I asked them what they do for Medicare-age clients. She said, "We just refer them to a guy on the mainland, but we would be happy to refer them to YOU, if that's what you do!"

It was obvious that there is not a reciprocal relationship there for those referrals she is giving out.

Randy Murray once wrote a book, that never was edited for grammar (another topic), but it was on finding "bird dogs" for you in life insurance, and it dealt specifically with building these referral relationships with local P&C guys.

Definitely worth doing... my five minute conversation last week could turn into a referral stream. I'm sending that lady a photo card with SOC with pictures of our family on vacation and reminding her of our conversation..