Dual Persistency
- Thread starter somarco
- Start date
I got about 300 duals and I run at about 95%, lis is about the same number and Probley 85% , duals put them on the best plan they will stick, LIS have more plan choices and they can switch just like duals
I'm in a group of 15 heavy producing dual and lis guys that work it hard yr round. Were scattered all over the country. Persistency runs around 85% . Like in my area Humana was the only carrier with a food card and then United came out with one. Low income people no matter how much service you give them are fickle and will switch on the next pitch that gets their attention. I expect this year to be crazy as all carriers trying to one up each other. There's now tons of dual choices and a sharp agent can move your people. I have a friend in the Miami area and he loses about 5% he switches before they become effective as the companies call these people now .Also 10's of thousands of fe agents have got into the dual mkt and when your client sends a card back they'll try to move them.The guys on the video's acting like you just write these and sit back and make "passive" income for like are wrong.
- Thread starter
- #4
The poor will always be among us . . .
Many of those live from check to check (welfare or paycheck or SS). In some cases it is a lack of money management skills. For others, poor planning for contngencies.
And quite a few find themselves in the hole through no fault of their own. Divorce, death of a spouse (or child), loss of employment, health issues . . . the list is endless.
I have worked with poor people in the past. It was neither rewarding nor lucrative. Didn't take me long to figure out all their friends were poor too. The business was persistent until the next missed paycheck. The cable bill is paid but not the insurance.
@Fire you are correct about the recruiting schemes. Quite a few pitch this as easy money.
It isn't.
If it comes in easy it can go away just as easily.
I have seen folks in a number of markets that can sell almost anything to anyone. Service after the sale is non-existent. Hook them, reel them in, on to the next fish.
Carriers love to cater to the high roller but then curse them when the loss ratios and persistency goes in the crapper.
Thanks for the feedback!
Many of those live from check to check (welfare or paycheck or SS). In some cases it is a lack of money management skills. For others, poor planning for contngencies.
And quite a few find themselves in the hole through no fault of their own. Divorce, death of a spouse (or child), loss of employment, health issues . . . the list is endless.
I have worked with poor people in the past. It was neither rewarding nor lucrative. Didn't take me long to figure out all their friends were poor too. The business was persistent until the next missed paycheck. The cable bill is paid but not the insurance.
@Fire you are correct about the recruiting schemes. Quite a few pitch this as easy money.
It isn't.
If it comes in easy it can go away just as easily.
I have seen folks in a number of markets that can sell almost anything to anyone. Service after the sale is non-existent. Hook them, reel them in, on to the next fish.
Carriers love to cater to the high roller but then curse them when the loss ratios and persistency goes in the crapper.
Thanks for the feedback!
Example just now. Have a husband/wife with life ins. Wrote them a regular mapd and dual last aep. They switched before dec 7th. I saved it.Noticed they switched last month and since he's my life client i called him..Somebody switched him on phone and he said "he made a mistake". We cancelled the other app. Doing some work today and noticed he switched again within the same carrier. I'm firing him. Its the reality of duals. Anyone who tells you different is a recuiter or being dishonest. I'll be selling more middle and upper class this aep.
- 2,525
About 75% of my MAPD business is Dual/LIS. I have about a 95% retention rate, but many have been with me for a LOOONG TIME. So, there is a matter of trust and familiarity. They are a lot of work. I send birthday cards, make random phone calls, help them with Medicaid paperwork, answer plan questions, etc. and make small chatter by mentioning their friend/relative who referred them or family member. They are constantly being called!! I envy you all that have the Med Supp business! They are the least to complain out of anyone and don't seem to mind paying too much- weird.
- Thread starter
- #7
It's amazing what happens to your attitude and everything else when you upgrade your market.
There is an agent here who, AFAIK, still works the Obamacare market during open enrollment. He pursues the highly subsidized market treats it like a debit route. Chases deadbeat clients when he gets a lapse notice.
I have done that myself in the past. No more. They are an adult. If the policy lapses it is on them.
You've been in the business a long time and I'm betting 90% of your business referrals ? I'm building mine so I'm working dm . I assure you building off strangers your persistency much lower initially . I send birthday cards (hand written ) and will send Xmas cards . I dropped in 3 duals houses last week and none had ordered any otc in 6 months . I helped them order on the phone . One client i dropped in on was loading a gun while he was drunk .Just curious do you contact all your clients during aep? What if the dual you sold them had a $50 food card and $200 otc and now United has a $100 combo food card /otc and zero copays for all formulary drugs . Are you going to call them all and offer them a choice between the 2 or leave them be? Your flank is open from phone reps saying " Mrs Jones how would you like a $100 food card and no copays?". Sure they might like you but business is business and we know duals have lower loyalty. They love free stuff and if they thing there getting more free they'll bolt.How do you handle this ? And duals/Lis are a ton of work . But it amazes me guys like Chris Westphal make a living writing strangers on the phone who move to save $7 a month. These are middle class and upper income people.
- 17,072
What makes you think most of Chris's have moved for $7 per month?
I've written a lot of Med Sups myself. You are usually saving them $30 or more per month when you move them. Occasionally $100 per month. At $7 difference you just let them be unless they really want to move for another reason.
I can't imagine that Chris's experience is much different. And yours too.
I have some duals. But its current ACA clients T65 and so I ask them some questions (fun ones....like how much do you have in savings?) and determine if they are Medicaid eligible and give them the number to call. Persistency is 99%. Dual and Under 65 are the only time I like MAPD.
True story: longtime client asked me to help his brother out, telling me he was a "slow". Talked to the guy, he's super nice, I know the income. Ask him his savings and its under the $7K. His apartment is not in area I would be in. We start walking through the app and I'm about to hit submit and he says "does the money I have with Edward Jones count?" Uhhh...
"There's $2 million in there. When I left high school, I went to work for Dr Pepper bottling and my brother did the paperwork. So he did that 401K thing. Have you ever heard of it? So when it closed a couple of years ago, I had all this money....."
True story: longtime client asked me to help his brother out, telling me he was a "slow". Talked to the guy, he's super nice, I know the income. Ask him his savings and its under the $7K. His apartment is not in area I would be in. We start walking through the app and I'm about to hit submit and he says "does the money I have with Edward Jones count?" Uhhh...
"There's $2 million in there. When I left high school, I went to work for Dr Pepper bottling and my brother did the paperwork. So he did that 401K thing. Have you ever heard of it? So when it closed a couple of years ago, I had all this money....."
