Dual Persistency

[somarco]

What makes you think most of Chris's have moved for $7 per month?

SWAG??

If someone moves with me for a $7 savings I probably won't take them on as a client.

I move folks away from other agents and other carriers, but it isn't always about the premium savings. When it IS about savings it is usually $20 or more.

My own clients don't make a change unless the savings is at least $15.

My new clients are looking more for advice than rate. Sometimes I pick up a new client because I could (and would) answer the questions other agents could not (would not) answer.

When agents are selling the same plan, for the same rate as any other agent or carrier you need SOMETHING to get them to choose you over the other folks.

If an agent is selling on price alone they won't make it in this business. Some new clients have paid a higher premium to go with a plan or carrier I recommended that was NOT the lowest premium.

"does the money I have with Edward Jones count?"

PRICELESS!!!

 

[DonP]

Wrote 4 mapd today . 2 of the 4 were because they had original Medicare and nothing else and I had helped them get extra help . One guy was paying $400 a month for his medicines and medical bills took all his savings. Also wrote his buddy who uses the Va an Honor plan with $50 part B premium back . Today was the side of business of helping people that really need help .

 

[sshafran]

My dual persistence is historically decent.

I think it's also market specific.

When I did a bunch in OH there were multiple SNPs so it wasn't too hard for someone to come behind and tickle the ear enough to move. I do not know a % but I would guess 80-85%, lower than med supp but not horrible.

I sold one today and there are not only 0 other SNPs, there is only 1 other MAPD and it's $84/mo.

I bet it will stick quite well since there is no other viable option. Should stick as well as anything else.

Plus, I helped the guy apply for LIS and Medicaid and get the $148.50 back. He genuinely seems to appreciate it. (t65 - sept - didn't do his app until today since we were waiting on medicaid verification)

 

[Bill_Kiray]

We've seen our DSNP persistency nationally is about 5% less than our MAPD Persistency. It was 15% less 6 years ago, but we've seen it tighten up for a couple of reasons:

• Carriers are more engaged in regular telephonic outreach to their DSNP members that helps to keep them engaged
• Agents are more focused on regular engagement and touchbases with their DSNP consumers
• The DSNP SEP is only a 1 per quarter as opposed to 1 per month

The biggest factor is DSNP persistency is agent engagement. Our top DSNP agents have persistency that is 90% or better.

 

[Real_AMG]

I keep a 90 percent persistency on my D-SNP/LIS BoB. I was told 4 years ago I would lose my entire book to rescission in 1-2 years because something about poor people being untrustworthy. Hasn't happened yet. The most rewarding work of my career has been with duals. As I've taken care of them, they've taken care of me.

Is 90 percent as high as med supp? No. But I'd rather do 500-700 plans and keep 90 percent than do 100-200 and keep 97.

 

[somarco]

I'd rather do 500-700 plans and keep 90 percent than do 100-200 and keep 97.

????

 

[Real_AMG]

????

I can get more leads and do more volume with Duals than I can with MedSupp.

 

[DonP]

I can get more leads and do more volume with Duals than I can with MedSupp.

So your saying your doing 600 mapds a yr and keeping 90% ? I call bs . You can't service that type book if your out selling every day . Just like all your business is replacing someone else a ton will be coming from all sides on you . When new plans hit the area during aep how are you going to guard a huge book in addition to selling ? The only thing I agree with you it's rewarding work changing peoples lives . Run the ages 60-75 , income 0-$20k on a city and surrounding area of 3 million . Counts are around 30-40 k max .20% of those will be Medicaid only . There's probably 500 agents working those duals hard yr round . Yet we here stories of guys left and right doing over 500 a yr . Also dm response rates are falling as everyone running mailers .Recruiters sitting on their ass selling the dream and a few well known ones who never sold 1 mapd . It's laughable .

 

[Real_AMG]

So your saying your doing 600 mapds a yr and keeping 90% ? I call bs . You can't service that type book if your out selling every day . Just like all your business is replacing someone else a ton will be coming from all sides on you . When new plans hit the area during aep how are you going to guard a huge book in addition to selling ? The only thing I agree with you it's rewarding work changing peoples lives . Run the ages 60-75 , income 0-$20k on a city and surrounding area of 3 million . Counts are around 30-40 k max .20% of those will be Medicaid only . There's probably 500 agents working those duals hard yr round . Yet we here stories of guys left and right doing over 500 a yr . Also dm response rates are falling as everyone running mailers .Recruiters sitting on their ass selling the dream and a few well known ones who never sold 1 mapd . It's laughable .

If I had a dime for every person who pitched me that same line when I got started in this market years ago I could've retired before I ever got going.

40 percent of duals have no MAPD at all. A good portion of my business is targeting those beneficiaries. In years of kitchen table appointments with duals, I can count on one hand the amount that have ever been spoken to twice by the agent that put them on their plan. The few that know their agents are typically very loyal.

I have office staff to handle incoming calls from my book. We use ringless voicemail, birthday cards, thank you cards, magazines, and personal phone calls to keep them on the books with us. If a better plan comes along, we move them.

You're not talking like a business owner. You're talking a like a guy who wants to own a job. Few businesses work well without hiring help. Building a book in the low income market is no exception. If any agents are expecting to flip a few duals, never speak to them again, and collect renewals for life, then they deserve to lose their clients.

 

[somarco]

If any agents are expecting to flip a few duals, never speak to them again, and collect renewals for life, then they deserve to lose their clients.

That is true of any business with residual income.

My business model is telesales only from self gen leads and referrals. I have been working telesales since 1987. Early on it was F2F cold calling, getting referrals, then personal touch 2x to 3x per year and a LOT of phone jabber in between.

I eventually transitioned to all telesales from the initial contact.

I don't care what your product line is. If you want to maintain residual income and referrals you MUST contact them several times per year.

HOW you maintain contact doesn't matter, as long as you are keeping your name in front of them and giving them useful advice that bonds them to you.

If all your follow up consists of trying to sell them something new you are missing the boat.