FE Cold Call Campaign Analysis

[gca80]

DaytonaGuy> I understand, but I sold MS back whren you actually made good money 55 1st yr, 12-14 2-11, etc. (until standardized in '92) The commissions are not worth my time. But it's whatever you're comfortable with. MS biz has no loyalty anymore, either. Med Supps roll about every 5 yrs. Whenever gov't is too involved it screws things up. Best of luck.

 

[gordon112]

DaytonaGuy> I understand, but I sold MS back whren you actually made good money 55 1st yr, 12-14 2-11, etc. (until standardized in '92) The commissions are not worth my time. But it's whatever you're comfortable with. MS biz has no loyalty anymore, either. Med Supps roll about every 5 yrs. Whenever gov't is too involved it screws things up. Best of luck.

Med Sups move more often then every 5 years. I did it up on MI before the MA took over. Every two to three years there was something better. The Mas are always moving every year at the AEP.

 

[gca80]

Thanks. That was the last time I sold MS. I thought I'd get back into the MS in 2002-03, and it seemed to be 5 back then. I do agree it's a better door opener, though. Where my renewals lasted over 20 yrs avg. on them before, it just seems strange now.

 

[fusion]

I think one area to explore is whether your calling times are partly to blame. If your goal is consumers I would recommend doing a 5-8 or 6-9pm calling time. More people are home in the evening than not.

I've established a few telemarketing departments in my past and worked in managing a few sales departments. Calls are only great if people answer. Find the the ideal calling time for your market by adjusting the calling times a bit.

 

[Daytona_Guy]

DaytonaGuy> I understand, but I sold MS back whren you actually made good money 55 1st yr, 12-14 2-11, etc. (until standardized in '92) The commissions are not worth my time. But it's whatever you're comfortable with. MS biz has no loyalty anymore, either. Med Supps roll about every 5 yrs. Whenever gov't is too involved it screws things up. Best of luck.

500 clients is $100,000 a year in residual income.
Hiring someone, part-time, to manage renewals, write a newsletter and identify cross-selling opportunities to an ever-growing residual base isn't a waste of time for me.

Most every other product stops its income the minute you get off the rat wheel. Med Supps do not. It's the "gateway drug" to more profits, while you can breathe month in and month out from the residuals you've built.

No more of this:

One last thought.. loyalty is earned. I hear, every single day, that the new potential client has never heard from their agent again. The fortune is in the follow-up. Why try to get client #2 when you've totally forgotten about client #1 and lose them as a result? Consistent follow-up does not have to be difficult, and can be automated very easily to a point that they're happy with your constant contact and you're smiling all the way to the bank.




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[gca80]

Daytona> I understand that. I sold my book years ago & semi-retired with the $$$ from that book (renewals.) What I was sqaying was if the MS roll every 2-3 yrs, that's not really renewals...it's rolling them over again, which is not residual income. If that is not the case, which is not what I'm hearing, I would be interested in building those renewals again, of course. I presently have had to start over again from scratch (life happens.)

 

[Todd King]

Daytona> I understand that. I sold my book years ago & semi-retired with the $$$ from that book (renewals.) What I was sqaying was if the MS roll every 2-3 yrs, that's not really renewals...it's rolling them over again, which is not residual income. If that is not the case, which is not what I'm hearing, I would be interested in building those renewals again, of course. I presently have had to start over again from scratch (life happens.)

You are correct in saying that the "renewals" don't stick around long, but if you switch a client to another med supp, chances are you are going to get paid on a new and higher premium than you were before. If you do that, as earned, then in essence, you've just increased your renewal income, right?

What I'm trying to say is, if you service the client right, then it really is the same as a residual/renewal...maybe even better.

 

[Daytona_Guy]

What I'm trying to say is, if you service the client right, then it really is the same as a residual/renewal...maybe even better.

Yes, and Amen.

This is always another great opportunity for referrals, dental plan, life insurance review, etc. Referrals in the Medicare Supplement world are incredible, given proper follow-up that asks for the referrals after delivering great service.


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[rousemark]

You are correct in saying that the "renewals" don't stick around long, but if you switch a client to another med supp, chances are you are going to get paid on a new and higher premium than you were before. If you do that, as earned, then in essence, you've just increased your renewal income, right?

What I'm trying to say is, if you service the client right, then it really is the same as a residual/renewal...maybe even better.

Todd.. It is not the same becasue as soon as you retire and quit rolling the business, it drops off (someone else takes your place rolling it) and there are no renewals to be paid to you or your family. What you have under the current system is a built in client base that is easy to work and rewrite but you do not have true renewals.

 

[Newby]

Todd.. It is not the same becasue as soon as you retire and quit rolling the business, it drops off (someone else takes your place rolling it) and there are no renewals to be paid to you or your family. What you have under the current system is a built in client base that is easy to work and rewrite but you do not have true renewals.

Agents need to invest their retirement money just like everyone else in the world. I would never consider retiring off of renewals with no real retirement money saved up.