- 11,280
Does anyone here in the senior market, team up with any CPA's Elder law attorneys or P&C agents to offer products to thier book of biz or trade referrals?
generating referrals.
- Thread starter senior-advisor-indiana
- Start date
- 2,370
Humana has a program for captive agents to get referrals from other insurance professionals. They get $175 for each MA sale they refer. They have to have an insurance license to participate.
I know of an agent who shares with an attorney. Since the attorney cannot get the bonus, they do seminars together. That way they both get in front of an audience.
There has to be some type of motivation for the other agent / professional to give you referrals. Money, shared book, etc.
I know of an agent who shares with an attorney. Since the attorney cannot get the bonus, they do seminars together. That way they both get in front of an audience.
There has to be some type of motivation for the other agent / professional to give you referrals. Money, shared book, etc.
- 7,066
I did that for a while with an agent who had an agency and only sold life and annuities. He turned over his client list to me to sell them med supps and ltc. All he wanted was 2% of first year commission. After the first year I kept 100% of all commissions. He is also a YIO user so getting his clients was a piece of cake.
It worked real well until he decided to sell the agency.
It worked real well until he decided to sell the agency.
- 1,908
What I do is simple.
I contact all the Financial Planners, CPA's and Elder Care Attorneys, and simply give them a quick, 5 minute presentation on Medicare Advantage, Med Supps, HDHP's, etc.
It takes time to cultivate, but, out of nowhere, I get a call from someone they refer to me. Since I am not Variable licensed, I am no threat to sell UIT's, VUL's, etc. I'm the "health guy".
As far as doing seminars, your best bet would be doing it at Libraries, Churches, Civic Club meetings, etc. Make it strictly informational, and not company or product specific.
I got a call from another insurance agent yesterday. She has a client (small group employer), who is turning 65 in June. She told me that, when that person turns 65, she wants me to make the Med Supp or MA sale. The client is still hers, but I get the sale, and any referrals this woman gives me, for Senior Products.
It takes time, and does not happen overnight, but you need to "brand" yourself as the health expert. This means you have to give many "mini" presentations, and information dinners and lunches with other professionals. You see, noone wants to be bothered with Health. They are too busy chasing after the big sales; UIT's, VUL's, 529's, etc.
Nothing wrong with that. As a matter of fact, I refer all of my clients to these people, when those needs arise. It's reciprocal.
This also means you need to find an FMO that will keep you up on matters, well trained, and informed. I'm very lucky in that respect, as well. I consider myself an ice-fisherman. I go to my spot (health insurance products), dig my hole, plop my line in, and wait for the fish to bite. I'm not all things to all people.
Ask any insurance or financial professional I associate with, and they will tell you I'm the "health guy".
Fine with me!
I contact all the Financial Planners, CPA's and Elder Care Attorneys, and simply give them a quick, 5 minute presentation on Medicare Advantage, Med Supps, HDHP's, etc.
It takes time to cultivate, but, out of nowhere, I get a call from someone they refer to me. Since I am not Variable licensed, I am no threat to sell UIT's, VUL's, etc. I'm the "health guy".
As far as doing seminars, your best bet would be doing it at Libraries, Churches, Civic Club meetings, etc. Make it strictly informational, and not company or product specific.
I got a call from another insurance agent yesterday. She has a client (small group employer), who is turning 65 in June. She told me that, when that person turns 65, she wants me to make the Med Supp or MA sale. The client is still hers, but I get the sale, and any referrals this woman gives me, for Senior Products.
It takes time, and does not happen overnight, but you need to "brand" yourself as the health expert. This means you have to give many "mini" presentations, and information dinners and lunches with other professionals. You see, noone wants to be bothered with Health. They are too busy chasing after the big sales; UIT's, VUL's, 529's, etc.
Nothing wrong with that. As a matter of fact, I refer all of my clients to these people, when those needs arise. It's reciprocal.
This also means you need to find an FMO that will keep you up on matters, well trained, and informed. I'm very lucky in that respect, as well. I consider myself an ice-fisherman. I go to my spot (health insurance products), dig my hole, plop my line in, and wait for the fish to bite. I'm not all things to all people.
Ask any insurance or financial professional I associate with, and they will tell you I'm the "health guy".
Fine with me!
- 2,152
If you are going to go into senior centers and churches hunting seniors or near seniors about life products, I suggest the following. With Seniors this is perfect, talk about beneficiaries, these people have had their policies for more than twenty plus years easily. Obviously things change and many forget to change bene's on their insurance contracts. Of course you position yourself as the "Consultant" that can review their life insurance contracts which starts the consultant role for you to pitch other needs esp., after you review their present position. As always, don't sell, consult.
- 7,066
James,
I have been working the senior market for a long time and thought I'd heard and/or tried "everything", but I have never heard anyone suggest that approach before.
That is excellent! I assume you follow up and help them write the letter, if necessary, to make any changes.
That has to put you right at the top of their "good guy" list. One could almost do an entire meeting around that subject. "When you go, where will your money go?" haha
I have been working the senior market for a long time and thought I'd heard and/or tried "everything", but I have never heard anyone suggest that approach before.
That is excellent! I assume you follow up and help them write the letter, if necessary, to make any changes.
That has to put you right at the top of their "good guy" list. One could almost do an entire meeting around that subject. "When you go, where will your money go?" haha
Just when I think I have heard everything, something comes along to remind that my experience is not unique nor all encompassing.
I have a buddy in OH that is only a junior in this business . . . about 20 years. We have a lot in common, sometimes it is almost scary how much we think alike.
Still, I learn things from him every month (and sometimes twice) and hopefully he learns from me as well.
I am an observer of people and a student of marketing. I take in what appeals to me and adapt it to my personality and style. I figure if it catches my attention it must do likewise for others.
What works for me may not work for you or anyone else, but that is what makes each of us unique.
Keep learning.
later,
bv
I have a buddy in OH that is only a junior in this business . . . about 20 years. We have a lot in common, sometimes it is almost scary how much we think alike.
Still, I learn things from him every month (and sometimes twice) and hopefully he learns from me as well.
I am an observer of people and a student of marketing. I take in what appeals to me and adapt it to my personality and style. I figure if it catches my attention it must do likewise for others.
What works for me may not work for you or anyone else, but that is what makes each of us unique.
Keep learning.
later,
bv
Excellent thread!
I have worked advising families on peace-of-mind issues for over 20 years. Once they believe you are interested in their welfare, you then have their attention. This does take time, so you have to run a lot of numbers in the beginning. To me it is like sowing seeds.
If you know of something that will benefit them, why not share it?
For someone new, there is another advantage: You are getting experience in giving presentations and talking with people.
I would add one caveat: To do this you MUST know your product and industry. THEN hit the streets, ...don't keep analyzing and planning. If you can't sell a product ...get a referral!
Have a PASSION for your business!! Make it contagious!
I would give you another analogy: "Don't die with your song inside you"
If someone is new to referral marketing, there are three sales guru's that I believe are worth paying for and listening to:
Since I am new in the Insurance industry, I get so many ideas from this forum. I hope in small way I return that gift with my experience in Sales.
Linda
I have worked advising families on peace-of-mind issues for over 20 years. Once they believe you are interested in their welfare, you then have their attention. This does take time, so you have to run a lot of numbers in the beginning. To me it is like sowing seeds.
If you know of something that will benefit them, why not share it?
For someone new, there is another advantage: You are getting experience in giving presentations and talking with people.
Practise telling someone why they should listen to you in 30 seconds.
Look them in the eye.
Listen to them.
If they do not have a need, move on! There are others who do. Keep their information and annually contact them. Some day they might. Or, if they know of someone you want them to remember you. You may not have sold them on a product, but you can sell them on referrals every time you contact them.
Merrill Lynch gave me some of the best training I could have ever received. Their belief was this, "If you ain't talking or seeing clients, you ain't' working. ...Only then can you earn a living!!"Look them in the eye.
Listen to them.
If they do not have a need, move on! There are others who do. Keep their information and annually contact them. Some day they might. Or, if they know of someone you want them to remember you. You may not have sold them on a product, but you can sell them on referrals every time you contact them.
I would add one caveat: To do this you MUST know your product and industry. THEN hit the streets, ...don't keep analyzing and planning. If you can't sell a product ...get a referral!
Have a PASSION for your business!! Make it contagious!
I would give you another analogy: "Don't die with your song inside you"
If someone is new to referral marketing, there are three sales guru's that I believe are worth paying for and listening to:
Jeffery Gitomer, he has a website with all his materials and a weekly newsletter. He can be obnoxious, some of his ideas I think are terrible!! But, some are priceless. Very knowledgeable and somewhat entertaining;
There is, of course, the Father of sales training, Brian Tracy, who has much more class than Gitomer, with many training cd's and tapes available. I love his classic, The Psychology of Selling, The Art of Closing Sales;
Another is Permission Marketing, by Seth Godin.
I also use audiable.com for many of audio materials. Reasonable and a great selection.There is, of course, the Father of sales training, Brian Tracy, who has much more class than Gitomer, with many training cd's and tapes available. I love his classic, The Psychology of Selling, The Art of Closing Sales;
Another is Permission Marketing, by Seth Godin.
Since I am new in the Insurance industry, I get so many ideas from this forum. I hope in small way I return that gift with my experience in Sales.
Linda
- 2,370
Those are great approaches. I am always telling my clients that I will review their policies.
I usually explain to them that in the past handful of year there are new vehicles that are out there that may be a better fit for them. I give the example of a client who had $20K in a CD, wanted to leave it to his son. We moved it into a life policy and is now leaving his son $57K.
With the new policies I am talking about are the life contracts with LTC built in. I know that it is not as comprehensive at a regular LTC policy, but better then nothing. And if they do not use it, the bene gets the DB.
And that normally opens them up to what they have and the review starts...
I usually explain to them that in the past handful of year there are new vehicles that are out there that may be a better fit for them. I give the example of a client who had $20K in a CD, wanted to leave it to his son. We moved it into a life policy and is now leaving his son $57K.
With the new policies I am talking about are the life contracts with LTC built in. I know that it is not as comprehensive at a regular LTC policy, but better then nothing. And if they do not use it, the bene gets the DB.
And that normally opens them up to what they have and the review starts...
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