How big is your book of business?

[Newby]

I sell Medicare supplements, PDP and Medicare advantage. I’ve been doing this for over 20 years and I am basically by myself; my wife is a licensed agent, but hasn’t really worked in over a decade, since we have 4 children and she is kept busy with them. So she keeps the house running and I keep the business running. I have an office right in the middle of town, near the main hospital and surrounded by doctors offices, medical facilities. It’s a great location.
I’ve always been curious about other agents like myself, because sometimes I feel like my business hasn’t grown as much as it should have over the years. I have over 1000 active clients. 65% are medigap and 35% are MAPD. My retention is excellent, and once I get a client they usually stay with me, even when they change plans. Almost all of my new business is word of mouth referrals from my existing clients. So my renewals every month are around $15,000. Last year I had my best AEP and earned over $35000 which included new MAPD business plus my annual PDP renewals. So, for the first time ever, in 2018 I made over $200,000.
I am very happy with my income but I am always striving to grow the business. I can’t help wondering sometimes if I shouldn’t be doing much better , having been in the business so long you know. I feel like I should have brought in agents under me, or hired office staff, etc. I want to take things to the next level and grow the agency by adding employees or more producers. But there is a conflict going on within me because at the same time I thoroughly enjoy being a sole proprietor, I really like working independently, working alone. But since it’s just me right now, I do get overwhelmed trying to service my clients and it’s hard to keep in touch with everyone sometimes.
I really have no idea how my book of business compares to other individual agents, such as people on this forum. I would love to think that I’m doing well and at the same time if I learned that someone had a book twice the size of mine it would inspire me to find out how they manage their agency and are able to grow so efficiently. I am always eager to discuss strategies and ideas with other agents; I’m always thinking of new marketing ideas. I want to talk to others on this forum

It sounds like a clone of my local agency. Our Medicare part is nearly identical but I also did a lot of life sales and some annuities. My wife maintains that base these days and it’s full time just working referrals, call ins, Med Sup rate increases and then AEP each year. No need to run leads or cold prospects the past 5- years or so.

I added a side agency recruiting agents nationally for several FE insurance companies which quickly exploded to a much bigger thing than my local (what I considered my main) agency. That turned out to be a great move for me.

If you want to expand your income without hiring employees I would add life and annuity sales to your offerings. It’s the easiest sale in the world to cross sell life from your Medicare base because they already like you and they are definitely buying life insurance from someone. And most of the time they didn’t research much and have something that you can easily improve. Probably 1/3 of our Medicare base have their life insurance with me. And that adds a lot more income for you than what you are now seeing.

Another way to go if you do want to hire local employees is the way my largest local Medicare competitor does. He hires people from outside the industry like retired school teachers or bank tellers. People who are not your typical independent agent types. They are happy with a small salary and a bonus for writing biz. He gets them licensed and trains them to sell Medicare but they are all licensed only agents. He gets all the commissions and all the renewals. Then he floods the local market with TV advertising, mailers, seminars, etc. and generates a LOT of foot traffic into that office. I would think that as far as local Medicare Agency offices go, he is making WAY more money than any of his competitors. I’m certain that his income is in the multi millions because he has been at it for many years and has a huge base and gets 100% of the renewals on it.

There is three ideas for you. Feel free to reach out if you want to talk. I’m always full of ideas on how you can grow a brick and mortar agency like yours.

 

[Sal15]

I sell Medicare supplements, PDP and Medicare advantage. I’ve been doing this for over 20 years and I am basically by myself; my wife is a licensed agent, but hasn’t really worked in over a decade, since we have 4 children and she is kept busy with them. So she keeps the house running and I keep the business running. I have an office right in the middle of town, near the main hospital and surrounded by doctors offices, medical facilities. It’s a great location.
I’ve always been curious about other agents like myself, because sometimes I feel like my business hasn’t grown as much as it should have over the years. I have over 1000 active clients. 65% are medigap and 35% are MAPD. My retention is excellent, and once I get a client they usually stay with me, even when they change plans. Almost all of my new business is word of mouth referrals from my existing clients. So my renewals every month are around $15,000. Last year I had my best AEP and earned over $35000 which included new MAPD business plus my annual PDP renewals. So, for the first time ever, in 2018 I made over $200,000.
I am very happy with my income but I am always striving to grow the business. I can’t help wondering sometimes if I shouldn’t be doing much better , having been in the business so long you know. I feel like I should have brought in agents under me, or hired office staff, etc. I want to take things to the next level and grow the agency by adding employees or more producers. But there is a conflict going on within me because at the same time I thoroughly enjoy being a sole proprietor, I really like working independently, working alone. But since it’s just me right now, I do get overwhelmed trying to service my clients and it’s hard to keep in touch with everyone sometimes.
I really have no idea how my book of business compares to other individual agents, such as people on this forum. I would love to think that I’m doing well and at the same time if I learned that someone had a book twice the size of mine it would inspire me to find out how they manage their agency and are able to grow so efficiently. I am always eager to discuss strategies and ideas with other agents; I’m always thinking of new marketing ideas. I want to talk to others on this forum

I’ve been in the Medicare Supplement/Advantage business for 12 years and have had the same thoughts as you as to if I’m where I should be at this point in my career. I have over 700 clients and came to the realization a little while ago that I’m exactly where I want to be. I really don’t want to increase my book of business by much, because I feel I have the perfect work/life/income balance. I’ve been solely working referrals the past three years and my goal is just to maintain my current levels of my book of business. Like you, I’ve thought of bringing on employees and growing more, but I prefer to be a one main operation and feel that I have the perfect work/life balance and would not want to change a thing at all.

 

[somarco]

Some guys are never happy with the size. Always want it to be bigger. What they have isn't big enough. Just not willing to do what is required to make it grow.

 

[goillini52]

Some guys are never happy with the size. Always want it to be bigger. What they have isn't big enough. Just not willing to do what is required to make it grow.

To some it comes naturally...on their own. Others need some help.

 

[selfgen]

I’m not unhappy with the size of my book of business. that’s not what I said
“Not willing to do what is required”? What makes you say that. My thread is basically asking others like myself, “what do I need to do”, “how can I be more efficient?”
I’m always discussing new ideas and strategies, that’s one of the things that makes my job exciting and interesting.
Recently I purchased a small laminating machine on EBay, and a box of laminating pouches. Now, whenever I work at any function or event for seniors, I bring my machine, along with a sign that reads “Get your Medicare Card Laminated for Free”. I set the sign at my table and it’s like a magnet for seniors!!
People love getting their cards laminated!
It drew so many people to the table, we had to put the sign away at some point.
But it worked great, I met so many prospects that day, and picked up some new clients.
Others should try this and see how it works for you.
I am always brainstorming for ideas.



.

 

[Devin01]

Are you asking for marketing help? Adding additional products? Or are you asking for help on how to scale?
Note sure how involved your wife is, but I cant imagine you have much a life if you have 1000 clients and doing it yourself.

 

[somarco]

The double entendre was too subtle . . .

That aside, I don't understand the guys and gals who always want to know how much others earn, how many clients they have, how big is their "book".

For what purpose?

Can you pay your bills with their commission check?

If you think you are in competition with other agents, you are wrong. If you work your business properly you won't have time to wonder how much others sell. Either you will be busy working your butt off to grow your business, or you will work your business in such a way as to have time for family, leisure, charity . . . whatever floats your boat.

 

[Bevo]

The double entendre was too subtle . . .

That aside, I don't understand the guys and gals who always want to know how much others earn, how many clients they have, how big is their "book".

For what purpose?

Can you pay your bills with their commission check?

If you think you are in competition with other agents, you are wrong. If you work your business properly you won't have time to wonder how much others sell. Either you will be busy working your butt off to grow your business, or you will work your business in such a way as to have time for family, leisure, charity . . . whatever floats your boat.

Excellent points.

All success is determined by our questions, and more importantly the answers our brains come up with (psychology) to those questions. Your outcomes are always in accordance with the quality of the questions you ask yourself.

The real questions you should be asking is:

1) How big of a book of business do I WANT?
2) WHY do I want that? (This will be the strongest determining factor of whether you succeed or not)
3) HOW do I get it?
4) Am I willing to do what I listed in #3 no matter what obstacles get in my way? If not, then your #2 isn't strong enough. Adjust your #1 and start over.

And don't blame anything or anyone except the person in the mirror.

So easy, yet never taught in schools.

*Notice, in the formula above the results of other people, or people in general, are not included. Winners focus on winning. Losers, focus on winners.

 

[WinoBlues]

The double entendre was too subtle . . .

That aside, I don't understand the guys and gals who always want to know how much others earn, how many clients they have, how big is their "book".

For what purpose?

Can you pay your bills with their commission check?

If you think you are in competition with other agents, you are wrong. If you work your business properly you won't have time to wonder how much others sell. Either you will be busy working your butt off to grow your business, or you will work your business in such a way as to have time for family, leisure, charity . . . whatever floats your boat.

Word.

 

[DS4]

I was just curious how big your Medicare book of business is?