Hey guys and gals. I've been lurking here for quite some time but finally just created an account because it's slow as hell now that AEP has ended. I sell Med Sups, PDP's, MAPD's, final expense and hospital indemnity plans but I'm always looking for more opportunities! So my question(s) is: What are you doing to keep business flowing after AEP? T-65 leads? If so are you cold calling or mailing? Do you switch your focus to other products outside of AEP like annuities and FE? Do you focus mainly on new biz or are you trying to sell other products to your existing B.O.B. What works for you?
- 29,487
I don't do MA anymore, so it's business as usual. Just don't worry about the MA side except for T-65's until next year. Yes, try to cross sell to your BOB(or your Tom, Dick or Mary...LOL).
- 1,432
Last year I had my hands full with individual health. However, this year most individual health products are not commissionable in my state. I'm servicing existing clients, but not taking on any new ones.
I have several clients who age in each month so I should write two to six MA/gap plans per month. That doesn't come close to replacing the income I lost however.
I'll be watching this thread to see what other people are doing because I cannot do what I have done in the past.
I have an untested plan to sell more life and Medicare products. I'm also strongly considering using my P&C license again.
I believe that I have hundreds of clients that will buy other products from me. However, I have to decide which products to sell them and how, to prove that this belief is based in truth.
Here is part of my untested plan:
I'm going to send my clients an email asking them to take an online survey. I may also send post cards.
I'll tell them that we are planning to expand our agency and that we would like their opinion before we do.
On the survey they will rate their agent on a scale of one to five. Those that give us a five will be redirected to a page asking them to give me a review on FB or the BBB site. This way I'm likely to get mostly glowing reviews.
In the same survey, I will ask them which products they are most likely to buy or comparison shop for in the next two years. (The longer time frame makes answering the question less of a commitment and less intimidating.)
I will list a few products and also have spot for them to type in a line of insurance they are interested in.
I'll use the results of the survey to determine what products I should offer to my clients and who to contact first.
I haven't tested nor even fully fleshed out the idea, but I like the idea of getting my clients to tell me which products they want to buy from me.
By the way I send my clients a handwritten note and a $10 Amazon gift card for reviews and referrals.
$10 will not have much impact on my clients' finances, but I'll bet it puts a smile on their faces and makes them think more favorably of me.
I do not use this as an inducement by telling them that if they take a certain action they will get a gift card. Unless they have given me a review or a referral in the past they won't know that I do this.
I've tried to get more referrals by telling my new clients in their thank you letters that I would send them $50 for a referral. It didn't work.
However, I get a lot more second and third referrals from those who I had the courtesy and good business sense to thank with a handwritten note and a gift card.
I also give away nice pens that include my name and phone number during my FTF appointments. Everyone reacts favorably. I had a near 100% closing rate for FTF appointments before I gave away the pens. I pre-qualify them well, so they are sold before I get in the car.
So the pen doesn't help me make the sale. It helps me make the next one.
At this stage of the game - 31 years in the business - I expect to make sales and do. My focus is now on developing and deepening client relationships.
Here is something that I'm sure I was told many times, in many different contexts, by many different wise men and women and in many different ways before I allowed it to penetrate my skull:
I have several clients who age in each month so I should write two to six MA/gap plans per month. That doesn't come close to replacing the income I lost however.
I'll be watching this thread to see what other people are doing because I cannot do what I have done in the past.
I have an untested plan to sell more life and Medicare products. I'm also strongly considering using my P&C license again.
I believe that I have hundreds of clients that will buy other products from me. However, I have to decide which products to sell them and how, to prove that this belief is based in truth.
Here is part of my untested plan:
I'm going to send my clients an email asking them to take an online survey. I may also send post cards.
I'll tell them that we are planning to expand our agency and that we would like their opinion before we do.
On the survey they will rate their agent on a scale of one to five. Those that give us a five will be redirected to a page asking them to give me a review on FB or the BBB site. This way I'm likely to get mostly glowing reviews.
In the same survey, I will ask them which products they are most likely to buy or comparison shop for in the next two years. (The longer time frame makes answering the question less of a commitment and less intimidating.)
I will list a few products and also have spot for them to type in a line of insurance they are interested in.
I'll use the results of the survey to determine what products I should offer to my clients and who to contact first.
I haven't tested nor even fully fleshed out the idea, but I like the idea of getting my clients to tell me which products they want to buy from me.
By the way I send my clients a handwritten note and a $10 Amazon gift card for reviews and referrals.
$10 will not have much impact on my clients' finances, but I'll bet it puts a smile on their faces and makes them think more favorably of me.
I do not use this as an inducement by telling them that if they take a certain action they will get a gift card. Unless they have given me a review or a referral in the past they won't know that I do this.
I've tried to get more referrals by telling my new clients in their thank you letters that I would send them $50 for a referral. It didn't work.
However, I get a lot more second and third referrals from those who I had the courtesy and good business sense to thank with a handwritten note and a gift card.
I also give away nice pens that include my name and phone number during my FTF appointments. Everyone reacts favorably. I had a near 100% closing rate for FTF appointments before I gave away the pens. I pre-qualify them well, so they are sold before I get in the car.
So the pen doesn't help me make the sale. It helps me make the next one.
At this stage of the game - 31 years in the business - I expect to make sales and do. My focus is now on developing and deepening client relationships.
Here is something that I'm sure I was told many times, in many different contexts, by many different wise men and women and in many different ways before I allowed it to penetrate my skull:
- Thread starter
- #4
Thanks for the reply. I'm trying to quote your message, but I'm new to this so bare with me while I fumble through the formatting.
I love the idea of testing the waters first by emailing your clients a survey. Similarly to you I was considering getting my P&C license active again so that I could offer my existing clients help with their home and auto, but after doing a little research on what it takes to get contracted with carriers it seems that I would need to already have a decent block of P&C business or join a cluster or aggregator...which I'm a little confused by since they all have pretty different contracts and requirements.
I would love to hear from somebody who successfully sells senior insurance products and P&C. No one in my neck of the woods is doing that. In fact, one of my best referral sources is an independent P&C agency that just doesn't want to fool with Medicare stuff at all.
- 1,900
You mentioned few different policy types that you offer - what do you sell the most of and what are you most successful in offering? MA? Med Supp? FE?
If you prefer MA - You can target the Turning 65 market. Its not my personal favorite because you have a lot of agents targeting a smaller pool of prospects but you could still compliantly offer MA.
If you prefer Med Supp - This gives you more options and a larger pool of prospects to target (Ages 66+). Telemarketing, direct mail, internet ... etc. You do have health underwriting to deal with but from my experience roughly 2/3 of the seniors who are interested in switching to save money on their current supplement can qualify.
If you prefer FE - You have lots of marketing options here similar to Med Supps. You can door knock/cold call if you want an inexpensive marketing method. Purchase Telemarketing, Direct Mail, Internet leads if you have a marketing budget.
If your B.O.B. is large enough - You can cross-market different products/services to them throughout the year. You can have separate campaigns either monthly or quarterly (again depending on the size of your B.O.B.). E-mail marketing, Direct mail, Telemarketing ... etc. Medicare/Health is a great niche to cross-market/sell all sorts of different policies. Life/FE, Annuities/Investments, LTC/STC, Refferals, etc.
Even if you have a small B.O.B. you are going to want to start this at some point, I would recommend a quarterly newsletter (email and/or physical) to start. This should bring in some additional business and keep you on the mind of your existing clients, increasing both referral and persistency %.
What about being a vitamin distributor for your existing clients?
I would bet 75% of clients take $50/mo of multivitamins, vitamin abcde eye drops, etc.
I always get the vitamin list along with the Rx list when doing part d reviews without asking for it.
You could become a distributor with dropship capabilities, never taking possession of the actual inventory, set em up on bank draft, heck you could even do it through Amazon subscribe and save!
I would bet 75% of clients take $50/mo of multivitamins, vitamin abcde eye drops, etc.
I always get the vitamin list along with the Rx list when doing part d reviews without asking for it.
You could become a distributor with dropship capabilities, never taking possession of the actual inventory, set em up on bank draft, heck you could even do it through Amazon subscribe and save!
- Thread starter
- #7
My existing B.O.B is around 350 so I have a good opportunity to cross sell. Right now I'm doing about 50/50 when it comes to MA vs Med Sups. I don't really sell a ton of FE, so that is really what I'd like to focus on. Can you recommend any good FE companies? I have a couple I work with now, but like I said I'm not currently selling a ton of it.
- 1,900
That is a pretty good size B.O.B. - Well Done!
In regards to "FE companies" - Are you looking for an IMO/MGA that could assist in contracting and additional training/support?
Or are you just looking for additional final expense life insurance carriers to contract with to add to your portfolio?
I will also shamelessly plug my book as a potential resource for you
"How to Qualify, Present & Sell Final Expense and Medicare Supplements to Seniors"
- 29,487
Missouri doesn't have as good a selection as some states. Looks like Oxford(PITA), Family Benefit, Security National, Settlers, American National, Liberty National, Transamerica, Foresters and Equitable are all good to have in your bag. I've listed these in order of price, starting with the cheapest for a 50 year old male non smoker.
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That is a pretty good size B.O.B. - Well Done!
In regards to "FE companies" - Are you looking for an IMO/MGA that could assist in contracting and additional training/support?
Or are you just looking for additional final expense life insurance carriers to contract with to add to your portfolio?
I will also shamelessly plug my book as a potential resource for you
"How to Qualify, Present & Sell Final Expense and Medicare Supplements to Seniors"
You're shameless Glen...shameless!!!
You should have ran that at 65 or older since he will be trying to cross sell to his existing Medicare clients. Not that he doesn't have underage clients, but I would bet most are still above 65.
Either way, for the same male non smoker at age 65, starting with the cheapest, I get Christian Fidelity (same PITA as Oxford I would think), United of Omaha, Family Benefit, Oxford, Transamerica, UHL, RNA, Foresters, Liberty Bankers, Equitable, and Settler's. There are some others sprinkled in there, but either they're not a real FE product or they are a company that is never really talked about on here.
Now, you run a 65 female and you'll get most of these companies, just in a different order.
