Selling Med Supps over the phone

[zwcoop]

This is a new strategy that I am going to try an implement starting today (or whenever my web leads start flowing). Before going independent, I worked for Bankers Life and was only able to sell Colonial Penn med supps. In my state, Colonial Penn's supps are some of the most expensive not to mention that no one in the community even knows Colonial Penn offers medicare supplements. So, I always felt like I was selling uphill. Their process is to set appointments over the phone but run them at the prospects house.

Some people really enjoy the local agent approach but it is also very time consuming. My thought is that if I can sell medicare products and term plus fe life over the phone and allocate two days a week to run financial or more involved planning appointments in the field.

I feel like there are a lot of people out there, especially those that have been on Medicare for a few years, that don't want to deal with someone coming over. They already know how Medicare works and just want to make sure they are getting the best deal with a reputable carrier. Now that I represent almost ALL carriers (except for Colonial Penn, I feel like I should be able to do this over the phone. I was thinking of targeting people who have been on Medicare for a couple of years and basically just ask if they are interested in saving money for the exact same plan. I realize this is not a revolutionary idea but I would be very interested in hearing peoples comments, experiences, and critiques of this approach.

 

[Chazm]

This is a new strategy that I am going to try an implement starting today (or whenever my web leads start flowing). Before going independent, I worked for Bankers Life and was only able to sell Colonial Penn med supps. In my state, Colonial Penn's supps are some of the most expensive not to mention that no one in the community even knows Colonial Penn offers medicare supplements. So, I always felt like I was selling uphill. Their process is to set appointments over the phone but run them at the prospects house.

Some people really enjoy the local agent approach but it is also very time consuming. My thought is that if I can sell medicare products and term plus fe life over the phone and allocate two days a week to run financial or more involved planning appointments in the field.

I feel like there are a lot of people out there, especially those that have been on Medicare for a few years, that don't want to deal with someone coming over. They already know how Medicare works and just want to make sure they are getting the best deal with a reputable carrier. Now that I represent almost ALL carriers (except for Colonial Penn, I feel like I should be able to do this over the phone. I was thinking of targeting people who have been on Medicare for a couple of years and basically just ask if they are interested in saving money for the exact same plan. I realize this is not a revolutionary idea but I would be very interested in hearing peoples comments, experiences, and critiques of this approach.

See what works for you. No one here can tell you if it’ll work for you.
Tons of agents sell this way and do well. I tried doing it and failed. I stick with my “bankers life and casualty” approach with T65’s face to face. It works for me.

 

[jemelton]

You need to use the search function. Tons of info on this on the forums

 

[somarco]

If you are a good listener, and have good communication skills, you can sell by phone. In most cases phone sales are more efficient vs F2F.

If someone doesn't answer the phone it is the same as a no show . . . except you don't know if they are really home looking at the caller ID and choosing not to answer.

This is the same as not answering the door but looking through the curtain to see who is at the door.

You may find that your closing ratio goes down vs F2F, and if you are accustomed to x-selling it may take a while to hone that skill.

One of the challenges in targeting folks who have been on Medicare for a while is, they may not be able to pass underwriting. You need to weed these folks out real quickly . . . like in the first 5 minutes.

And every other agent that calls wants to save them $$.

So what else do you have to offer?

I am dead serious.

I am in GA and I rarely run into folks with CP/BLC coverage. I have no idea who is buying from those carriers but it is no one I talk to.

You may have said this, but where are you getting your leads? How are they generated?

If you don't have enough leads on a regular basis it really doesn't matter how the sale is attempted. Phone or F2F can only be profitable if you have enough warm bodies to talk to.

 

[MedicareMillionair]

This is a new strategy that I am going to try an implement starting today (or whenever my web leads start flowing). Before going independent, I worked for Bankers Life and was only able to sell Colonial Penn med supps. In my state, Colonial Penn's supps are some of the most expensive not to mention that no one in the community even knows Colonial Penn offers medicare supplements. So, I always felt like I was selling uphill. Their process is to set appointments over the phone but run them at the prospects house.

Some people really enjoy the local agent approach but it is also very time consuming. My thought is that if I can sell medicare products and term plus fe life over the phone and allocate two days a week to run financial or more involved planning appointments in the field.

I feel like there are a lot of people out there, especially those that have been on Medicare for a few years, that don't want to deal with someone coming over. They already know how Medicare works and just want to make sure they are getting the best deal with a reputable carrier. Now that I represent almost ALL carriers (except for Colonial Penn, I feel like I should be able to do this over the phone. I was thinking of targeting people who have been on Medicare for a couple of years and basically just ask if they are interested in saving money for the exact same plan. I realize this is not a revolutionary idea but I would be very interested in hearing peoples comments, experiences, and critiques of this approach.

I tried 67+ medsup sales over the phone some time ago. I didn't enjoy the isolation of being by myself on the phone for extensive periods of time. I was effective in communicating with clients, but found many that were willing to speak had health issues. That's one reason the were willing to speak! Upon discussing this with the guru that recommended this approach, I was told that he had switched to doing only T-65's over the phone and that created better results.

Thanks for telling me after the fact! Anyhow, I went back to selling on the road. !

 

[Devin01]

Many seniors will switch their med supp policy over the phone. Its about talking to enough qualufied people so lead flow is critical. The more qual leads u r chatting to the more sales u will have with the right pitch. And i must understand underwriting
.

 

[Northeast Agent]

Salesdialers.com posts some good interviews both on their FB page and Youtube. Back in March or April they interviewed an agent who focuses on the specific market you're talking about. She discusses how she contacts them, follows up (usually several times) and also sends them handwritten cards as an extra touch.

And at the older ages, most aren't working any longer, unlike the T65s so you can get in touch with them during the day.

 

[MedicareMillionair]

I think it's a viable market, without a doubt. It wasn't one that I enjoyed working. Most everything works if you work it properly and most importantly work hard!!!