Starting Over in Med Supp Sales

[droberts]

I am new to this forum and I am getting back into the senior market. I would like information concerning what is working for a leads source. My agency was destroyed in Hurricane Katrina and I have not been in sales since that time. I am looking for ideas on what is working for either prospecting, cold calling, internet leads, or mail drops. I am starting from scratch again.

 

[xrx1109]

Internet leads are so so at best. it mainly depends on the number of agents who use them in your area, and how fast you call them. They will usually match your first order so it might be worte it to start with $100 and get $200 worth of leads. Just be prepared to shut it off quick if its not working because the leads will keep coming and you'll keep getting charged.

You can buy a Cold calling list from forum member Josh. I did a few weeks ago and for the money its a very good value.

I have no real experience with mail-drops so i can't speak for that. But i do know these people espically T-65 get crushed with mail. It wold not be cost effective for an independent agent to mail for T-65 med supps. In fact part of my cold calling routine for t-65 has been to say "i know you have gotten a lot of information in the mail, and i wanted to see if you have gotten a chance to actually sit down with anyone and go over what all these options are."

Just whatever you do don't use prospect match or brokerville or whatever they are calling themselves.

 

[somarco]

I tried internet leads again a few months ago. In the past I had success with health (major med) purchased leads but that has been at least 3 years since I did that.

I only write gap, not MA business. That limits my market but I don't care, this is the way I want to run it.

The internet Medicare leads I got were no better or worse than my prior experience with health leads. One thing that caught me off guard was the number of folks calling these people.

I purposely carved out leads in rural area's where MA plans would be scarce and I thought most folks would rather use "their" doc vs a network doc.

My lead purchases started before AEP and ended about half way through.

What began as a trickle soon became a flood. Between my own efforts (website) and the purchased leads I did not have time to follow up on every one.

My direct leads were of better quality and closing ratio significantly higher.

Perhaps purchased leads would be better outside of AEP and especially if you are writing the full spectrum of Medicare products.

Otherwise you need a lot of money to fund your pipeline and be prepared to wait 60 - 90 days before the cash flow starts.

If I were going to market direct to seniors I would probably develop fliers to place (with permission of course) in senior centers, libraries, etc. Probably would also do informational seminars.

Of course if you are promoting products regulated by CMS you are going to have a lot of challenges.

Cold calling from a list is not my idea of fun but I have done it before. It is perhaps the most cost effective way (other than factoring in your time) of finding qualified buyers.

Frank Stastny is the one person you should talk to about the gap business and his prospecting system.

 

[droberts]

Thanks for the info. I've been in the insurance field for over 20 years and have used cold calling and mailing. I've never used internet leads. I also interested in setting up a website for leads. I am focusing on medigap and life.

 

[pahealthquotes]

Sorry to learn of your misfortune. My best advice is to never rely on ONE source for leads because that ONE source can dry up rather quickly. I started selling Medicare Advantage plans 4 years ago and have added selling Medigap/Med Supp the last two. I've sold over 1000 medicare plans during this time frame and feel the potential for growth is outstanding.

I like presenting options to my clients and having the ability to sell both Medigap or Medicare Advantage will help you reach your goals. Some prospects dont want to spend 150 for a Medigap policy and another 50 for a PDP plan so why not let them know of a 50 MA plan?

Develop your own leads by any means possible. This includes cold calling, internet leads, mail drops, advertising in newspapers/pennysavers and ofcourse referrals.

Internet leads purchased from re-sellers are much different from internet leads developed via your own site. The prospect comes directly to you and your closing ratio will increase dramatically. Like anything good in life.. it takes time to develop.

Best wishes

 

[xrx1109]

I was just looking at some of the CMS guidelines etc. id cold calling techically illegal for med supps and MAPD plans now?

 

[arnguy]

I was just looking at some of the CMS guidelines etc. id cold calling techically illegal for med supps and MAPD plans now?

When did CMS become involved in the Med Supp market?

 

[GreenSky]

When did CMS become involved in the Med Supp market?

This comes up in all our crystal balls.

Rick

 

[KJ in Miami]

Thanks for the insight!!

Sorry to learn of your misfortune. My best advice is to never rely on ONE source for leads because that ONE source can dry up rather quickly. I started selling Medicare Advantage plans 4 years ago and have added selling Medigap/Med Supp the last two. I've sold over 1000 medicare plans during this time frame and feel the potential for growth is outstanding.

I like presenting options to my clients and having the ability to sell both Medigap or Medicare Advantage will help you reach your goals. Some prospects dont want to spend 150 for a Medigap policy and another 50 for a PDP plan so why not let them know of a 50 MA plan?

Develop your own leads by any means possible. This includes cold calling, internet leads, mail drops, advertising in newspapers/pennysavers and ofcourse referrals.

Internet leads purchased from re-sellers are much different from internet leads developed via your own site. The prospect comes directly to you and your closing ratio will increase dramatically. Like anything good in life.. it takes time to develop.

Best wishes

 

[droberts]

Is this new information on cold calling for Med supp? All I've been able to find is the information on part C.