Stonebridge - A New Player In The Med Sup Game

Discussion in 'Senior Insurance Forum' started by Daytona_Guy, Jan 6, 2012.

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  1. somarco
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    somarco Well-Known Member

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    My wife and I play captured from time to time. Sometimes she captures me, sometimes I capture her.

    Never thought about doing it with insurance policies.
     
  2. Josh
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    Josh Well-Known Member

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    Re: Stonebridge NEW MED SUPP

    Thank you for clearing that up. The amateurs and I will be happy to take the clients you "professionals" don't want than.

    Cold calling works great for the right agents in the right area with the right products, just like anything else.

    Welcome to Bolder Calls does it well enough to heave a steady customer base that consistently reorders. Same thing with Welcome to TRI | A Leading Source for Insurance Telemarketing and Lead Generation Services and hundreds of others.

    To get more to the substance of things, cold calling typically works best for products that are more commodity based, such as auto, health, homeowners, Medicare supplements, etc. Cold calling for annuities, LTC, and bigger ticket items can be a challenge and is usually not nearly as successful. One of the biggest challenges with cold calling is that most agents either don't have enough experience/training to do it effectively or they don't make enough phone calls to let the numbers start to work.

    One last note:

    Using four filipino telemarketers cold calling I had a single agent write over $7k in AP in a single week.
     
  3. lifeagent426
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    lifeagent426 Member

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    Re: Stonebridge NEW MED SUPP

    Was that recently?

    Just so we're clear you're saying that the agent hired four telemarketers? What do the telemarketers say before the agent took the call?

    Thank you for the answer, in advance.
     
  4. Josh
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    Josh Well-Known Member

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    Re: Stonebridge NEW MED SUPP

    It wasn't too long ago. The agent didn't hire them, I hired and trained them, provided the list and the dialer, managed them, then took 25% of the commissions as my cut. Admittedly that was the best week, but it certainly happened. Only reason we stopped doing it is the agent thought it was a good idea to not give me my cut on some of the business and when I'm laying out that much in marketing, I expected to get my cut.

    I'm not going to give away the script, but the leads were somewhat qualified. I think we sent over 40-50 appointments and about 1/3 of them no showed and he pitched to 2/3. Most agents would say that the appointments were garbage and be put out by the amount of no shows, but that's a part of why this worked for us.
     
  5. STIBROKER
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    STIBROKER Super Moderator Moderator

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    Man I have some mink traps on ebay.................
     
  6. SamJackson
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    SamJackson Well-Known Member

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    Re: Stonebridge NEW MED SUPP

    Oh, it works, Joshy, but I would have to ask you this.

    Why did you use four filipino telemarketers for cold calling if, what Frank tells every new agent, you should be doing all of the calling yourself?

    Is it something that's better outsourced, with your $7k per week agent working on.. wait for it... qualified, interested leads instead of (Frank's method) being on the phone for 8 hours a day cold calling? Doing so, having a professional agent waste 8 hours a day, is mindless, $5 per hour work that is no longer effective today. That's why Frank doesn't do it any more. But it sure sells lists, and CRM software for the pleasure of hearing this "system."

    I think you've made my point.

    Thank you.
     
    Last edited: Jan 8, 2012
  7. Josh
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    Josh Well-Known Member

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    I really do get the feeling you're simply looking for a confrontation, but for the benefit of others who read this and are wondering about the questions you've brought up, I'll add to the discussion.

    Cold calling is not mindless. Not only is it not mindless, it takes a specific set of skills.

    Training a telemarketer is much more work than folks think it is, and it also requires a different skill set than making calls on your own behalf. Folks that are great at telemarketing for themselves usually struggle when it comes to training a telemarketer.

    A telemarketer is a substantial investment and it can take months of training them to break even.

    The FYC on a Med supp is so low that for a scratch agent with bills to pay, they need to do as much work on their own as they can to make it profitable so they can build their book of business. Specifically for Med supps, if an agent is paying someone else to do their telemarketing for them, it's going to be expensive and they likely will at best break even, especially with the learning curve.

    If an agent is just starting out, they need experience on the phone. It's much easier to get experience on the phone and much less expensive cold calling then it is working DM or leads someone else generated for them.


    To the topic of the CRM software, having a good system that is easy for an agent to use is a common problem. For $299 the system will more than pay for itself if just one extra sale is made because it made for a more effective method of tracking who has what and logging that information in an easy to use format. If you don't like it, then by all means don't buy it, but for what the system offers it's an absolute bargain. Let's also not forget that the training is in depth and covers a lot of points.

    If a new agent (or one new to Medicare) wants a one-stop shop for great contracts, easy to use software, and an excellent foundation of knowledge for Medicare, Frank Stastny is a great fit.

    I'll also rephrase and reiterate:

    If an agent thinks telemarketing is a mindless job that can easily be done by filipinos, they are not speaking from experience.

    Cold calling isn't easy. The reason why many people say it doesn't work is because it hasn't worked for them, not because it's an outdated prospecting method that doesn't work.
     
  8. SamJackson
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    SamJackson Well-Known Member

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    You are the grantor of all that is wisdom.

    Now is the part where Frank comes on and shrills for your lists for the brand new agents too dumb to know that they shouldn't follow his mindless sales track of cold calling all day, right?

    Meanwhile, the more knowledgeable agents are hiring folks like you to have telemarketers actually call for them and spend their time selling.

    You say that new agents do not make enough or have enough to purchase leads generated by someone else? Then they likely should not have started a new business endeavor without any foresight or planning to get it up and operational.

    Spending one's time following Frank's plan (cold calling all day) vs. making up to $7k per week having others do it for you.. kind of a no brainer.

    You've already proven my point. No get out there and sell sell sell.. oh yeah, you're selling just to agents. I forgot.
     
  9. Josh
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    Josh Well-Known Member

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    I think a key point you missed is that the $7k was FE premium which meant the total FYC comp on the table was over $7k vs $7k in Med supp premium which is nowhere near that.


    Why should they have to pay someone else to generate them? Better yet, name two companies that can consistently offer quality telemarketed Medicare supplement leads on a consistent basis.

    I also think it's curious that you are *against* the idea of an agent learning to cold call themselves initially and think it's a better investment of their time and energy to learn to sell on expensive telemarketed leads rather than spend a few months or even weeks dialing on their own.
     
    Last edited: Jan 8, 2012
  10. GreenSky
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    GreenSky Well-Known Member

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    He's not against anything, he just wants to argue.

    Pretty brave for someone who doesn't want us to know who he/she is.

    Rick
     
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