Stratgey to Prevent Reshopping Every Year

[kstein]

Anyone have any comments on this idea? I know the secret to insurance is renewals and it is difficult to grow when you have to reshop every client every year (at least that's the marketing goal)

For example, is there any benefit age-wise staying with the same carrier? For example, if you buy a plan at 30 and stay with them for 3 years (within the ACA specifically) are you still priced at a 30 yr old even though you are 33?

What about picking a fully subsidized plan so rates are $0.

Picking the best network as a strategy?

 

[Yagents]

With a volatile market, and volatile variables......there is no such thing as buy and hold anymore. You either go with the churn and burn model, or you grow and service as big a book as possible. (800 clients? for one agent/no staff). Or scale it up if possible........but I don't trust anyone with my clients or this law.

 

[somarco]

There is no such thing as a renewal any more. As Y stated, be prepared to rewrite your block every year. Especially true for exchange business.

With renewal commissions approaching $0 why would you do anything other than active renewals?

 

[kstein]

So if a person stays in the same plan, it doesn't stay with the broker of record? That might be state/carrier specific or completely unknown depe ding on the actions of the person, ie call marketplace have parent help out.

Any tips on managing the high volume?

 

[FLM2]

So if a person stays in the same plan, it doesn't stay with the broker of record? That might be state/carrier specific or completely unknown depe ding on the actions of the person, ie call marketplace have parent help out.

Any tips on managing the high volume?

I kept over 90% of my available book during the OEP and added more than I lost-the secret is to be a trusted advisor, once you do that they are your clients for as long as you are both available.

In terms of specifics, I reached out to every one of my clients well before the OEP and gave most of them advance warning of rate increases and who would have the lowest rates-I had that information because I spend countless hours reading the rate filings.

When it came time for OEP I was ready and so were my clients-next year and every other year after this will be easy relative to this one. I put all this effort into this year because it sets me up for long term success with a client base that is both loyal and, in numbers, about as many as I want or can handle on a personal level (300) at this stage in my career.