Suckered by Mutual of Omaha

Aug 1, 2019

  1. vipoffer
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    vipoffer New Member

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    That whole part! Knowing your USP and marketing it to your clients.
     
  2. CrustyVet
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    CrustyVet New Member

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  3. CrustyVet
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    CrustyVet New Member

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    That last sentence is the best advice to follow. You can't avoid rate increases, they are inevitable. In fact, they are built in (with attained age). In general though, I have always found that the lowest premium plans today are among the highest premium plans 4 to 5 years later. I look for companies with the largest book of business that are priced just under the middle of the pack. They SHOULD prove to be the most stable. Stay away from the newbies that are trying to buy lives. They are popular with the agents selling on price. Once the claims begin to show up a couple of years down the road those low premiums quickly change, and then those same agents destroy what's left of that book by stripping away the healthy lives. It's a death spiral after that and if you ever have clients stuck there you will regret it.
     
  4. mdlovell
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    mdlovell New Member

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    I'm curious how you purposely mix your book? I'd like to mix mine more but aren't sure how I should be intentionally doing that.
     
  5. sshafran
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    sshafran Guru

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    I think it just happens naturally by keeping up with the options... we have new carriers all the time.

    I've found, after several years working T65s, that "brand" can help make the sale. i.e., they are so inundated with everything, that they tend to be more likely to pull the trigger on a well-known, well-priced carrier.

    Example - someone is T65 and Plan G starts at 105 from Lumico, 106 from New Era, 108 from Heartland, and 109 from Humana, and 117 for UHC. Not a real-life example....

    It's really, really easy to pitch it like this:
    • Looks like 105 is the lowest, and we can do that carrier. Now, they are new - just over 1 year in the market.... but they are the lowest and Plan G is Plan G no matter what carrier you buy it from.
    • There are a few other small carriers, similar to Lumico around that same price ("by the way, I'll be sending all these prices to you in an e-mail - you don't need to write everything down")
    • Looks like Humana, a few dollars more, is the first "big name" company at 109. After that... let's see, a few more small companies - looks like UHC is 117...
    7 times out of 10... you'll either get, "let's just do Humana" (or whatever the lowest brand company is). 2 times you'll sell the lowest - whatever carrier that may be. 1 time you'll get UHC - they want to pay extra for "the one from AARP (their words, not mine)."

    And if you are selling in a few states, the grid will be different depending on the state, so your business will naturally spread out. Then, a new carrier will come in... becoming the "new Lumico."
    --
    Fast forward 4 years.... it's 2024, and you're talking to your current client you've had since 2019...

    Well, John, Humana is now $143, looks like Ureka is coming in at $116. At this point, they are no longer as carrier specific, and they understand the deal a little bit more now. G is G is G is G.... they may not necessarily want a no-name, but I find them to be a bit more receptive to the no-name carriers.
     
  6. somarco
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    somarco GA Medicare Expert

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    We do things in a similar fashion but I rarely ever sell the household name.

    Last year that changed with the "re-branding" of BCBSGA as Anthem. Got tired of fighting the "does this carrier have Silver Sneakers?" so I caved and started pushing Anthem.

    Sold 30 or 40 Anthem in the last 6 months of 2018 on the strength of Silver Sneakers.

    Now I am up to just over 60 clients with Anthem.
     
    somarco, Aug 9, 2019
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  7. sshafran
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    sshafran Guru

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    For the record, I never claimed to be good at math.
     
  8. somarco
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    somarco GA Medicare Expert

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    Yeah, tell me.

    What about that $1800 you still owe me?
     
    somarco, Aug 9, 2019
    #18
  9. sshafran
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    I sent you $.05. We agreed to this payment plan... don't rush me.
     
  10. somarco
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    somarco GA Medicare Expert

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    You got the deal of a lifetime. I was probably drunk at the time.

    Don't ask for any more favors.
     
    somarco, Aug 10, 2019
    #20
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