Working Your Book

[smokin goose]

I just started doing this by calling my FE clients and letting them know "we've added med supps now and have saved some folks some money".

What are some other ways to maximize ap with your current book?

Annual reviews and slipping in asking for a referral?

Letting them know how a CI, cancer plan works?

What are some things you guys have done successfully?

 

[Newby]

I just started doing this by calling my FE clients and letting them know "we've added med supps now and have saved some folks some money". What are some other ways to maximize ap with your current book? Annual reviews and slipping in asking for a referral? Letting them know how a CI, cancer plan works? What are some things you guys have done successfully?

The easiest and most obvious is always keep track of turning 65s in your own database. I always get mad at myself when I miss one. They are easy to sell when they already bought something from you.

 

[WinoBlues]

I just started doing this by calling my FE clients and letting them know "we've added med supps now and have saved some folks some money".

What are some other ways to maximize ap with your current book?

Annual reviews and slipping in asking for a referral?

Letting them know how a CI, cancer plan works?

What are some things you guys have done successfully?

Real FE agents don't. They only by leads. Won't work.....you have to by DM leads... only. unless you are just a dabbler. Then of course you can do what you want.

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The easiest and most obvious is always keep track of turning 65s in your own database. I always get mad at myself when I miss one. They are easy to sell when they already bought something from you.

Dabbler




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Just kidding guru. Not a personal attack.

On working your book. That is what us old guys learned before there was direct mail leads to buy. They called it prospecting.

 

[rousemark]

Real FE agents don't. They only by leads. Won't work.....you have to by DM leads... only. unless you are just a dabbler. Then of course you can do what you want.

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Dabbler




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Just kidding guru. Not a personal attack.

On working your book. That is what us old guys learned before there was direct mail leads to buy. They called it prospecting.

Old school... Just won't work in a high tech world....

 

[jdeasy]

I don't know why some want to talk about what FE agents do when they obviously have no clue.

Most all of the FE agents I know do work their book quite successfully.

Personally I work mine by doing service work. Helping with bank changes, bene changes, updating addresses when they move, etc. I do not do annual reviews nor do I contact them to buy additional coverage. Overtly anyway.

I'm in contact with them through service. They all know I do med sups. They call me when they get medicare. Just wrote 2 med sups on people I wrote 9 years ago.

Not a lot of med sup people in the FE arena as they are mostly MA people but they call too. Fortunately I have a guy that writes MA, MAPD and PDP's. I can refer them to him.

 

[smokin goose]

Ok, so far JD and Scott have added useful content here. Any others?

 

[goillini52]

I just started doing this by calling my FE clients and letting them know "we've added med supps now and have saved some folks some money".

What are some other ways to maximize ap with your current book?

Annual reviews and slipping in asking for a referral?

Letting them know how a CI, cancer plan works?

What are some things you guys have done successfully?

This is more for the future since you're adding Med Supps. You'll need to keep an eye on their Med Supp premiums. When they start to go up too much(about every 3 years), as they always do, you need to switch them to a cheaper carrier. I tell them I'll do this when I first sell them a Med Supp. They appreciate the fact that I'm going to make sure that they don't pay more than they have to for the same coverage(and let's them know I'll be around...not a fly by nighter). If you don't, another agent will.

This saves your client money and gives you a fresh 6 years on the FYC. With the money you save them you might give them more FE, a cancer policy, etc. Also you're showing them that you're on top of things and you'll get referrals and keep other agents out of the house.

 

[WinoBlues]

Ok, so far JD and Scott have added useful content here. Any others?

Sorry.

Not an FE agent. But I did write my first "FE" policy in 1994, my last one yesterday.

I work the hell out of my book. That is where the bulk of my sales come from in one form or another. I just started buying Internet "FE" leads this year to try them out. Other than that I do not buy leads. One of my forum buddy shares some internet leads with me also. I cross sell my "FE" clients more than my Traditional clients. I get a steady flow of in bound calls many of which are people asking for insurance or asking me to call someone to help them with insurance.

I do not do MedSups, but I should, I mostly cross sell Life insurance products to their families. One way I do that is I call the beneficiary and contingent beneficiaries to give them my contact information so that they know who to call when the insured dies. Many times that is the adult married kids which leads to a term, Permanent or child policy. I also get a lot of request for quotes from those people to quote their in-laws. Then I repeat.

I use the "oh by the way" a lot. Think Columbo. "Oh by the way, If you know anyone that thinks they are uninsurable because of Cancer, Dialysis or Diabetes let them know that I have great options. Seems like we all know someone that has had something..." "oh by the way, We have some great child policies starting at $4. a month and family plans for a few dollars more" Oh by the way, a lot of people bought a policy from some guy that showed up at their door or off the TV and think they know what they have, but really do not know. Because you are my client I will offer to do a summary for any of your family, but they have to let me know you referred them" I then formally or informally AOR them, I poison the well then cross sell their family and friends. Doing a simple beneficiary update is an easy way to gain a client.

The case I wrote yesterday: Small deal ($5k on a 78yo) But I have 4 daughters (FE types) to call. The fifth I talked to yesterday. She and her husband both college grads own a small business in So Cal. They are in their 50s. They both have term plans that are about to term out. I am quoting him $1,000,000.00 and her $500,000.00 also she is buying a small family plan for her single mom daughter. And a couple child policies on the other grandkids. Of course, I will need to talk to those Gr'kids parents..... The 81 yr old I wrote last week: I got this email from the owner/son this morning, he is in his 60s "Lee, Go ahead and underwrite $250K." on the wife's quote. Still waiting for a decision on his quote and his son's $1,000,000 30 year term quote.

Another passive way I prospect my book is with company notices. Example, United Heritage sends the agent a copy of every piece of mail they send my clients. I jot a note at the bottom of my copy about reviewing their plan and enclose a couple flyers like MoO child policies. The child policies have been a good lead generator. Thank you Boman for the idea.

Again I do not write "FE" only, I do not work the cat pee market anymore and I definitely do not work as hard as you younger guys. But I do write a bit of "FE" as a dabbler and my current lead cost is maybe $200 on a high month.

Working your book could be something you add to what your doing and only take a couple hours a week. Many of my clients were someone else's customers before they became my clients.

EDIT: If I wanted to learn to cross sell FE client MedSups I thing Newby would be my first stop.

 

[bboman23]

You're welcome Wino

 

[WinoBlues]

You're welcome Wino

No joke. Offering that MoO and Gerber child policy has generated $1,000s of dollars for me. and I have actually only sold a few of the actual plans. I would give them away if I could.