Insurance Agent Forum

[naddy512]

Most have you have probably read "the becoming a health insurance agent" forum and believe me it is outstanding. i love it, step by step directions for newbies like myself. it truely is awesome. however i will be selling advantage plans, supplements, final expense etc to seniors so i was trying to get something going on this forum just like that but that focuses on the steps when dealing with a senior.

I would love to see how the veterans and experts handle their business in the senior market. i need help. i would like to get the same format as the other forum but just pertaining specifically to seniors would be great

PLEASE feel free to leave your two sense it would be greatly appreciated

[furlover]

I agree!!

Selling to the Senior market is a completely different animal.

To know how professionals approach and handle marketing and prospecting would be wonderful.

[midwestbroker]

I have been working on an Agent guide to getting into the senior market. It is still a rough draft, but covers the basics of Medicare, Supplements, Medicare Advantage plans and Part D.

It is 13 pages long but I am trying to make it a quick read.

Let me know what you think...I am open to ideas since I am still working on it.

[johnrocks]

Originally Posted by midwestbroker

I have been working on an Agent guide to getting into the senior market. It is still a rough draft, but covers the basics of Medicare, Supplements, Medicare Advantage plans and Part D.

It is 13 pages long but I am trying to make it a quick read.

Let me know what you think...I am open to ideas since I am still working on it.

I really thought that it was a good read as to the "mechanics" of medicare;which everyone should defintly know before they become involved in selling medicare products;however I think(and this is just a suggestion) your next topic could be on how to "tie" all this together in prospecting and selling. Very good read though.

[Slick]

Nice write up Michael.

[furlover]

Thank you Midwestbroker.

I know of agents who would like to know more about MA plans but don't wish to sell them. This would be wonderful for them!

I absolutely agree you cannot represent your product unless you understand it. Not only Medicare, but Medigap, etc in detail. I also have compared the different MA plans offered by the various companies. I don't pretend to know everything, but I am at least starting to feel I understand the product enough to know what I know and the wisdom to know what I don't know. Hope that makes sense!

What I had hoped was to learn ways to reach Seniors in a way to lessen their stress and involve their families when wanted.

For instance: Has any one tried marketing to their children instead of the Senior?

I read the forum as much as I can and have learned so much here. I seldom post because I honestly don't feel that I am knowledgeable enough. I do believe there are uniqueness to the Senior market though. AM I wrong?

[midwestbroker]

Thanks for the feedback!

I am writing another part to it, marketing and prospecting. I will post it when I have that done.

There is a uniqueness to the Medicare market.

- They only have a few different options to choose from. The carriers to choose from may be vast, but the overall structure is the same.

- The need is greater - Most seniors are aware of the importance of having coverage, since they are at a stage of their life where they are more prone to illness, injury and prescription medication.

- They are bombarded by offers in the mail for insurance, financial planning, etc. Clarity is what they want. It is more education then selling.

- If they have been on Medicare for a while, the fear of changing can be a big one. You can sell them on the insurance, but you also may have to sell them on the benefit of change.

The last one is the one I wish I would have realized a while ago. I would have had more sales!

[naddy512]

Midwest, awesome booklet i loved it
Looking forward to the one about selling
If anyone wants to throw down their two sense about selling while midwest is working on his other booklet "the one on selling" i think that would be greatly appreciated. i would post myself but i have never sold anything yet haha i need help

[senior-advisor-indiana]

I think a good piece of information about being in the senior market would be "how to prospect" and maybe some opinions on places to buy direct mail, like what pieces have pulled a better return. Do some direct mail companies use better data and get better quality leads?

I personally have used lead concepts, I think then it cost 375 per thousand pieces and I got a 5.5% return in indiana. I sold 5 med supps so far and still have to work some of them.

[Frank Stastny]

Originally Posted by midwestbroker

Clarity is what they want. It is more education then selling.

- If they have been on Medicare for a while, the fear of changing can be a big one. You can sell them on the insurance, but you also may have to sell them on the benefit of change.

Midwest is 100% correct. I don't "sell" Med Supps either. I "sell" myself and educate the prospect about Medicare and Medicare Supplement policies. I have mentioned before that at least in Missouri, if I know a prospect has either a Plan F or C, and I can get an appointment with them, then I will write an app before I leave their house 90% of the time. The plan I will write is a D.

I take a logical approach, not emotional, and when I finish educating them about the different plans available, they always see the benefits of a D over Plans C and F or even a G.

Medicare Supplement policies are possibly the easiest kind of insurance to sell. If sold right they are also very easy to keep in force with your client.

Very few of my clients switch just because the company has had an increase.

Actually, "selling" them on the benefits of changing is almost not necessary after a good educational presentation. Especially if it includes the provision of no pre-existing conditions and setting the effective date far enough in advance that they have the new policy before they cancel their existing one.

This goes a long way in putting their mind at ease. Building trust during your presentation is imperative to making everything work.

I spend a minium of almost two hours with a prospect. Trust can't be built in 30 to 45 minutes. At least I can't do it.

[Frank Stastny]

Originally Posted by senior-advisor-indiana

I think a good piece of information about being in the senior market would be "how to prospect" and maybe some opinions on places to buy direct mail, like what pieces have pulled a better return. Do some direct mail companies use better data and get better quality leads?

I personally have used lead concepts, I think then it cost 375 per thousand pieces and I got a 5.5% return in indiana. I sold 5 med supps so far and still have to work some of them.

It sounds like you could write the chapter on prospecting. 5.5% is a HUGE return! I have never had Lead Concepts do a mailing for me, I have only purchased lists from them. I may have to re-think doing a mailing.

Having a good plan to stay in contact with your clients will generate lots of "leads". As your client base increases so will the referrals you get. I am now getting calls from the children of some of my clients who are now getting ready to go on Medicare. I guess that makes me a "second generation" insurance agent.

Keeping all of the leads you receive well organized and recycling those leads will also generate a surprising amount of new business.

Keeping track of the company the prospect has their insurance with when you make the initial contact will generate tons of sales. When you hear their Med Supp company has had an increase, call them and they will be anxious to set up an appointment.

In one month I sold almost $80,000 in Med Supp policies just because I kept track of the name of the insurance company each prospect had their Supplement with the I first talked to them.

I routinely sell policies to people I have gotten leads on 12, 18, and 24 months ago. Their situation is constantly changing. The guy who hung up on you today may be ready so sign an app a year from now.

Use the resources you have before going out and getting new ones. After all, a "lead" is nothing more than a name, address, phone number and birth date. The same information you can get on a list.

I would say less than 2% of the people I call who send cards in even remotely remember filling out the card.

[midwestbroker]

Another point to add to Frank's prospecting is that most agents do not keep up with their book of business.

If you are sending them info here and there and their agent is not, then they will be more likely to call you when something comes up.

[Cenla Agent]

Originally Posted by midwestbroker

I have been working on an Agent guide to getting into the senior market. It is still a rough draft, but covers the basics of Medicare, Supplements, Medicare Advantage plans and Part D.

It is 13 pages long but I am trying to make it a quick read.

Let me know what you think...I am open to ideas since I am still working on it.

This is quite good. One change I would recommend is with clarifying PPO's a bit further. You are correct that initially they were "local" PPO's with the service area being a particular metro area. But in 2005 we saw the introduction of Regional PPO's that cover rural areas as well. The service area for those plans covers at least an entire state and some encompass 2 or even 3 states. However, other than Humana, I don't know what other carriers offer the RPPO. I think Humana offers it (Choice PPO) in about 20-25 states.

[James]

The most important thing about MA's is exceptence, as someone mention they are basically built on the same chasie. Here in Knoxville you can sell Advantage, Humana etc etc, you can espouse how wonderful these plans are but the rubber hits the road when your client goes sees the Dr and told that their plan is a no go! Fact is around Knoxville TN, if you don't have Cariten or John Deere you can't see the Summitt Group Doctors (which is massive in Knoxville) with any other MA outside of Cariten or John Deere. I come to figure out that the old Medigap Plan is just better all the way around, at least for now. Sterling sold their plans playing down the Dr List as assuring their clients that they could change this, yet after a year or so of trying they just about pulled out of the Knoxville area and being a Sterling agent at the time didn't do me much good at all.

[Cenla Agent]

Originally Posted by James

The most important thing about MA's is exceptence, as someone mention they are basically built on the same chasie. Here in Knoxville you can sell Advantage, Humana etc etc, you can espouse how wonderful these plans are but the rubber hits the road when your client goes sees the Dr and told that their plan is a no go! Fact is around Knoxville TN, if you don't have Cariten or John Deere you can't see the Summitt Group Doctors (which is massive in Knoxville) with any other MA outside of Cariten or John Deere. I come to figure out that the old Medigap Plan is just better all the way around, at least for now. Sterling sold their plans playing down the Dr List as assuring their clients that they could change this, yet after a year or so of trying they just about pulled out of the Knoxville area and being a Sterling agent at the time didn't do me much good at all.

I agree that acceptance is where the rubber hits the road. Some MA plans are widely accepted in some areas but not in others, and this can vary depending on what part of the state it is, etc. If a company doesn't have a good provider relations department that educates providers on the plans (PFFS) and that is successful in maintaining and expanding HMO and PPO networks (if your carrier offers those plans) you might as well hang it up.

[midwestbroker]

I will go into more detail about PPO plans. Thanks for the tip!

The provider network is one of "the other side" selling points that I made, that you may be confined to a network. Depending on your location, that could be a challenge. Some areas, mature markets (where MA plans have been for 5+ years) it is still an issue, but not as big since it is just a matter of picking the right network.

Hell everyone I am new to the board any suggestions on how to grow your business? Where are good leads available?

Gary

[DarrylVK]

Originally Posted by midwestbroker

Thanks for the feedback!

I am writing another part to it, marketing and prospecting. I will post it when I have that done.

As a newbie in the Medicare market, I know I'm looking forward to it!

[JustinUpright]

I enjoyed the booklet. I can't wait till it is completed.

[Crapgame44]

Originally Posted by James

The most important thing about MA's is exceptence, as someone mention they are basically built on the same chasie. Here in Knoxville you can sell Advantage, Humana etc etc, you can espouse how wonderful these plans are but the rubber hits the road when your client goes sees the Dr and told that their plan is a no go! Fact is around Knoxville TN, if you don't have Cariten or John Deere you can't see the Summitt Group Doctors (which is massive in Knoxville) with any other MA outside of Cariten or John Deere. I come to figure out that the old Medigap Plan is just better all the way around, at least for now. Sterling sold their plans playing down the Dr List as assuring their clients that they could change this, yet after a year or so of trying they just about pulled out of the Knoxville area and being a Sterling agent at the time didn't do me much good at all.

Hi James,
I tied to send you a PM but I dont have enough posts yet. I am re-locating to Knoxville next year from Florida and wanted to ask you a few questions if that is OK. Thanks, Chris