It's Official, I've Reached 1000 Active Medsupps!

[TDFnCali]

That is how I financed my start in this business. I think I had 5 credit cards with balances totaling about $30k. I didn't think I would ever pay it off.

So thats the key to being successful...max out ALL of your CCs guys to start!

 

[azmedsupagent]

So thats the key to being successful...max out ALL of your CCs guys to start!

Lol! Or start with more cash... business line of credit would have been nice but at 26 yrs old I couldn't find a bank interested in fronting me the funds.

 

[entrep1776]

I would love to. I left my salaried personal banker job, withdrew all of my whopping 2k dollar 401k and started buying mailers as a captive agent with physicians mutual. I also knocked on doors and cold called lists(medsuponly) I went to work every day and I fought tooth and nail, occasionally lived on credit cards, even lived with my parents for a stint. Then I bought Internet leads and discovered that I'm really good on the phone. In an effort to lower my lead costs spent the next 3 years learning about web design and learned enough SEO to be dangerous. I used that knowledge to build a website and market it on the internet. Now I do a little of everything, Internet leads, mailers, website, referrals. When youve got a system dialed in you can write as much business as you want. Money invested is the fuel for my production, my gas pedal looks a lot like an Amex and I am the driver.

Find something that works consistently, don't freak out and change everything if you have a bad month and repeat the process as many times as you possibly can. That's what I did.

6 months later update?

Would you change anything to get to 1000 faster? lessons learned? Would you still have gone captive?

 

[Newby]

Once you get there the daily maintenance keeps you busy. Bank changes, etc.

Today I get a notice that a lady I sold three years ago is lapsing. I knew she had a major chronic condition when I sold her at age 65 and she did NOT want Medicare Advantage. So I call to see what's up.

Someone from Florida called her and saved her some money ($14 monthly). I said that is always good. But did you get them to send you in writing that they were fine with your XXXXX (health condition.)

She said she definitely told the agent and he said it was OK.

I tell her that if that's the case she is fine and she should keep it. But just to be sure (I was already sure) call the 800 number on your card and make sure they are aware of it and will give that to you in writing. Otherwise they can cancel you the next time you are treated for it.

She calls back, nope they said the app was submitted with that question checked no. (No phone interview either.) So I verified that she can get back on her old one (yes) and then we wait on hold 50 minutes to cancel the new one.

That's the stuff your days gets eaten up with with your 1,000+ Medicare base. It's a good problem to have. But it's not all renewal checks for playing on the golf course either.

 

[Bevo]

Once you get there the daily maintenance keeps you busy. Bank changes, etc.

Today I get a notice that a lady I sold three years ago is lapsing. I knew she had a major chronic condition when I sold her at age 65 and she did NOT want Medicare Advantage. So I call to see what's up.

Someone from Florida called her and saved her some money ($14 monthly). I said that is always good. But did you get them to send you in writing that they were fine with your XXXXX (health condition.)

She said she definitely told the agent and he said it was OK.

I tell her that if that's the case she is fine and she should keep it. But just to be sure (I was already sure) call the 800 number on your card and make sure they are aware of it and will give that to you in writing. Otherwise they can cancel you the next time you are treated for it.

She calls back, nope they said the app was submitted with that question checked no. (No phone interview either.) So I verified that she can get back on her old one (yes) and then we wait on hold 50 minutes to cancel the new one.

That's the stuff your days gets eaten up with with your 1,000+ Medicare base. It's a good problem to have. But it's not all renewal checks for playing on the golf course either.

Good example.

It's also where a great assistant goes a long way and is worth every penny.

 

[kgmom219]

Good example.

It's also where a great assistant goes a long way and is worth every penny.

Its just finding a GOOD one that's the problem

 

[TheGoGetter]

Since then my production has doubled and now at 35 yrs of age with 1k med supps on the books I find myself wondering... whats next? Shoot for 2k? Semi retire and just work my existing book for cross sales? I wonder how long we all have left to make money in this business. Maybe now is the time to sell my book and get out!

I'm open to sage advice and sarcastic assholery... Discuss.

Sincere congrats! Glad to hear of the help and wisdom gleaned from this forum. Was there a point where your BOB provided enough referrals to sustain it's growth organically? Or do you feel to grow there is always a need for fresh leads?

1000 is a goal of many , myself included, aspiring agents..... If you want to further cash in on your success why not write an ebook to envelope your experiences? Btw are there any existing books that go beyond the beginnings of starting, and talk specifically about the "meat grinder" in the middle while BOB is growing through the first couple hundred policies? Appreciate your insight, and again congrats! Looking back you've gotta be proud as _____ you took that first leap of faith put from the salaried position.

 

[Devin01]

Sincere congrats! Glad to hear of the help and wisdom gleaned from this forum. Was there a point where your BOB provided enough referrals to sustain it's growth organically? Or do you feel to grow there is always a need for fresh leads?

1000 is a goal of many , myself included, aspiring agents..... If you want to further cash in on your success why not write an ebook to envelope your experiences? Btw are there any existing books that go beyond the beginnings of starting, and talk specifically about the "meat grinder" in the middle while BOB is growing through the first couple hundred policies? Appreciate your insight, and again congrats! Looking back you've gotta be proud as _____ you took that first leap of faith put from the salaried position.

I personally do not think you can rest on referals, our agency has been soley focused on Medicare since 08 and we constantly invest in lead generation and do local seminars, agent recruitment and phone sales. We get referals alot of them but the key to continued growth is marketing, especially with everybody and their brother selling Medicare now.

 

[Todd King]

I personally do not think you can rest on referals, our agency has been soley focused on Medicare since 08 and we constantly invest in lead generation and do local seminars, agent recruitment and phone sales. We get referals alot of them but the key to continued growth is marketing, especially with everybody and their brother selling Medicare now.

Not that an agent should rest on their laurels, but the whole conversation is based on an individual agent, not an agency. As an agency you never want to rest, but as an individual you have more leeway on that.

 

[WiscBroker]

Just out of curiosity, how does one go about selling a Book of Business and who would be a likely type of buyer? I would assume the process of transitioning AORs for 1000 clients would be daunting since usually you would need a signed letter from each client authorizing such a change, correct? I suppose it would have to be a large, national agency that specializes in such an endeavor and already has a "system" in place to accomodate such a massive transition, client-by-client.