Losing Clients, what to Do?

[beachbum2012]

I'm at the point in my career where I seem to notice with some frequency on my commission statements that a client has dropped off. It could be for any number of reasons. I've noticed a handful the last few months as the clients changing during AEP have finally been updated in the statements.

What do you guys usually do in situations like this? Do you always call the client to see what happened in hopes of winning back the business? If you do, is it ever successful? I'm sure if the client is a pain in the butt, you're fine with them walking, but do you ever reach out to the client to at least see why in hopes of not making the same mistake with another client? I think if I did this, it would be an awkward conversation for both of us, and I'd come across as a little confrontational.

 

[russelltw]

I tend to be transitioning away from MA plans (all the regs), so likely would not call. Not sure if it's legal to call them again once they are not a client. As far as a med supp plan, I would call and ask if everything was okay (as if they missed a payment). "I noticed you missed a payment on your medicare supplement plan, I wanted to touch based to see if everything was okay." If they changed, I ask what carrier and if they would mind sharing what rate they received. Make a note and see if you can win them back in a year or so. It could be a relative just started in the business or something like that.

The more important question is what are you doing to keep them from leaving. Are you reaching out to them consistently via email, phone, letter, etc? I think a lot of med supp agents are the "sell and forget" type. Staying in touch is very important. Knock on wood, I don't loose many other than death, switch to a MA plan I don't rep, move to a state I am not licensed in, or have a relative start in the business.

 

[somarco]

move to a state I am not licensed in

I assume you are talking about MA plans. Medigap plans follow the policyholder and rarely (if ever) need to be rewritten. I have clients in other states. Still getting paid.

Back to bum's question. I can only guess that you are doing something wrong during the sale and/or lack of follow up. Like Rusty, I rarely lose clients except to death.

 

[midwestbroker]

To Russell's point, it is a matter of servicing your book of business. That is why agents are paid a residual income. It is not because insurance carriers really like agents and want to give them extra money.

If you are finding yourself losing business, then it is time to step up and give them a reason to stay. Just a few touches a year with a newsletter, phone call, card, etc. can help preserve your book of business.

NOTE: I am not saying you (the OP) are not servicing your book, this is more of a general statement.

 

[sman]

I'm at the point in my career where I seem to notice with some frequency on my commission statements that a client has dropped off. It could be for any number of reasons. I've noticed a handful the last few months as the clients changing during AEP have finally been updated in the statements.

What do you guys usually do in situations like this? Do you always call the client to see what happened in hopes of winning back the business? If you do, is it ever successful? I'm sure if the client is a pain in the butt, you're fine with them walking, but do you ever reach out to the client to at least see why in hopes of not making the same mistake with another client? I think if I did this, it would be an awkward conversation for both of us, and I'd come across as a little confrontational.

How often do you touch your clients throughout the year (i.e. - phone calls, letters, birthday cards, etc.)? Are you proactive during AEP? Meaning do you reach out to all of your clients and remind them AEP is coming up and they need to contact you to discuss changes to their existing plan?

You want to make it where when your clients have questions about their current plan or about a potential new plan, you are the person they think of. I think you'll know you're doing it right when you start getting a steady stream of unsolicited referrals. You'll get the call where the person says,

"I was talking to (your clients name) and started talking about Medicare and she said I should call you because you have the answers and make it easy"

or something along those lines. If that isn't happening consistently once you've got a few hundred clients on the books, then you're doing something wrong. I don't mean that as a knock on you, just that there is more you need to do. Whether that's in the form of educating the client in the beginning of the relationship, staying in touch with the client and/or servicing the client.

Find out where you're falling short and correct it.

 

[WCMason]

How often do you touch your clients throughout the year (i.e. - phone calls, letters, birthday cards, etc.)? Are you proactive during AEP? Meaning do you reach out to all of your clients and remind them AEP is coming up and they need to contact you to discuss changes to their existing plan? You want to make it where when your clients have questions about their current plan or about a potential new plan, you are the person they think of. I think you'll know you're doing it right when you start getting a steady stream of unsolicited referrals. You'll get the call where the person says, "I was talking to (your clients name) and started talking about Medicare and she said I should call you because you have the answers and make it easy" or something along those lines. If that isn't happening consistently once you've got a few hundred clients on the books, then you're doing something wrong. I don't mean that as a knock on you, just that there is more you need to do. Whether that's in the form of educating the client in the beginning of the relationship, staying in touch with the client and/or servicing the client. Find out where you're falling short and correct it.

Well put. I send a simple quarterly newsletter (one page, two column, two-side) with articles about their Medicare benefits, a birthday card, and a letter in late Sept inviting them to call for AEP review. It's rare to lose a client for any reason other than death, and I see any increase in referrals as a result of these contacts. Money and time well spent.

 

[sman]

Well put. I send a simple quarterly newsletter (one page, two column, two-side) with articles about their Medicare benefits, a birthday card, and a letter in late Sept inviting them to call for AEP review. It's rare to lose a client for any reason other than death, and I see any increase in referrals as a result of these contacts. Money and time well spent.

I just do a simple postcard in September. I also do birthday cards (I use SendOut Cards). And the majority of my Medicare clients (Med Supp, PDP and MAPD) have email, so they get periodic correspondence there as well. And every person who sends a referral my way is acknowledged as well.

It's amazing how easy it is to set yourself apart from the crowd. That's also a sad statement about our industry in general.

 

[vic120]

I just do a simple postcard in September. I also do birthday cards (I use SendOut Cards). And the majority of my Medicare clients (Med Supp, PDP and MAPD) have email, so they get periodic correspondence there as well. And every person who sends a referral my way is acknowledged as well.

It's amazing how easy it is to set yourself apart from the crowd. That's also a sad statement about our industry in general.

Good Info, Question how do you acknowledge those the send you referral, Do you mean just a simple thank you card or a small gift or something else?

I know with MA you cant send gift I mean with Supp clients.

Thanx

 

[sman]

Good Info, Question how do you acknowledge those the send you referral, Do you mean just a simple thank you card or a small gift or something else?

I know with MA you cant send gift I mean with Supp clients.

Thanx

Just a thank you card or a phone call. I don't want to get in trouble with CMS by sending actual gifts The majority of my Med Supp clients are also PDP clients so the same rules still apply. Another reason to transition out of PDP I guess. So as to avoid CMS jail for sending a gift card to a Med Supp client.

 

[vic120]

Just a thank you card or a phone call. I don't want to get in trouble with CMS by sending actual gifts The majority of my Med Supp clients are also PDP clients so the same rules still apply. Another reason to transition out of PDP I guess. So as to avoid CMS jail for sending a gift card to a Med Supp client.

That's what I though but wanted to ask Obviously what you are doing works

thank you