Med Supp Book Persistency

[JimDandy]

I have a Med Supp book of about 800 clients that I have sold all face to face to a local clientele. Year to year, I have about 94% of my med supp policies renew.

My question is for you folks that sell to out of state people over the phone. What percentage of your book will renew each year?

Thanks!

 

[sman]

The majority of my book is in my resident state. However, I'd say 99% of it has been done over the phone. And outside of death, I rarely lose a client.

 

[axeman462]

I think this past AEP was my highest loss rate for medsupps yet; about 2%. However, everyone of them is still a client, they all just changed from a medsupp to MAPD

 

[GreenSky]

The majority of my book is in my resident state. However, I'd say 99% of it has been done over the phone. And outside of death, I rarely lose a client.

Just for clarity, you're talking about the death of a client, not your own death, right?

Rick

 

[sman]

Just for clarity, you're talking about the death of a client, not your own death, right?

Rick

That's a trade secret Rick, you know I can't share that with you.

 

[JimDandy]

So do any of you guys sell over the phone out of state?

 

[vic120]

So do any of you guys sell over the phone out of state?

I do over 90% retention

 

[Bevo]

My question is for you folks that sell to out of state people over the phone. What percentage of your book will renew each year?

Thanks!

Myself and many of my friends who sell in multiple states with agents will all have the same answer to your question...

A percentage so high (provided you have correct tools and processes in place) that it's almost not worth worrying about. So North of 95%.

 

[Glen Shelton]

Myself and many of my friends who sell in multiple states with agents will all have the same answer to your question...

A percentage so high (provided you have correct tools and processes in place) that it's almost not worth worrying about. So North of 95%.

If my memory serves me, the last time this subject came up someone shared a case study that said 91% was the average retention rate of a Med Supp client...

 

[Bevo]

If my memory serves me, the last time this subject came up someone shared a case study that said 91% was the average retention rate of a Med Supp client...

Sounds reasonable.

Bring in 10%+ of new business each year and "technically" you're growing. Provided you have adequate retention methods in place, the front end number is what you should be focusing on more.

Spend 90% of your time on acquisition and 10% or less on retention, preferably with most of it automated (other than rewriting business).