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With the first of the Boomer generation turning 65 this year, and qualifying for Medicare, now is the time to start focusing on marketing to them. The Baby Boomers are a wealthy, educated, and sophisticated generation motivated to purchase by service and information. They expect honesty, trust and openness in their business relationships and look for an open communication about their needs rather than a blanket sales pitch. Research has shown that they are not slowing down their spending, set in their ways, or blindly brand loyal like their parent’s generation.

The Boomers do not respond favorably to fear tactics. The use of strong positive images, appealing to their emotions without being condescending, and empowering them with information to keep them in control of their life will be a much more effective marketing strategy. The Boomers are used to managing their money and making financial decisions. Often times they are in a position to make choices not only for their own health and longevity but also the needs of their aging parents.

It’s also important to understand their youthful side. Boomers are of age to buy Medicare Supplements and Long Term Care insurance, but still respond to marketing targeted at their young and vibrant lifestyle. They appreciate new services and innovations, and embrace technology with more than 80% searching online for health information. Driven by information, you may have to spend more time prospecting with them and engaging them while establishing an open dialogue with a high level of service, quality, and trust. National research firms show that nearly 90% of Boomers participate in viral marketing - telling friends and family about the products they use. Thus, multiple referrals can come from each new client.

The Baby Boomer generation is part of an exploding senior insurance market, with those aged 50 and older accounting for approximately half of the population in the United States by 2015. Contact PSM at 1-800-998-7715 to make sure you have the most effective marketing strategies and products to offer the new generation of seniors coming into your market now.

Please give us your feedback!
In your experience, how is the Baby Boomer Senior different from their parent's generation? Have you already seen a difference in the Boomers entering the supplemental insurance market?

Source: Agent's Sales Journal

Leads are an essential part of a thriving business. There are several options available and it can be hard to determine which method will be most effective for your business. Often there is a choice between internet and direct mail lead sources, both having their pros and cons. Also, it’s important to remember to request referrals from your current clients who can provide testimonials to their friends and family.

Here is a more in depth look at the types of leads:

1. Internet Leads – These are available as either shared or exclusive. Shared leads are more economical, but are sold under the notion that more than one agent has access to the same lead. Therefore, you might be the fourth call a senior has received regarding their Medicare Supplement interest. You will need to bring your "A Game" to every call and draw from examples as to why clients should choose you over the others they have heard from. Exclusive leads are exactly what they sound like – exclusive to you. Though a more costly option, you get what you pay for. Chances are your close ratio will be higher, the senior will not be annoyed by the volume of calls they have received from prospective agents, and you will be able to fulfill their supplemental insurance needs.
   
   Additionally, leads from your own website fall under internet category. If you are considering creating a website for your agency (especially helpful if you are prospecting over the phone) then be sure to include a short quote form on your main page. This form should request contact information like name, telephone number, e-mail address, and state/zip code. Websites can be as simple as a template site to as complex as something created custom for you from a design agency. Just remember, your website is the face of your agency and it is important to give the right first impression.


2. Direct mail – These leads are purchased directly though a vender who already has lists and mailing pieces available. You will pay a determined cost per a set number of pieces and choose the area in which to distribute the mailer. Direct mail is a great option, as it is a visual piece that goes directly into the hands of the senior for them to consider. If interested, they will mail a piece back to you or use your contact information provided on the piece. The response rate you receive will be exclusive and the leads are yours to contact further.


3. Referrals – Don’t forget to ask your clients if they know anyone who is also in need of supplemental insurance. It can be daunting to bring it up; however, by taking social queues from a satisfied client you will see when it is appropriate to ask. Also, it’s important to not to feel uncomfortable doing so – as a good agent who does a lot for your clients there is no reason you cannot ask for referrals. Most likely, they know someone who would benefit from your product portfolio and customer service.

If you have any questions about which lead option is best for your business, do not hesitate to contact your marketing representative at 1-800-998-7715 who will be happy to guide you through the options available.

Please give us your feedback!
Where do you get your leads from? What has the most successful method: internet, direct mail, referrals? Have you found your clients are open to your request for referrals?

Client retention is an ongoing process that starts with providing excellent service and continual client contact from the very first contact and continues throughout your relationship.

Here are a few strategies you can employ to retain more of your existing clients:

1. Respond to your client’s needs by changing your sales pitch for those who need you to listen and communicating via email, phone calls, or face-to-face meeting to show you care. Also, follow-ups like a newsletter, cards, or surveys will also help you clients know you care about them as a person rather than a number.
2. Put your client’s needs first, listen to what they have to say, and make note of what is important to them. When you show how your customer service will exceed their expectations they will willingly contact you again with their questions, concerns, policy changes, or need to change a product or service.
3. Meet your deadlines, call when you say you will, and show that you are responsible and that your clients can trust you to do what you say you will do.
4. Treat them like you would any other business associate. Look out for their best interest, take their concerns seriously, and ask questions to meet both their current and future needs.
5. Use referrals, testimonials, and other endorsements to allow others to speak for you and show your expertise within your field. This will give you credibility in your business and confirm your client’s decision to choose you to guide them with their supplemental insurance needs.
6. Give your clients your all and gain their loyalty. When you have a strong base it will also be easier to leverage those testimonials to new clients.

Please give us your feedback!
What have you found most important in retaining clients? Do you have any techniques that you use that would help other agents be successful?

Source: Insure Me

With the first of the Boomer generation turning 65 in 2011 the Medicare Supplement market is set to explode; and, in preparation, Medicare Supplement membership grew 5.9% in 2010. Some contributing factors were several Medicare Advantage plans being terminated and the introduction of Plans M and N. Not only is the percent expected to increase once all of the plans have reported their data, it is an over 4% increase from 2009 where there was a 1.3% growth on new policies. As of the end of 2010, Medicare Supplement plans covered approximately 9 million seniors, with 44% choosing Plan F; and, 147,912 choosing Plan N since it was released in June 2010.

For 2010 Medicare Supplement plans earned $20.045 billion in premiums and incurred $15.857 in claims paid out. The aggregate loss ratio of incurred claims of premiums lowered from 80% in 2007-2009 to 79% in 2010. Of the leading Medicare Supplements UnitedHealth, AARP, dominated with 32% of the market share. Mutual of Omaha ranked second with an 11% share, rising from 8% in 2009.

Additionally, companies are beginning to diversify their portfolios to include Medicare Supplements, Medicare Advantage, and stand alone Part D coverage in order for more opportunities in the growing senior market.

Please give us your feedback!
Did you see an increase in clients in 2010 over 2009? an even bigger increase thus far in 2011?

Source: Insurance News, Mark Farrah Associates

A survey recently done by Agent’s Sales Journal showed that 41% of agents still do not have a web presence; and, even more have a site that is due for a major update. With the explosion of the internet, many seniors are now online searching for products and services. Also, there is a distinct advantage in being able to give out your website address when selling Medicare Supplements over the phone, especially when your clients are not close enough for you to meet with in person. Creating and maintaining a website is nothing to fear. Here are some guidelines to help you start the process.

Commit. The first step is committing to either building or having built a website that will positively reflect your business. It is really important to remember that first impressions are everything and you should put the proper time and effort into making a site that really captures the professionalism you want to portray.

Decide on a Budget. Get a feel for what’s available for you to choose from. There are lower cost template-based sites to more expensive completely custom options.

Register a Domain. Do you want to choose a common search term, your name, your business name, or a phrase common to your industry? On GoDaddy.com and NetworkSolutions.com you can search to see what names are available, choose one, and register it to you.

Hire Professional Help. Once you determine what you want to spend, contact company whose portfolio contains sites you like and have a feel you are going for. If you aren’t sure, get a second opinion from family members and friends. Ask for reference and contact those people to confirm they were satisfied with the process. Or, if you decide to create the site yourself try a template-based site like Intuit or a service designed specifically for Insurance Agents like Norvax.

Develop Content. You may have heard the cliché, “Content is King,” and it still holds true. While your website is being developed put some time into writing the content that will be on your website to answer potential client questions about your service. Look at competitor’s sites and see what they are writing about and compare.

Launch the Site. Once the site is developed and has keyword rich content it is time for it to go live. Most website design companies will also offer hosting; however, if not you should ask them for references on where they recommend and who is easiest to work with.

Get the Site Found. Even once your site is up and running you cannot stop working with it. Include your web address on all your marketing materials and submit it to search engines. You may also want to start a Search Engine Optimization (SEO) campaign to get your site to appear higher in search results.

The process may seem overwhelming at first, but to break it down further the most important things to remember about making a website are to make the time commitment, write good keyword rich content, and develop a SEO campaign that will help your website be found in major search engines.

Please give us your feedback!
Are you beginning the process of creating an agent website? What are the challanges you are facing? Or, do you have a website already? What advice would you give those just starting out?

Source: Agent's Sales Journal