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While the challenges are great, so are the opportunities

Posted by www.psmbrokerage.com Admin on Tue, Mar 31, 2020 @ 01:53 PM

While the challenges are great, so are the opportunities

While the challenges are great, so are the opportunities

The current times that we are all facing have brought each of us to realize how precious our families, our friends, our communities and, most importantly, our health is. At this time we have come to a realization that in the next few weeks we will be challenged to keep productive and prosperous. With that in mind, the present situation provides each of us an opportunity to focus on several items that we may have taken for granted in the past. Take some time to think about these alternatives:

Reassure your clients - For each and every one of your fixed annuity clients, take the opportunity to call them and give them some peace of mind knowing that their fixed annuities are protected from the current market volatility.

Focus on training - If you need to complete any type of continuing education or product certification, do not delay in taking the time to complete that during the present.

Expand your future opportunities - If you have considered obtaining a new license or designation, now is the perfect time to study and prepare yourself for that growth. Not only will the license or designation be useful to your production, but it also allows you to become more holistic in your services.

Invest in yourself - Take some time to work on what you do best, which is finding solutions for the problems that your clients face. Sales training can help with productivity and positivity. During these times, we all need positive influences, so take it upon yourself to improve.

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For agent use only, not for use with consumers. Not affiliated with the United States government or the federal Medicare program. B03242006

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Tags: Sales Strategies, cross selling, online sales, COVID-19, Remote Sales, sales ideas

Alternate Sales Ideas For Agents

Posted by www.psmbrokerage.com Admin on Tue, Mar 31, 2020 @ 01:26 PM

Alternate Sales Ideas For Agents

Agents, we are in unprecedented and uncertain times. Many of your clients are feeling unsafe and insecure. Now is a great time to reach out to them to answer questions and provide them with some alternate sales ideas they can use to preserve their assets and settle their worries during these trying times.

Your most valuable assets are the alternate insurance options and policy evaluations that you can provide for your clients at this time. As always - please use our expansive network of carrier partners as a resource for yourself and your client. You, the agent (along with our assistance on the backend) are here to help navigate your clients through these difficult times and provide added value where you can.

Short-term Care - If clients do not have coverage, or loses coverage because they lost their jobs, they can potentially get coverage for 3,6,12 months. If they haven’t tested positive for Covid19, it should be a covered expense if contracted after coverage starts.
Policy Loans - Many clients with a life insurance policy may have significant value secured in their policy if it is needed during this time of financial crisis. As an agent, you can work with your marketer and review specific carriers to dissect policy loan details and see what options your clients may have if they need the assistance. You can help guide those clients through the process to receiving that assistance.
Late Premium Payments - Many of the carriers will be making provisions regarding late premium payments for clients affected by COVID-19. Your marketer is constantly getting updated information from the carriers and can help you find the best options available for your clients.
Policy Conversions - There are currently no restrictions on converting a term insurance policy into another more permanent coverage type. If you have a client interested in exploring this option, contact your marketer. They can run illustrations to assist with finding the best options available.
Accelerated Underwriting and Simplified Issue - Many carriers offer accelerated underwriting and simplified issue for their products to help your clients get fast coverage. This is a great option as some clients may not want to be visited by a paramedic and/or yourself at the current time, many of these transactions can be done telephonically and by email.
Travel Restrictions - Many carriers may have travel restrictions in place, particularly on new applications for foreign national coverage. If you have a client that has concerns about this, your marketer can review specific carriers your client have coverage with, to dissect policy restrictions to see what options are available to them, if they need to travel.
New Policy Applications - As of today, there are no carriers – that we are aware of – that are not accepting applications. This information may change, but rest assured, your marketer gets updated information daily from the carriers and will be happy to research any concerns you and your clients have.
Positive COVID -19 Tests - Let us help you navigate how the carriers are evaluating and handling new, prospective clients who test positive for COVID-19 and any effects this may have on getting or keeping their coverage.

Related:

For agent use only, not for use with consumers. Not affiliated with the United States government or the federal Medicare program. B03232007

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Tags: Sales Strategies, cross selling, online sales, COVID-19, Remote Sales, sales ideas

How to Improve Your Ability to Cross-Sell Your Clients

Posted by www.psmbrokerage.com Admin on Thu, Mar 05, 2020 @ 11:02 AM

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Tags: Insurance Marketing, cross selling

7 Tips on How to Cross-Sell Insurance

Posted by www.psmbrokerage.com Admin on Wed, Aug 21, 2019 @ 12:16 PM

Cross-selling is an ideal way to generate more revenue for your insurance agency without starting from scratch.

You can build from the book of business you already have and your current client relationships. When done right, your cross-selling isn’t a pitch for more money from your clients.

It’s about adding value and delivering solutions to the insurance-related challenges your customers are facing. Below we've put together insurance cross-selling tips.

Here are seven tips to further your cross-selling efforts:

Focus on the relationship

According to Gartner, an information technology research and advisory firm, 80% of your future revenue will come from 20% of your existing customer base.

Look at your outreach to current customers as another way to enhance your relationships with them – not just as an opportunity to sell more products.

Review your clients and their risks; ask yourself if you have a potential solution to address their needs. Frame yourself as offering total asset protection – from personal health to employee benefits, property risks, life insurance, and more.

Know your clients

To address your clients’ needs, it’s important to know what’s happening in their lives. That includes marriage (or divorce), birth or adoption of new children, sending a son, daughter, or grandchild to college, and planning for or entry into retirement.

By building rapport with your clients, you’re able to establish stronger relationships – and create an opportunity for future cross selling.

Slice and dice the data

Analyze your customers’ data as it compares to information for customers of similar age, gender, ZIP Code, etc. You may find you’re able to cross-sell based on profile information that is readily available to you.

Make it a process

Just as you use systems for lead prospecting, you can do the same for cross selling. Meet with your customers regularly to review their full financial and insurance needs. You’ll find changes in their lives often present natural opportunities for you to cross sell.

Use email marketing

Many, if not most, of your email subscribers are probably current clients. Use email to stay in touch with them and build awareness of lesser-known lines of insurance like identity theft coverage (often attached to homeowners or renters insurance), short term health (to ensure medical coverage between jobs), or business interruption insurance (to keep a business running in the event of a principal’s death or disability), to name just a few.

Communicate your value to prospects and customers as an ongoing consultant for their changing needs. It can often lead to more referrals, too.

You can build out automated email campaigns based on a particular behavior that makes your customers a candidate for cross sell.

This ties back to the idea of knowing your clients. In 1970, the average age for a first-time mother was 21.4 years.

NPR reported in January 2016 that the mean age has risen to 26.3 years. If you have clients in their 20s, 30s, and 40, they may be candidates for parenthood – and more insurance after the birth or adoption of a baby.

Don’t give up after one shot

Cross-sale attempts don’t always work the first time you bring it up with your clients, or the second time. Although they may not happen this year, they could happen next year. Always be cross selling.

But always do it in the best interests of your clients. If you come across as just trying to get more money (and not helping your clients), it can undermine your relationship.

Prospect during the sale

When gathering information in your initial contact, ask more questions about your prospect’s or client’s current insurance policies and needs. Understanding their situation and circumstances will help you cross sell more in the future.

Cross-selling can really help you build your insurance business. Get started today and watch your revenue grow!

If you are selling Medicare Advantage plans, consider offering your client a Hospital Indemnity plan to help fill the gaps and offset the high hospital co-pays.
Dental and Part D plans always pair well for Medicare Supplement sales.

If you would like some advice or effective sales scripts to help in your efforts, give us a call at 800-998-7715.

Source: https://hub.quotit.com/blog/seven-insurance-cross-selling-tips

Image: Canva

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Tags: Medicare, cross selling

Medicare Agents and Cross-Selling

Posted by www.psmbrokerage.com Admin on Fri, Apr 26, 2019 @ 11:15 AM

Medicare Agents and Cross-Selling

By Allison Bell – ThinkAdvisor – April 24, 2019

Agents who focus on selling Medicare supplement insurance seem to be a lot more likely to cross-sell many other life, health and annuity products.

Agent Link found that 29% of insurance agents surveyed are active in the Senior Market: about one-third of them sell Medigap, and about one-fifth sell Medicare Advantage.

Both types of agents were equally likely to sell indexed universal life (IUL) policies: 27% of Medigap specialists and 27% of M/A sell IUL. About 65% of Medigap agents sell permanent life and term life and 8% sell variable annuities.

Only 47% of M/A specialists said they sell term life, and just 40% offer permanent life.

Read the full article: https://www.thinkadvisor.com/2019/04/23/medigap-agents-more-likely-to-sell-life-and-indexed-annuities-agent-link

Image: www.Canva.com

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Tags: Medicare Advantage, Medicare, Medicare Supplement, cross selling

29 Ideas to Cross-Sell More Insurance to Current Clients

Posted by www.psmbrokerage.com Admin on Thu, Dec 08, 2016 @ 02:31 PM

29 Ideas to Cross-Sell More Insurance to Current Clients

Now is a great time to think about some cross-selling ideas you can implement with your current clients and newly acquired ones.

Whether it be Hospital Indemnity, Final Expense, or maybe even Dental or Cancer Insurance, there is an array of opportunities to help better protect your clients while earning additional revenue.

Below are some great ideas to consider when cross-selling.

29 Ideas to Cross-Sell More Insurance to Current Clients

1) Know the Two Types

Did you know there are two distinct types of Cross Selling situations?

Prospects who already own the product - These people already bought the coverage from a competitor but you’re trying to get the business with your agency.

The key with them is repetition, collecting the x date, good follow-up and selling the benefits of your agency.

Prospects who DO NOT already own the product - These people don’t currently have the type of coverage you’re trying to sell them.

The key with them is product awareness, education, creating a need, identifying interest, and then selling.

These aren’t complete opposites, but they do require different approaches and sales tactics.

If you’re currently treating all cross-sale prospects the same, take a few moments to think about how each one requires a different approach and how you can address it best.

2) Develop an Established Cross-Selling System

It’s great if you read my articles and get a few ideas to implement here. That’s why I write the darn things.

The trouble is that most agents “think” they’re going to use a few new ideas, some of them really do, but very few make changes to the procedures and systems they use in their agency to make process improvements last.

The only way to create lasting success is to establish formal systems for processes in your agency like cross selling.

And this article is the perfect resource to help you put something like that together. Use it and do it!

You don’t have to write a manual, just make a list of what you want to do in each of the most common situations and share it with your staff.

3) Identify the Target Product(s) For Each Customer

Assuming your agency doesn’t specialize in specific lines of insurance, there are probably at least 4 different products that each of your customers could also buy from you.

And there are probably a bunch more that aren’t even relevant to each client.

Find a way to prioritize the best products to cross-sell each client and get this information front and center for your sales and customer service folks.

4) Establish a Tracking System

If your plan is to remember which products are the best cross-sale opportunities for each client, or to just always cross-sell the same one or two lines to everyone you’re not cross-selling efficiently.

Ideally, you’d be able to pull up any of your client’s accounts and see, at a glance, what products are the best cross sale opportunities for them. Having information like this top of mind when you’re looking at a client’s account will make a huge impact in how often your salespeople bring up the cross sale conversation.

In addition, it’s also great if you could pull up a list of all the clients who are prospects for each type of insurance. This is helpful for email, direct mail, or other campaigns that are oriented around awareness of your different product lines.

While we’re at it, you’re also going to need a way to keep track of X-dates for each month.

5) Handle Immediate Needs First

Be careful not to push cross-sales too hard during an initial sale.

It’s fine to plant seeds, but your prospects aren’t remotely interested in buying a second product from you until they know you can take care of the first one.

I’ve witnessed a lot of agents pushing too hard for additional lines when it’s clearly obvious the prospect only has one thing on their mind.

Respect your prospect, listen to your prospect, and put their immediate needs first.

R ead All 29 Tips

Source: http://www.insurancesplash.com/blog/cross-selling-tips/

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Tags: closing sales, Sales Tips, sales advice, cross marketing, cross selling

Medicare Blog | Medicare News | Medicare Information

While the challenges are great, so are the opportunities

Alternate Sales Ideas For Agents

How to Improve Your Ability to Cross-Sell Your Clients

Creating the Right New Value

Suggesting a Maturity Model

Providing a Roadmap to the Future

One of You Is Leading

7 Tips on How to Cross-Sell Insurance

Medicare Agents and Cross-Selling

29 Ideas to Cross-Sell More Insurance to Current Clients

Agent Guides - View

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