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Policyowners’ Interest in Online Service Grows

Posted by www.psmbrokerage.com Admin on Wed, Oct 18, 2017 @ 01:04 PM

Policyowner's Interest in Online Service Grows.pngPolicyowner's Interest in Online Service Grows

New LIMRA researchService Channels finds 37 percent policyowners went online for service in 2017, 23 percent higher than in 2014. The study found that 74 percent policyowners said they would go online for service in the future, twice as likely as today in 2017.

While more policyowners are interested in going online to get help with their policy, they expect to have many options to access service. Nine in 10 policyowners said they want to be able to speak to a financial professional and three quarters say they want to contact the company directly via phone or mail. LIMRA found, overall, that meeting a financial professional and calling a life insurance company to speak with a customer service representative are still the most chosen service channels at 44 percent and 45 percent, respectively.

The policyowner’s generation also played a role in their use of service channels. The research shows Millennial policyowners (born between 1981 and 1995) are most likely to use the most service channels and are most likely to use digital channels (such as email, websites, text, chats and mobile devices) to connect compared to older consumers. 

Chart

2017-10-Service-Channels.jpg

Research shows the types of transactions influence which service channel policyowners used. Simpler transactions, such as setting paperless preference and obtaining general information, were more likely to be completed online; while the policyowners were more inclined to talk to someone when they conducted more complex business, like changing their policy face amounts. Policyowners used mail or email more often when they completed services that require documentation such as name or beneficiary changes.

For more information on the way consumers interact with service channels, LIMRA members can read, Pinpointing Preferences 2017: Life Insurance Policyowner Service Channel Preferences.

Source: http://www.limra.com

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Tags: Online Enrollment, Customer Service

Do you want a happy client?

Posted by www.psmbrokerage.com Admin on Thu, Feb 19, 2015 @ 03:01 PM

blog pic Years ago, when I had just launched my speaking career, a friend shared the concept of the sold (and thereafter abused) customer with me. Now, the word abused may be a bit strong, but his point was well taken. For many customers, the pre-purchase experience is vastly superior to the post-purchase experience.

My belief is that customer service starts the moment the customer even thinks about doing business with you. Customer service isn’t just what happens after the sale, it’s also what happens leading up to the sale. And once it starts, it should continue through the entire life of your relationship with the customer.

Recently I had the pleasure of experiencing sales expert Joey Coleman present a speech on the “first 100 days.” This refers to the first 100 days after a customer pays for whatever you sell. The period of time between when the customer decides to buy from you and when he receives your product or service is when he is most likely to question his purchase. During this period, the customer may come to feel abused or neglected.

For example, you may have bought something on a website which took take several days or longer to arrive. Or you may have signed a contract to build a home but been forced to wait months before construction began. Coleman posits that your best opportunity for customer loyalty comes during these first 100 days. Of course, you need to manage the long-term experience, but this initial period is crucial.

The idea of the first 100 days is to create as many touch points as possible, which will enhance the experience for your customer. This is known as proactive customer service and it is the best recipe for customer loyalty.

So take your already-great customer service up a level by adding intentional customer interactions which will confirm in your customer’s mind that she has made the right decision to do business with you.


http://www.lifehealthpro.com/2015/02/16/do-you-want-a-happy-client

 

Source: lifehealthpro.com

Additional Updates:

Tags: Customer Retention, Customer Service, Building Client Relationships

The Basics: Converting Referrals to Clients

Posted by Guadalupe Cantu on Fri, Oct 04, 2013 @ 01:57 PM

Medicare Supplements Every business loves to get referrals. Whether they are by word of mouth, email campaigns, an online request form or simply a call, many businesses are unable to convert those referrals to clients despite having an effective marketing plan.

One reason referrals fall through the cracks is because many advisors fail to have a referral process in place. The referral process does not need to be complex. It can be an easy process that requires very little work and effort to keep the documentation flow in check.

Keep in mind, there is a 24 hour window to initiate contact and to increase your chances to convert them into a client; here’s how to get started… Soon after a referral is received make sure it comes in with all the required contact data; such as, name, telephone number, email address, and request information. Once verified; initiate contact through a telephone call or email to set up a time for an appointment or to simply find out what the referrals needs are.

Enter the referral information into a database. This will become very useful to keep track of the referrals relationship with your organization’s business and activities.

If the referral came from a professional acquaintance, send them a thank you gift or a personal note, thanking them for the referral. It’s a good business practice to keep in touch with them and give them updates of the referrals status.

Don’t give up or disregard the referral if your call or email was unsuccessful the first time around. Make follow-up calls, at least twice a week, until contact has been made or until the referral has decided to become a client.

Just remember, the referral process does not have to be complex. It is easy to setup and implement; and has been used by many organizations with success. With a little consistency and patience, any business can benefit by it.


Please give us your feedback!
How does your business referral process fare? Are there areas that may need improvements?

 

Source: LifeHealthPro

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Tags: Clients, Request, Email, Email Campaigns, Success Tips, Customer Retention, Referrals, Customer Service

Keeping in Touch with Your Most Valuable Asset

Posted by Lauren Hidalgo on Fri, Jul 26, 2013 @ 09:12 AM

Medicare Supplements The most important asset you have as an agent is your existing client base and they are essential to helping you grow your business. By taking the time and effort needed to stay in contact with those clients, your business will grow both by new sales to them through cross-marketing additional products such as Final Expense or Hospital Indemnity, and by their qualified referrals.

Many agents think that keeping in touch with the clients in their database takes too much time, effort and money. However, when you consider the return on your investment the solution is finding ways to communicate that are time-efficient, inexpensive, and effective.

Studies show that in order to keep in front of your clients you need to touch base with them approximately 14 times a year. Luckily, there are many different resources you can use when communicating with your clients. It could be through email, phone calls, snail mail, postcards, birthday and/or holiday cards, or in person meetings. There isn’t necessarily a textbook "best" or most effective way to touch base, but by mixing your communications with a variety of interesting and valuable methods works well.

Though the idea of sending out so many correspondences to each of your clients may sound daunting at first, it’s important to remember that whatever you decide to send doesn’t need to be large or expensive; It only needs to be of value to your clients. Plus, when you keep in contact with your clients a little over once a month you will remain at the forefront of their minds leading to positive reviews and referrals when talking with their friends and family.


Please give us your feedback!
What do you do to stay in front of your clients? Do you find that contacting them at multiple points during the year brings in more referrals?

 

Source: LifeHealthPro

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Tags: Sales Tips, Senior Market Advice, Customer Retention, Referrals, Creating Value, Customer Service, Gerber Life Medicare Supplement, Stonebridge Medicare Supplement, Coventry Medicare Advantage

New Nationwide Medicare Card Scam

Posted by Lauren Hidalgo on Fri, Jul 19, 2013 @ 09:34 AM

Medicare Supplements Nationwide, Medicare beneficiaries have been reporting scam phone calls that inform them a new Medicare card is in the mail. If your senior clients ask you about this, please advise them to hang up on these suspicious callers and do not fall for this attempt at gaining access to their personal information.

How the scam works:
A senior answers the phone and an unknown caller, usually with an accent, claims to be with Medicare or another government office. He will inform them that their new Medicare card is in the mail and they will receive it in a few days. However, in the meantime they need to set up their direct deposit so their Medicare funds can be deposited into their bank account. All they need to do is tell the caller their banking information and he will take care of the rest.

An alternative method has the caller asking the senior to verify their identity in order to receive their new card. They will ask for their Medicare card number (social security number) as well as other personal information they can then use to steal their identity.

Here’s how your clients can avoid Medicare Card Identity Theft:

  1. Don’t carry their Medicare card in their wallet. If the card is lost or stolen the scammer can use the information to commit identity theft.

  2. Don’t give their information over the Internet, over the phone, or to anyone to goes into their home uninvited. Only give personal information to doctors and providers approved by Medicare.

  3. If they suspect identity theft, or feel like they’ve given their personal information to someone they shouldn’t have, they need to call the Federal Trade Commission’s ID Theft Hotline at 1-877-438-4338.

Hopefully your senior clients won’t be targeted by this scam; however, it’s always best to be prepared in case. See Medicare.gov for more information about Medicare fraud, ID theft and other issues.


Please give us your feedback!
Have any of your clients contacted you asking about this scam? Do you warn your clients about scamming and give them tips on what not to do?

 

Source: The Banner

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Tags: Success Tips, senior market news, Quality Management, Equitable Life Medicare Supplement, Customer Service, Building Client Relationships, Stonebridge Medicare Supplement, Cigna Medicare Supplement

Five Key Truths About Our Industry

Posted by Lauren Hidalgo on Fri, May 10, 2013 @ 10:59 AM

Medicare Supplements

There are a lot of benefits to working as a senior insurance agent. Frankly, the industry is booming, and with 10,000 seniors aging into Medicare every day it won’t be slowing down any time soon. If you are considering getting into insurance or switching from a different niche of the industry, there are some things you should keep in mind for best chance at success.

Five key "truths" about our industry:

  1. You are a salesperson. It’s important to accept that as a salesperson you need to be good at selling. Obviously, this doesn’t mean selling a senior a product they do not need or cannot afford at that time. It means becoming their trusted advisor and educating them to choose the products that will help them live comfortably from the beginning of their retirement to when their needs change as they continue to age.

  2. You are running a business. You are now the owner of your own small business and you are your only job security. This might seem scary at first – or it might seem liberating – however, your highest priority is going to be making a profit and staying in business. Three things that will help you are prospecting, closing, and servicing your clients. The majority of your time day in and day out should be spent focused on these activities.

  3. You cannot "wing it." You need to have a plan to follow every day; the number of calls you need to make and a script ready for every call. This way you can insure you say exactly what you need to in the most efficient way possible. Remember to practice your scripts until they come naturally and don’t sound canned or rushed. This will help you to increase your ratio of prospects turning into clients.

  4. You have to work hard. The Med Supp business is booming but it’s also competitive. You will need to push yourself harder than everyone else. As Zig Ziglar, a famous motivational speaker once said, "The harder you are on yourself, the easier life will be on you." If you put in the hours and are willing to do the work it takes, you will find yourself poised for a successful venture in the industry.

  5. You must take 100% responsibility for your business. If your numbers aren’t where you want them to be, own up to them. See that as a warning sign and make the necessary changes. Maybe you need to start marketing online with a website or selling Medicare Supplements over the phone. Instead of making excuses outside of yourself take control of your business and become in control of your success.

PSM is your partner for success in the senior insurance market. Build your portfolio with everything from competitive Medicare Supplements to Final Expense plans to Hospital Indemnity, Long Term Care and Annuities. If you find yourself stuck or need assistance, please call our marketers at 1-800-998-7715. We are here to keep you on track and help you navigate your way into and through this competitive and lucrative market.

Please give us your feedback!
What tips do you have for those new to the industry? Anything you would add to this list?

 

Source: LifeHealthPro

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Tags: Sales Tips, Success Tips, health insurance industry, Equitable Life Medicare Supplement, Customer Service, Sentinel Life Hospital Indemnity

How to Effectively Build Your Brand

Posted by Lauren Hidalgo on Fri, May 03, 2013 @ 10:26 AM

Medicare Supplements

By building an effective brand for your business you can separate yourself from the competition in this industry. Creating an effective brand is one that convinced people to buy “you” before they step foot into your office or talk to you over the phone. Determine your brand in your community and see if people already know who you are. If they do, what is the brand they identify with your name? Does is help to separate you from the competition or does it lump you in with everyone else?

Here are some ways to develop a positive brand that allow you to stand apart from your competition:

  • Old-fashioned values. This means treating people with respect; explaining things in a way people can understand, and listening intently so you can truly hear your client’s needs. You are always focused on your client’s agenda, not your own. If you say you’re going to do something you do it, and if you make a mistake, take responsibility and find a solution as soon as possible.

  • Expert knowledge. Be among the absolute best at what you do. Study the art of our craft and become an expert in the field. Also, it’s important to know the products you represent. It’s been said the products you recommend will only account for 10 percent of your success in gaining new clients. So you should know 100 percent of that 10 percent.

  • Genuine understanding. Since in the Medicare Supplement field you will be working almost exclusively with either retirees or people getting ready to retire it’s important to understand what your clients are going through. Become an expert in your niche. You don’t need to be jack-of-all trades but rather a specialist in your field. Genuine understanding can only be demonstrated over time by having a passion for serving the needs of your clients.

An effective message and brand along with a great marking plan can lead to the successful practice you’ve been working toward. If you have any questions, please give your marketer a call at 1-800-998-7715.

Please give us your feedback!
What steps have you taken to build your brand? How has it changed your business?

 

Source: LifeHealthPro

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Tags: Success Tips, Senior Market Advice, Web Marketing Advice, Web Tips, Customer Service, Cigna Medicare Supplement, Sentinel Life Hospital Indemnity

Five Habits of a Successful Salesperson

Posted by Lauren Hidalgo on Fri, Jan 11, 2013 @ 10:03 AM

Medicare Supplements As you put together your 2013 goals, now is a great time to look at your business model and decide how you will approach your sales this year. If you haven’t been seeing the results you expected, you may also want to take this time to review your sales process and look for new ways to work with your prospects. In Hal Becker’s book, Can I have 3 Minutes of Your Time?, he describes the five habits Xerox’s most successful sales people have in common. Sometimes just a small change can make a big difference.

Here are the five things to keep in mind as you prospect:

  1. Listen. Spend more time listening and asking questions than talking. This helps you tailor your approach to what your prospect is interested in and keeps them engaged in the process.

  2. Focus on benefits. Every time you think of a feature of a product, translate it into a benefit for the client.

  3. Find out more. Selling is an investigative process. Ask for more information so you can zero in on what the prospect wants. Once you know that, you can choose a product that is perfect for them.

  4. Address their concerns. The best salespeople do not ignore negative statements or body language. Instead, they talk about the client’s concerns and offer a resolution.

  5. Close strong. Master identifying closing signals, especially the subtle ones, like leaning back in a chair, and act upon them immediately, closing the sale.

Engaging your prospects, focusing in the benefits, finding out more, addressing concerns, and closing strong are all ways to improve your client approach. Make these five techniques a habit and they will work for you and your business as well. If you have any other question about prospecting, be sure to call your marketer at 1-800-998-7715.


Please give us your feedback!
What techniques are most beneficial to you while prospecting? Do you find that asking a lot of questions helps?

 

Source: LifeHealthPro

Tags: Sales Tips, Success Tips, Senior Market Advice, Customer Service

AEP is Right Around the Corner: Are You Ready?

Posted by Lauren Hidalgo on Fri, Sep 28, 2012 @ 12:45 PM

Medicare SupplementsWith just over two weeks until the Annual Election Period (AEP) starts on October 15, now is the time to check your portfolio, get certified, and solidify your business plans. AEP is the busiest season for Medicare sales, so it is important you are ready to meet the needs of your prospects and clients. Here are a few things to remember while you keep on track during the season:

  • Check your portfolio – Several rate increases have taken place in the last few months. Now’s a great time to look into the specifics of each product in your area and determine if you have the most competitive in your portfolio. Having a variety of Medicare Supplement, Medicare Advantage, Final Expense, and Hospital Indemnity options will be beneficial to reaching all of your different prospects.

  • Take your certifications – Check out our Medicare Advantage/PDP Certification page for detailed instructions on how to certify with each of the Medicare Advantage products you are licensed to sell. If you have any other questions or concerns during the process please call your marketer at 1-800-998-7715 for more information. With the exception of United Healthcare there are no certification requirements for standardized Medicare Supplement products.

  • Solidify your business plan - How do you plan to prospect and reach clients during AEP? Now is the time to decide. Maybe you’re taking advantage of the PSM Retail Pharmacy opportunity, hosting an informational event, or you purchased internet and mail leads. Now is the time to make sure your business plan is ready and confirm the details. Please also make sure you are compliant with the 2013 CMS Marketing Guidelines.

Precision Senior Marketing will be here to support all of our agents during the Annual Enrollment Period. If you have any questions or concerns, please contact your marketer today at 1-800-998-7715 and they will be happy to assist you.


Additional Updates:
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Tags: Sales Tips, Senior Market Success, Forethought Medicare Supplement, Customer Service, UnitedHealthcare, Annual Election Period

Prospecting: Turning Lemons into Lemonade

Posted by Lauren Hidalgo on Fri, Sep 21, 2012 @ 11:08 AM

Medicare SupplementsEven the best sales people have calls that go sour. Sometimes a lead that was warm goes cold and other times a client who looks promising walks away. However, knowing when to change up your talking points, delivering your talking points in multiple ways, preparing alternative educational techniques, and asking open-ended questions can not only turn those sour calls around, they can even save some of them. Otherwise, in some cases, it’s best to know when it’s time to give up and move on to the next prospect.

  • Get Away from Your Script – Rather than reading directly from a script, trying listing only a few talking points and asking open-ended questions. Scripts can often depersonalize you call and make your prospects feel like just another number on your list. By asking open-ended questions and only using talking points to help you remember to mention key features, you are free to allow the conversation to progress organically.

  • Provide Alternative Information Methods – If you found you’ve caught someone on a bad day or seems to be in a rush to end the call, offer to send them more information. It’s a good idea to have supplemental materials available in version that can be either mailed or emailed depending on the preference of the prospect. Schedule a follow up call to see if you can discuss the materials at a time that is more convenient to them.

  • It is All About the Customer – If you can, it’s important not to blindly call a prospect. Gather your notes from previous conversations to remind yourself what you’ve discussed previously and what points you should make on this call. Knowing as much as possible about the prospect as you can before you pick up the phone reduces a significant amount of risk. Also, though it can be easy to get caught up when talking up your product, remember to focus on the prospect and determining their needs. Apply the information to their specific circumstances.

  • Use Open-Ended Questions – Even after preparing for a call you can find that your research and the client on the line don’t match up. In these cases, don’t panic. Instead, fall back on open-ended questions to discover more about the prospect you are speaking with. Be genuine and concise, asking what you need to know in order to learn about the needs of your prospect.

  • Know When to Give Up – If the call becomes unsalvageable, don’t fight it or let it drag on, instead end the call before you reach a dead end. That way the sale might not be lost, even if the call did not go as well as you hoped. You can choose to schedule another call or follow up with an email. A bad sales call doesn’t necessarily mean the loss of sale. It’s an opportunity to learn from and try again.

The most important tip for calling is to not give up if they go sour. When you approach calls positively, with a good amount of persistence, your sales will be rewarded. Every call is another chance to hone-in and improve your sales strategy. The more calls you make, the more experience you will have, and the easier it will become.


Please give us your feedback!
What do you do when a call goes sour? How do you prepare for calls in order to prevent it from happening?

 

Source: InsuranceNewsNet

Additional Updates:
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Tags: Sales Tips, Senior Market Advice, Assured Life Medicare Supplement, Woodmen of the World Medicare Supplement, Customer Service, Building Client Relationships, Gerber Life Medicare Supplement

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