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As the summer starts to wind down, kids come home from camp and the Olympics close, it’s once again important to start thinking about your plans for the Annual Election Period starting October 15th. Soon, kids will be back in school, and you’ll be tailgating at your favorite football team’s games. Your fall schedule will be in effect, so start to plan now and ease the transition into the busiest time for your Medicare sales. This year Precision Senior Marketing has partnered with independent drug stores and select large national pharmacy chain locations to offer our agents a Retail Pharmacy Program second to none. This is an exciting opportunity to help you reach and exceed your business plan for the season.

The Pharmacy program is part of PSM’s ongoing effort to aid in your business success with innovative selling opportunities. This program gives you the chance to prospect, sell and gain referrals on insurance products with the consumers in your area. There are no strict time commitments, and you will not be sharing a location with another agent. You will be able to plan your schedule and determine what works best for you and your customers. Working with the pharmacist you will be able to pin-point the times that have more traffic and address any concerns with consumers on their Part D policy as well as their Medicare Supplement or Medicare Advantage plans.

Some of the highlights include:

• Exclusive Pharmacy Opportunity
• Sell one of the Hottest Part D Plans offered for 2013
• Remain independent offering all your approved products
• Unlimited Lead Opportunities daily
• Pharmacy and Pharmacist working with you, for you

Request Information online or give us a call at 1-800-998-7715 to be assured you get your choice of pharmacy. Locations are limited and filling up fast! We hope that you take this opportunity and look forward to continuing to offer you ways to grow and strengthen your business in the future.

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Agencies grow using a variety of marketing, some more common than others. If you've reached a brick wall and your pipeline isn't as full as you'd like it to be, now is the time to look into jump starting your marketing techniques from a new angle. Although some marketing may seem unorthodox, as Maribeth Kuzmeski from Red Zone Marketing advises, "It's how you get your message out and how you drive others to you. There's not an advisor I know who has too many people to see."

The blog last week looked at using social media to connect with prospects. Here are a few other overlooked tactics that could give your business the jolt you have been looking for:

1. Virtual Appointments. In our internet age, face-to-face meetings no longer have to mean in person. Several web-based video meeting services, like GotoMeeting and Skype, are available for you to meet with your clients without leaving your business. When prospecting over the phone, prospects might feel more at ease working with you if they are able to put a face to a name. Especially with seniors just turning 65 and familiar with internet tools, you will be able to walk through the paperwork to get them contracted more efficiently without sacrificing the personal touch of meeting face to face.
   
   
2. Community involvement. Not only is getting involved in charitable organizations good in and of itself, it's also a great way to network with prospects and build relationships. Whether it is through your religious place of worship or another volunteer opportunity in your community, get to know the people you work with and fill them in on what you do. Chances are, someone there or someone they know could be an excellent referral for your future business.
   
   
3. Webinars. It's becoming increasingly difficult for prospects to commit to a seminar or event, however with a webinar you can potentially meet with more people while cutting the costs associated with planning an event. Using the same platforms as your virtual appointments, you will be able to educate a group of prospects leading to new clients.
   
   
4. Client surveys. Doing a yearly survey of your current clients is a great way to find out who is willing to give a referral as well as what products or services your current clients are also interested it. This too, will identify who might be interested in adding a final expense, short term care or annuity to their portfolio, as well as show what products may be missing from your portfolio that are of interest to your clients.
   
   
5. Direct mail. Surprise! As more and more agents have favored e-mail marketing some seniors have become "turned off" by the volume they are now receiving. This has made them more receptive to direct mail pieces again, and the response rates have increased in the last year.

Whether it's meeting with clients virtually or getting involved in your community, the success of your agency depends on how well you execute your marketing ideas. As John Comer, CFP or Comer Consulting acknowledges, "Marketing is easy to understand but hard to execute." If you have any questions about executing an unconventional marketing strategy, call your PSM marketer at 1-800-998-7715 for tips and techniques to get it off the ground successfully.

Please give us your feedback!
What unconventional marketing strategies have you tried? What do you find the most difficult aspect of your agency's marketing? Is there any topics you'd like to see discussed on the blog as far as techniques to guide you through your marketing efforts?

Source: InsuranceNewsNet

Medicare Supplement figures from MFA’s Medicare Supplement Market Data, Health Coverage Portal show a continued growth in the number of new policies being issued. New policies issued in the last three years increased by 7.5% in 2011 when compared to the previous year’s data; resulting in 9.9 million seniors being covered by Medicare Supplements as of December 31, 2011.

Med Supp carriers increased from 124 in 2010 to 129 in 2011, with one carrier no longer reporting new policies and another six reporting new policies. The plans earned a combined $21.359 billion in premiums and had $17.028 billion in claims. This was an increase of 4.1% and 5.4% between 2010 and 2011 respectively. The aggregate loss ratio, or incurred claims as a percent of earned premiums, returned to 80% in 2011 after decreasing slightly to 79% in 2010.

Plan F was chosen by 47% of consumers with Medicare Supplement coverage in 2011, increasing from 43% in 2010. Plan N gained 265,854 enrollees since it was introduced in June 2010.

UnitedHealth Group, including AARP, dominated the market share with 31% of the business. Mutual of Omaha ranked second with 11%. The Top seven companies have not changed in the last three years. Also, the study showed most companies are diversifying their Medicare offerings to include Med Supp, Med Advantage, and Plan D in order to have more opportunities as the senior market grows.

The senior market is constantly growing, especially now that the Boomer generation is entering the market. The Med Supp landscape continues to grow and change and exciting new products continue to enter this dynamic market.

Please give us your feedback!
Did you see an increase in your business between 2010 and 2011? Which product do you find you sell the most of?

Source: Mark Farrah Associates

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Medicare Select is one of the best kept secrets of today’s top producing agents. Medicare Select offers all of the great benefits of a traditional Medicare Supplement but costs approximately 15% - 20% less. Your clients are able to visit their doctor of choice, without the need for approval or pre-certification. If hospital care is needed, your clients may visit any of the hospitals that are affiliated with their Medicare Select Insurance policy, anywhere in the country*.

Medicare Select is an ideal option for seniors living on a budget, as the yearly savings could go a long way toward cost of living expenses. For example, a 75 year old woman in Florida would spend $2,152.35 on her Medicare Select plan instead of $2,457.22 with a Plan F Medicare Supplement, a $304.87 a year savings. Many of your clients already use a hospital affiliated with the Medicare Select network, this is the perfect opportunity to help reduce their healthcare premiums!

For more information on participating hospitals and Medicare Select sales opportunities, please go here Medicare Select Information Request or call a marketing representative at 1-800-998-7715.

* This insurance plan utilizes a network of participating hospitals. In the absence of emergency confinement, you must use one of the network hospitals.

Please give us your feedback!
Do you sell Medicare SELECT? How do you incorporate it into your sales presentation? Are you clients receptive to the SELECT product?

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Most agents have at least a few prospects they have worked with but for one reason or another did not close. There are several different reasons that prospects can "go cold", and these prospects often end up in files out of sight and mind. Since leads are a business investment it is important to get your money’s worth and gain every new client you can from them. Therefore it is a good idea to look through those prospects in two months, five months, or even a year later and see if there is any way you can revive them with either a new approach or new product option now available in their area. With further product knowledge, education, and experience you can work to turn those "cold case" prospects into clients.

Sometimes cases can go cold when the client does not have a clear understanding of what they need from their supplemental insurance or they are not currently ready to purchase a plan. For these prospects, contact them closer to their sixty-fifth birthday and point out specific products and benefits based on their health and financial needs. Perhaps the client was only shopping at the time you last spoke and now they are ready to decide on a plan.

Another reason a prospect can go cold is if the client does not understand the underwriting process, especially if they have a medical condition that might make it more difficult. Also, the client must be comfortable with the cost of the plan that fits their needs. If in the past you didn’t have a plan in your portfolio within their budget, be sure to revisit their files whenever you add additional products. That way, when a new product comes out with a lower monthly premium or less stringent underwriting, you can contact those clients and improve their coverage and/or reduce their cost. Clients will be impressed by your thoroughness to find a plan to fit their lifestyle and word of mouth spreads quickly among senior communities.

Be sure to revisit your cold cases periodically in order to identify the ones that can be saved. With every new prospect you speak with you are further developing your sales strategy, and adding additional products can change your senior insurance portfolio to accommodate that prospect’s needs. For more tips and suggestions please contact your marketing representative who can guide you through the process and suggest additional products that will cover more prospects financial and health needs.

Please give us your feedback!
What do you do to revive "cold cases" in your business? Do you have any success stories? Any advice to agents who are just getting started in the process?

Source: Agent's Sales Journal

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As a senior market agent, it’s important for you to understand the best products for your clients as they age and experience retirement, income changes, and death of loved-ones. Younger seniors, older seniors, high and low income seniors all have different needs and it is your responsibility to understand them and choose the products from your portfolio to fit their needs best. These strong relationships will result in more referrals and assure the longevity of your business.

Here are five main senior-types to consider:

1. Young Seniors – These seniors are just reaching their Medicare eligibility and being bombarded with options to consider for their health and economic futures. The process is often confusing, so it is important to take time with these clients, find out their plans for the future, and choose the products right for them. For those ready to travel and do the things they couldn’t do when they were responsible for raising a family, a Medicare Supplement might be the best option. For those who are happy to stay at home and within a network, Medicare Advantage might be the right fit. It’s also important to review their retirement income and begin discussing annuity options, which will provide guaranteed income for as long as they live.
   
   
2. Older Seniors – For those aged 90 and up qualifying for insurance plans will be significantly more difficult. For these seniors it is important to review their portfolio and make sure all of their beneficiaries are correct and their investments are risk free. Review their supplemental insurance plan to see if there may be a better fit, especially in states like New York and Connecticut where there is no medical underwriting on Med Supps.
   
   
3. Low-Income Seniors – Start by reviewing their financial situation and confirm they are signed up for the best Medicare (and Medicaid, if necessary) plan. Also, many states have programs to help pay for their medications, so look to see if they qualify for that assistance. For a low income senior it is more about asset accumulation than asset protection.
   
   
4. High-Net-Worth Senior – If your client has assets over $1 million often times you will find you need to partner with other financial professionals like tax attorneys and CPA’s in order to insure all of the client’s financial bases are covered. For these clients you are working to protect their assets and insuring their returns are consistent.
   
   
5. Widowed Senior – For those who have recently lost a spouse it is important to make sure they have secured the benefits they are entitled to in their spouse’s death, and then work with them to develop a spending and asset protection plan. It is especially important to discuss long term care or short term care insurance with them, as they may not have any family nearby and should be protected in case they should need assisted care.

With all seniors it is important to be flexible and present the products that will work best for their individual needs. By customizing each client’s portfolio to fit their specific needs you are gaining clients who will be confident in your ability to adapt as their needs change.

Please give us your feedback!
Do you work with a variety of senior's in a variety of health and economic situations? What helps you customize each plan for them specifically? Or, do you prefer to prospect with one specific type?

Source: Agent's Sales Journal

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Trust is the foundation for all successful health insurance sales; if a prospect doesn’t trust you the odds of closing the sale are low. They might have had a prior negative experience with an agent, finding them pushy, overbearing, self-serving, or aggressive. Instead, position yourself as an advocate rather than a salesperson, and establish trust that you will guide and advise them effectively. This is especially important during this era where health reform has left many seniors confused and uncertain about the policy that will best fit their health and financial needs.

Here are three important trust building techniques to learn:

1. Asking the right questions. To begin the dialogue with your prospect, start by asking intelligent, respectful, and meaningful questions in a sensitive and nonthreatening manner. Decipher what they are looking for, not only for their current situation, but future needs as well. Establishing yourself as their trusted adviser will allow you to recommend the right product for them. Some questions suggested by the Agents Sales Journal are:
   
   “Why did you want to meet with me today?”
   “What does your ideal relationship with your health insurance agent look like?”
   “What type of coverage would your ideal health insurance plan provide?”
   “What’s the one thing that you want to make sure we accomplish today?”
   “Have you ever had a bad experience with an insurance agent? Can you tell me about it?”
   
   The prospect’s answer to these questions will reveal not only their needs, but expectations of your product offerings and expertise. Plus, if their answers do not align with your offerings, you will be able to acknowledge this and move on to another prospect.
2. Listening to your clients. Listen as much as you speak, and gather the information provided to you in order to use your knowledge effectively for each prospect. It is well known that people enjoy talking about themselves and their needs; this is your chance to learn as much as you can about each client. Be sure to also monitor the prospect’s speech and level of interest in the process. If they come off as distracted, it might be a good idea to reschedule the meeting.
3. Showing empathy toward their situation. Showing empathy is the process of relating to the person to whom you are speaking, not the sales process. Having an empathetic approach and acknowledging their feelings and difficult choices will allow you to have a successful interaction. Show you understand their needs and budget by suggesting the best products in your portfolio.

Asking the right questions, listening to your clients, and showing empathy toward their situation all work together in establishing trust with each prospect and therefore achieve consistent sales.

Please give us your feedback!
How do you show you are trustworthy while prospecting? Do you have any other tips that you've learned in the trust-building process?

Source: Agents Sales Journal

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