<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=302779086974399&amp;ev=PageView&amp;noscript=1"> Medicare Blog | Medicare News | Medicare Information

Medicare Blog | Medicare News | Medicare Information

Client Support Post AEP

Posted by www.psmbrokerage.com Admin on Wed, Jan 03, 2024 @ 12:58 PM

client support

Watch Video

Here are some actions you can take to guarantee beneficiaries receive ongoing support:

Welcome and Confirmation
Within the first few days their plan is in effect, be sure to call your clients to verify they received a welcome guide and member ID card. Provide a summary of their plan details and contact information for any immediate questions or concerns.

Educational Materials
Share educational materials about their specific Medicare plan, including coverage details, benefits, and any relevant policy changes. Help clients understand how to maximize the benefits of their plan.

Post-Enrollment Guidance
Offer guidance on how to navigate the healthcare system with their new coverage. Provide information on finding healthcare providers, understanding prescription drug coverage, and utilizing preventive services.

Regular Check-Ins
Establish a schedule for regular check-ins to ensure ongoing support. These check-ins can be via phone, email, or in-person, depending on client preferences. Use this time to address any questions, concerns, or changes in their health needs.

Assistance with Claims
Be proactive in assisting clients with understanding and navigating the claims process. This includes clarifying how to submit claims, addressing billing concerns, and advocating for them if issues arise.

Annual Plan Reviews
Conduct annual plan reviews to ensure that the client's coverage still aligns with their evolving healthcare needs. Discuss any changes in health or lifestyle that might warrant adjustments to their Medicare plan.

Reminders for Key Events
Send reminders for important events, such as open enrollment periods or wellness check-ups. Keeping clients informed about key dates ensures they stay proactive in managing their healthcare.

Addressing Changes in Coverage
Promptly inform clients about any changes in their coverage, such as adjustments to premiums, copayments, or benefits. Transparency is crucial in maintaining trust and preventing dissatisfaction.

Educational Events
Host educational events or webinars to keep clients informed about Medicare changes, new healthcare initiatives, or relevant health topics. This positions you as a valuable resource and reinforces your commitment to their well-being.

Referral Programs
Introduce referral programs to encourage satisfied clients to refer others. This not only contributes to business growth but also fosters a sense of community and loyalty.

By following these compliance guidelines, and taking this proactive approach, you contribute to a positive experience for both beneficiaries and the industry as a whole. Thank you for taking a few minutes out of your day to view this message we're always here to help so feel free to reach out with any questions or comments you may have.

Newest Blog Posts  |  All Blog Posts
   For Agent Use Only. Not for the general public.


Tags: Sales Strategies, AEP

Sales and Marketing = Creation and Capture

Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 11:30 AM

Sales and Marketing = Creation and Capture

No one works in sales without having losses. Some of those losses are the result of errors, bad choices, poor strategy, or sloppy sales approaches. Some of those losses are the result of circumstances that are difficult to overcome. You can do everything right and lose, and you can do many things wrong and win. Either way, losses come with the territory.

Client issues are also part of sales. Even if you own the outcomes you sell your clients with someone else being responsible for doing the work that generates those outcomes, because you promised your client better results, they are going to look to you for help and for answers. You are accountable for the outcomes you sell, or you put future deals at risk (or more likely, you never see the new opportunities at all).

Selling is made up of two major outcomes. The first outcome is opportunity creation, and it requires that you do the work of prospecting, whether you like that work or wish there was another way. The second outcome is opportunity capture. The first outcome always precedes the second. The workload for opportunity creation is equal or greater than the workload of opportunity capture.

There will always be someone with a lower price that sells by suggesting they can produce the same result at a lower price point. Much of the time, these competitors will have an irrational pricing model that would cause you to lose money, and you will struggle to understand how they stay in business. But when they have been in business for decades, the only way you beat them is by creating greater value, not by explaining that they can’t survive with their pricing model.

Selling is not situational. It is individual. There are always salespeople who succeed at selling the most commoditized, undifferentiated products and services and do well for being able to so. There are also people in sales roles with the most compelling, differentiated offer who struggle to sell what should be a much easier sell. There are intangibles that count for a lot more than most people recognize, and these tangibles are not commonly taught or developed. Success then, is a product of developing yourself.

Source: https://thesalesblog.com/2018/01/09/a-few-observations-about-sales-and-salespeople/


Tags: Sales Strategies, sales

How to Be Professionally Persistent

Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 11:22 AM

How to Effectively Communicate with Your ClientsHow to Be Professionally Persistent

If you are going to win your dream clients, you are going to have to pursue them over time. This means that you are also going to have to communicate with them at a cadence that keeps you top of mind, and it means you are going to need to do so without being a nuisance or a time-waster. Here are a few values-based ideas to help you persist while maintaining your professionalism.

Relationships Are More Important Than Transactions: You have a choice to make as you persist. If you decide to push hard for what you want, being overly-aggressive and pushy to gain the commitment you want, you will be proving that what you want is more important to you than the relationship. The “whatever it takes” mentality is useful, but it should not include the lack of integrity and caring that underpin all great relationships. If you must choose between having what you want now and having the relationship, choose the relationship. This is how you play the long game, and it is what allows you to persist.

Always Trade in Every Interaction: In every communication, you have the ability to create value for the other person. You can share some idea that may help them—even if they don’t do business with you right now. You have a chance to learn something about your prospective client that will allow you to better serve them in the future. You are not only shaping their view of what they are doing and how they might do better, you are also shaping their preference to work with you by shaping the relationship. If every call and every email is a straight ask and nothing else, you are not trading value.

Persistency Requires Consistency: One of the major differences between people who professionally persist and those who don’t is that they don’t think of it as developing a relationship. You’ll want to pay attention here if this is something you need to do. If you call your dream client every January, you really aren’t being persistent. If you call every quarter with nothing to say, you are checking the box, and that means there is no real interest. Professional persistence requires consistency of communication over time. If there are long stretches of time where you disappear and go dark, the lack of consistency makes it easy to reduce your request for time, or some other commitment.

Being professionally persistent isn’t tactical; it’s strategic. It is an operating principle when it comes to producing the results you want, and especially as it relates to winning your dream clients. And it’s how you play the long game.

Source: https://thesalesblog.com/2017/11/12/how-to-be-professionally-persistent/

Tags: Sales Tips, Building Client Relationships, Sales Strategies

7 Ways to Grow Your Insurance Business

Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 11:15 AM

businesss growth v2

7 Ways to Grow Your Insurance Business

As a small business owner you should always be on the lookout for inexpensive ways to grow your business.

Of course, what might not cost you in dollars, will cost you in time and effort.

But the right effort in the right places can pay off in spades.

Below are 7 ways to help grow your business. They aren't all that complicated, or expensive. They just aren't always used to their fullest effect.

Individually they are all important, but, used together they are a force multiplier that will amplify your chances to grow your business.

Section Links

 Find Your Unique Value
 Improve Your Communication Skills

 Create a Client Communication Strategy
 Leverage all Media Channels
 Continue to Learn
⍟ Create a Referral System
⍟ Take Time to Review and Evaluate

1. Find your unique value

Start with your WHY. Is there a bigger purpose to selling senior insurance products?

Do you want to help seniors find the best solutions to access medical services so they can better enjoy their golden years?

Do you have a personal experience that people can relate to?

Maybe you have a family member that had a hard time accessing health care as they got older, and now you want to help people avoid that situation.

Whatever your bigger picture is, put it into words and make sure it really captures WHY you do what you do.

Let that purpose define your business.

Use it to describe not just what you do but who you are. Avoid a business introduction that just says “I sell this or that product”.

People don’t really care what products you sell.

There are plenty of people selling those same products.

There are a number of competitors who may sell what you sell, but how many of your competitors have the same WHY as you?

This is a unique value that makes you stand out from your competitors.

Lead with your WHY statement and show them you care about helping them.

When they show interest, answer their questions from that perspective, tying in products that might help them.

“ People don’t buy what you do. They buy why you do it. ” 
- Simon Sinek

2. Improve your communication skills

It goes without saying that communication is incredibly important.

Communication starts with listening. If you can’t listen carefully and understand why someone is seeking a solution you provide, then your chance of selling to that customer is greatly reduced.

Your ability to be empathetic and be a good listener is key to not only getting more sales but to maintaining a happy workplace.

No matter how good you think you are at communication, you will need to up your game over time.

There are a lot of ways to do that, but it’s critical you pick one, and put some quality effort into getting better.

3. Create a client communication strategy

It’s critical to keep the right notes on your clients, in a way that will facilitate future communication.

Besides the obvious personal info and relevant history, below are a few things you may need to think about (not an exhaustive list):

Communication Frequency

How often will you communicate with the client? This may vary per client.

Communicate too often and they will tire of hearing from you. Communicate too little and they will think you don't care.

Whatever you decide your communication frequency should be, share it with your client and ask if they are good with it?

Ask them if it is too much communication. Show respect for their time and understand that they are being barraged with email and calls as it is.

They will appreciate you asking them and will not feel interrupted when you contact them, since you get their buy in or permission for the communication.

Tone and Style

This may depend on your take-a ways from a client meeting.

What was their tone and communication style?

How can you best be in rapport with your client?

Make sure you understand their method of communication and mirror that to them. 

Preferred channels

Do they prefer phone call only? Email and phone call? Skype?

This can seem like a trivial detail, but consider it a part of matching the communication style of your client.

Meet them where they are and you will have a better chance of contacting them.

Event Specific Communication

Is there a birthday or other important event that might trigger a specific communication?


Did you promise anything to the client?

Forms, Product info?

A cool t-shirt with your face on it?

This is critical as you need to follow through on your promises.

Obviously there are endless items you may take notes on.

You will need to identify the most important items for your clients and your specific needs.

Although each client may vary a little, you could likely create a default template that will work with most clients that would really simplify the communication process.


“ If you just communicate, you can get by. But if you communicate skillfully, you can work miracles. ” 
- Jim Rohn

4. Leverage all media channels

There are a number of ways to reach out to your potential clients.

You should experiment with each and decide which work best for your business.

We can break these different ways down into 3 categories: Owned, Earned, and Paid media. Let’s define them real quick.

Owned Media 

This includes your brand’s website, blog, social media feeds, and any other media you own and control.

Just to clarify, you may not own a social media platform like Facebook, but you do control your presence on the platform.

Earned Media 

This includes channels that are controlled by your customers and media outlets.

This is the media that is spread without you having to pay for it.

Content you share on social media is Earned Media.

Mentions of your Brand on other domains or press coverage is Earned Media, as well as links on other posts that support your brand.

It’s considered earned for obvious reasons. If you want to benefit from it, you have to earn it.

Paid Media 

This includes outlets that will promote your brand for a cost.

There are many types of advertisement or sponsored content that fall into this category.

This type of media exists on business owned channels that will not show up organically through web searches or on social media.

They will exist as an ad placement only.

Try as many as you see fit, but don’t use just one.

Use multiple channels and you will find a much greater success.

5. Continue to learn

As an entrepreneur you’re expected to have a knowledge base that covers a lot of ground.

From your own industry to business fundamentals, marketing, communication, and on and on.

Even if you have a solid knowledge of all of those things, everything is changing at hyper speed today.

Luckily online learning has come a long way in recent years.

There are endless ways to study just about any subject, and get it done quickly and inexpensively.

Sites like Udemy and Coursera, among others, have an amazing line up of courses that are very affordable and self paced.

Business technology is also changing at a break neck pace.

Whether it’s a social media platform or a CRM software, you can’t afford to get left behind.

It’s important to understand which of these tools might be right for you and your business needs.

If you don’t, you can be sure your competitors will.

Make learning a lifelong journey and explore what means the most to you and your business.

Stay out in front of coming changes, or you risk getting run over by them.

6. Create a referral system

I’m sure we don’t have to talk about how important referrals are. So, let’s talk about how you get referrals.

For starters, before you can get referrals you have to first be referable. In order to be referable you have to create a first class customer experience.

How do you pick the right referral source?

Maybe it’s a client that is very appreciative of the work you do, or maybe a local business with customers in common that could bring referrals your way.

Make sure your referral sources know how to refer you.

Don’t leave anything to chance.

Give them some content to pass along or send an email detailing how you want your business to be referred.

Give multiple points of contact so customers can find you where they like to communicate. Phone, email, text, Facebook, Linked-In, etc.

This should all be set in a methodical system.

There are software applications that can really streamline this process. Decide what works best for you, just make sure you take the time to do this right.

Don’t forget about an incentive for your referrals.

You want to be referred over and over again, so make it worthwhile to those referring you.

A steady stream of referrals is business gold, and will be pay off big time. Take your time and get this process wired tight.

It’s better to put the time into developing a good referral process than it is to get out there and find new clients by yourself.

“ The purpose of a business is to create customers who create customers. ” 
- Shiv Singh


7. Take time to review and evaluate

Since you’ve developed so many good business practices and have been keeping such good data on your clients and prospective clients, you will need to review these processes from time to time.

No strategy lasts very long without needing change.

How will you know if your strategy is working? Should anything be changed, added?

Every year, take some time to view things from a higher perspective. Is what you are doing now going to work next year?

Are there new tools that could help grow your business?

Review your processes objectively and don’t go easy on yourself.

If you see something that could be changed for the better, set goals to change it.


Remember to show off your own unique style that communicates WHY you do what you do. The WHY is what people will connect with.

Put these tactics to work in a meaningful way and you will find customers are much more excited to work with you, bringing you continued business and the success you desire.

We wish you luck on your journey and, as usual, our marketers are always here to help.

Back To Top


Other Related Articles

7 Tips To Close More Insurance 

How to Decide What to Write on Your Insurance Blog

Learn How to Sell Medicare Advantage Plans

14 Ways to Generate Medicare Leads

Tags: Sales Strategies

6 Tips To Improve Client Communication

Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 10:58 AM

6 Tips to Improve Client Communication
(With Tips To Remain Compliant)

6 tips on communicating more effectively with your client


Your clients are trusting you to help them with some very important decisions.

It goes without saying that your clients are the backbone of your business. They could also be a continuing source of praise and referrals for years to come, if you treat them properly.

When I say “if you treat them properly”, the measure of that isn’t how well you think they were treated. If your client doesn’t feel like they were treated well, then they weren’t. It’s that simple.

When you meet a client for the first time there is a natural gap between the both of you. That gap is your lack of understanding of their needs and feelings.

The bridge to get you closer to your client is built with communication.

Below are some key aspects of communication that, if done properly, can help ensure you and your client will both benefit from your interactions.

Section Links

Be a Careful Listener
Be Ready to Ask the Right Questions at the Right Time 
Be Empathetic
Be Honest & Transparent
Be Clear & Build Rapport
Be Consistent With Your Follow Up
Tips to Remain Compliant While Communicating With Clients

⍟ Be a Careful Listener

Sometimes the best way to listen is to allow a little pause after a client is done speaking. You don’t always need to respond. A space of silence can encourage your client to offer more of what they are thinking and feeling.

This will give you the best insight into what your client is thinking or what objections they may have.

Note: If you’re just nodding while thinking about what you’re going to say next, you aren’t listening.

" Most people do not listen with the intent to understand, they listen with the intent to reply. "  - Stephen R. Covey

⍟ Be Ready to Ask the Right Questions at the Right Time

Powerful questions are your key to understanding the thoughts and emotion your clients are experiencing. The goal is to understand their fears, goals and desires.

The Powerful questios are those that allow you to understand the motivation behind your clients decisions.

These questions will vary depending on your business and your relationship with the client or prospective client.

Be Empathetic

Empathy is the ability to understand, be aware of and vicariously experience the feelings, thoughts and experience of another.

In order to put empathy into practice you will need to be able to resonate with another persons experiences. You will need to put yourself into a place where you can feel what they’re feeling (to some extent) and understand their situation from their point of view.

This is more than just a simple understanding of what they are going through and a pat on the back. If you can imagine yourself in the circumstance of a client, you should be able to appreciate what they are going through enough to reach a measure of the feeling they are experiencing.

If a client is becoming emotional about anything while you are trying to assess their needs and move them forward, just pause and give them space. Give them time to express themselves, and just listen.

At some point, the fact that you just listened for a time, while they vented, can be enough to get them back around to the issue at hand.

When a client shows a willingness to start discussing business, you have the green light to proceed.

If a client is overly emotional or using an excessive amount of your time in the process, It might be a good time to ask if they would like to re-schedule with you.

" Selling is not something you do to someone, it’s something you do for someone. "  - Zig Ziglar


Be Honest & Transparent

This should be a given, and I almost didn’t include it since it should be so obvious.

Nevertheless, we continue to hear people complain about dishonest sales tactics, or outright lies. People today are skeptical by default. Get caught in a lie or hide information for your own benefit and it will come back to you.

Let’s be clear. Pretending you know something in order to avoid admitting you don’t is a lie. Leaving out important information that your client should know just to get a signature, with the intent to tell them later, or not at all, is dishonest.

In today’s environment, being honest and transparent is seen as a breath of fresh air. There is no reason to be dishonest.

No one is expecting you to be perfect. They will, however, reward you for being honest and acting with integrity.

Be Clear & Build Rapport

Whether you’re having a conversation in person or or via email, keep your discussions as clear, direct and specific as possible. Avoid over-explaining things when not necessary.

A key to great communication and being understood better by others is adapting your style to the person that you are speaking with.

Through careful listening, being empathetic, honest and truthful, your are building rapport with your client.

If your client uses a direct formal tone, respond in kind. If they are more casual and playful, respond similarly. This is the most direct way to get someone to understand you clearly.

This doesn’t mean that you have to be an entirely different person or change the way you are—but if you want your client to feel a stronger bond with you, you should adapt your communication style to fit theirs.

When you tailor your communication in this way you will find that you will have much more success being understood by your client.

" The reason it seems that price is all your customers care about is that you haven’t given them anything else to care about. " 

- Seth Godin

Be Consistent With Your Follow Up

Good follow up is a big part of successful communication. Just because your client enrolled in a plan, doesn’t mean you can forget about them.

If they are confused or unhappy about anything concerning their choice you want to know about it. If you don’t, you can be sure the next agent that talks to them will, and you will no longer have that client.

While there may not be one perfect way to follow up for everyone, there are some general ideas that can help guide you.

For starters, don’t wait to make a follow up appointment with your clients. Follow up appointments should be scheduled at the initial appointment.

Let your client know that you would like to follow up with them and suggest a schedule. Whether that’s 3 days after the initial appointment, 30 days later, 60 days later, that’s up to you, just make sure you discuss it with your client so they agree to the schedule and know what to expect.

Always make it easy for your client to get in touch with you. Make it clear that they can contact you with any questions and give them at least 2 methods of contact.

Some agents send holiday and or birthday cards to their clients. This kind of gesture is up to you, but if others are doing it and you aren’t, what will your clients think when they see a friend get a card from their agent wishing them well for the holidays?

Tips to Remain Compliant While Communicating With Clients

It’s important to keep compliance in mind with everything you do as an agent. As I’m sure your aware, there are a couple rules to communicating with prospective clients.

We will outline some for reference, but please check with the Medicare Communications and Marketing Guidelines and keep up with Medicare related news for updates. There are many stipulations that depend on your specific situation and they tend to change.

First, let’s mention the Scope of Appointment (SOA). Before you make an in person visit with someone you need to complete an SOA form.

For more specific details on how to complete a Scope of Appointment, see our blog on Scope of Appointment.

Remember, It is now allowable for an agent to contact someone via email without an SOA, as long as you have an opt-out function. For more see our article on Medicare Communications & Marketing Guidelines.

Don’t forget to ask for referrals!
Especially since it is now allowed by the Medicare Communications and Marketing Guidelines, on a one on one appointment.


The Final Say

There are many techniques and schools of thought on communication. This is one them.

I think it covers some of the important bits. Through experience and practice you will find your own groove. Keep what works but don’t stop learning and trying new things.

We are always learning more about the human mind and how it works. That will inform how people are influenced, and therefore, how you can best reach them.

And, of course, the rules and regulations will continue to evolve.

You must be aware of those regulations if you want to have the opportunity to keep communicating with prospective clients.

If you have any questions, as always, our experienced marketers are here to help.

Happy selling.

" The difference between try and triumph is just a little umph. "   
  - Marvin Phillips

Back To Top


Other Related Articles

Medicare Communication and Marketing Guidelines

How to Decide What to Write on Your Insurance Blog

Selling Medicare Insurance Over the Phone

14 Ways to Generate Medicare Leads

Tags: Sales Strategies

Conquer Cognitive Bias and Supercharge Your Sales

Posted by www.psmbrokerage.com Admin on Thu, Oct 05, 2023 @ 11:45 AM

Conquering Cognitive Bias

Conquer Cognitive Bias and Supercharge Your Sales

If you're a Medicare supplement insurance agent, you know that your job isn't just about selling policies; it's about connecting with people on a personal level. And that's where cognitive biases come into play.

A Cognitive Bias can either help strengthen your bond with clients or create unexpected roadblocks. They have the potential to be your best friend or your worst enemy in the world of relationship-based sales.

In this article we’ll help you navigate the twists and turns of cognitive biases successfully. We'll take you through these quirks of the human mind, from Anchoring Bias to Action Bias, and provide you with the insights you need to not just serve your clients but genuinely understand them.

In a consultative role, where it's all about trust and lasting connections, grasping and mastering cognitive biases is your super power. 

Understanding these biases will be your key to building trust, nurturing relationships, and ultimately, winning at the game of sales.


Ambiguity Bias:

Ambiguity Bias is a cognitive bias that influences people to favor known information over ambiguous or uncertain information when making decisions. In the context of sales, this bias can significantly impact a salesperson's ability to close deals because customers often encounter unfamiliar products, services, or solutions. 

When faced with ambiguity, individuals tend to cling to what they already know, making it challenging to convince them to try something new or different.

Overcoming Ambiguity Bias:

To overcome Ambiguity Bias, it's essential to simplify complex information, provide concrete evidence, and build trust with your customers. 

Use clear and straightforward language to explain your product or service, offer evidence such as testimonials or case studies, and establish rapport to make customers more comfortable with considering new options. 

By addressing uncertainty head-on and providing clarity and assurance, you can increase your chances of successfully closing deals.


Story Bias:

Story Bias, also known as narrative bias, is a cognitive bias where individuals tend to favor information presented in the form of a compelling story over data or facts presented in a dry, statistical manner. 

In sales, this bias is important to understand, and use to your advantage, because potential customers may be more influenced by the emotional appeal and relatability of a story than by the raw data or features of a product or service.

Using Story Bias:

To use Story Bias, blend storytelling with facts and figures effectively. Craft narratives that highlight real-world applications and success stories involving your product or service, preferably using testimonials from clients.

Ensure that these stories resonate with your target audience and address their pain points and aspirations. However, back your narratives with concrete data, statistics, or evidence to demonstrate the tangible benefits and value of your offering. 

Ask current clients to share honest reviews and share positive reviews and stories about how you helped them. By striking a balance between storytelling and factual information, you can engage customers emotionally while providing them with the rational justification they may need to make a confident purchasing decision.


The Humor Effect:

The Humor Effect is a cognitive bias that taps into the power of emotions to enhance the impact of information. Humor, being one of our most potent and accessible emotions, can be a valuable tool in sales.

By strategically incorporating humor into your sales pitch, you can effectively engage potential customers, making your message more memorable and enjoyable.

Using the Humor Effect:

To make use of the Humor Effect in sales, use humor thoughtfully and in a way that resonates with your audience. Ensure that your humor is relatable, relevant, and enhances your sales message. 

Pay attention to timing and maintain professionalism throughout your interactions. When humor is used effectively, it can create a positive and memorable experience for potential customers, making them more receptive to your sales pitch.

Confirmation Bias:

Confirmation Bias is a cognitive bias where individuals tend to seek, interpret, and remember information in a way that confirms their preexisting beliefs or opinions while ignoring or downplaying contradictory evidence. 

In sales, this bias can pose a challenge because potential customers may have preconceived notions about a product or service, and they may actively seek out information that supports their existing views, making it harder to change their minds.

Overcoming Confirmation Bias:

To overcome Confirmation Bias, it's essential to approach potential customers with empathy and a deep understanding of their existing beliefs and preferences. Start by actively listening to their concerns, needs, and objections. Acknowledge their viewpoints without immediately challenging them.

Next, present evidence and information that is both accurate and aligned with the customer's existing beliefs. Gradually introduce new information that gently challenges their preconceptions while emphasizing the benefits and advantages of your product or service. Use relatable stories or case studies that demonstrate how others with similar beliefs have benefited from your offering.

Encourage open dialogue and ask probing questions to guide customers toward considering alternative viewpoints. Be patient and respectful, avoiding confrontational or argumentative tactics. By gradually building trust and credibility, you can help potential customers overcome Confirmation Bias and become more receptive to the value your product or service offers.


Action Bias:

Action Bias is a cognitive bias that predisposes individuals to favor taking action, even when inaction might be the more prudent choice.

In sales, this bias can manifest when potential customers feel compelled to make a quick decision, often due to external pressure or a sense of urgency. This can lead to impulsive purchasing decisions that may not align with the customer's best interests.

Overcoming Action Bias:

To address Action Bias in sales, it's crucial to strike a balance between encouraging action and ensuring that customers make well-informed decisions. 

Start by clearly communicating the benefits and value of your product or service. Help customers understand that taking the time to evaluate their options can lead to a more satisfying and cost-effective choice in the long run.

Offer information on different options, pricing plans, and potential alternatives without overwhelming the customer. Present a compelling case for why your offering is a good fit, but avoid using high-pressure tactics. Instead, focus on building trust and providing comprehensive support to address any concerns or questions the customer may have.

Encourage customers to take the time they need to make a decision that aligns with their goals and needs. By respecting their decision-making process and promoting a sense of control, you can help them overcome the tendency for hasty action and make more thoughtful, satisfying purchases.



So, there you have it—cognitive biases, those little quirks in our thinking, are pretty influential in the world of consultative sales.

Remember, it's not just about selling policies; it's about connecting with people. These biases can either help or hinder that connection. Armed with this knowledge, you've got a better shot at turning them to your advantage.

Use this understanding to be more than just a salesperson; be a trusted advisor. Help your clients make informed decisions about their Medicare supplement plans and build relationships that last. It's not just about what you get; it's about the impact you can make in their lives. 

Cheers to your success!



Tags: Sales Strategies

How To Scale Your Agency – A Guide For Insurance Agents

Posted by www.psmbrokerage.com Admin on Mon, Sep 25, 2023 @ 01:43 PM

How to Scale Your Agency

All agents share a common goal: to increase their business.

It's not just a matter of luck; it takes careful planning and hard work to achieve growth in this industry.

In today's discussion, we'll delve into the essential principles necessary for scaling your business. I'll reveal the key factors that top call centers and agencies prioritize to ensure their success.

By the end of this blog post, my aim is for you to have a deeper understanding of how you can effectively expand your agency and boost your productivity.

How to Scale Your Agency - 3 Factors to Consider

To start, we need to quickly go over three essential factors in any agency’s business—Cash flow, Cost per acquisition (CPA), and Lifetime value (LTV)

1. Cash flow is the net amount of cash transferring in and out of a business.

2. CPA stands for cost per acquisition. This refers to the average amount it cost for you to get a policy issued & paid.

    • CPA is broken down into two sections. Media CPA and fix cost CPA.

      • Media CPA is the average amount you spend on leads or marketing to acquire a sale.

      • Fixed-cost CPA refers to everything else.

    • For an individual agent the fixed cost part is simple, but if you plan on hiring additional agents it gets more complicated.

      • How much did you have to pay that agent for the sale?

      • Are you paying admin to follow up on policies or to handle phones?

      • Office space, computers, dialer‘s, licensing fees, etc.

    • It’s imperative that you are able to calculate your total CPA because you need to make sure it is lower than the third key factor, lifetime value or LTV.

    3. LTV, or Lifetime Value, is simply the average amount of commissions you earn over the life of a policy.

    • This will vary from agency to agency based on many factors. If you know your LTV and your CPA you know how much total profit you are going to make for every client you put on the books.

    • An important thing to keep in mind is we are talking about “LIFETIME” value. Major companies don’t judge the profitability of their business on just what they make the first year and neither should you.

    • As long as your LTV is higher than your CPA you are making profit.

      • If it cost you $300 to acquire a policy and the first year the commission is only $200, it may at first glance look like a bad investment.

      • But if the LTV on that policy is $1000 over the course of five years then you came out way ahead. You paid $300 to profit $700, it just took you five years to realize those profits.

    • Too often I talk to agents who are hesitant to invest in their business because they are only looking at first year profit margin. You are running a business and just like any other business you are going to have to invest in it to see it grow.

    • How much you want to grow the business is a personal goal, but once you know your CPA and LTV, you know exactly how much each policy is worth and from there you can figure out how many policies you need to reach your goal.

What's Your Budget?

Now that we know how to calculate how much business it will take to reach your goals, we need to talk about your budget. Your budget is how much you have to spend on your business.

    • This could be renewal commissions, savings or even a bank loan, but without a budget you won’t be able to scale your business.
      • Maybe you’re an established agent who is just looking to increase your sales by a few policies a month and your budget is $200 per week.
      • Maybe you’re looking to build out a 15 person call-center and your budget is $1.5 million per year.
      • Whatever it is, you need to have it defined and make sure it is available to be used as needed for leads and marketing.

Managing Agents

  • Once you’ve got your budget squared away it’s time to consider the management side of starting an agency. The hardest part of running an agency is managing agents and managing leads.

    • Leads - Even if you’re looking to just grow your personal business this still applies, you need to make sure you have enough leads coming in that you and your agents can hit their sales goals and remain happy.

    • Agents - You also need to make sure that you always have enough agents available to work the leads you are purchasing.

    • Lead Management - Let’s say you decide to run a five man call-center and purchase 20 leads per day for each of your agents. You now have 100 leads coming in per day.

      • What happens when two of your agents call in sick?

      • Are you keeping their work days so full that they can’t absorb the extra 40 leads you purchased?

      • For you individual agents, do you have a plan to pause your lead generation for times when you are out of the office?

    • It’s important to plan and find a balance that keeps the agents busy with leads but doesn’t over expose your business.

Managing Leads

You also want to have procedures in place to make sure that you are getting the most out of your leads. When I say this most people’s minds immediately go to selling techniques and how to close more sales.

Often, it’s more effective to focus on solidifying the sales you are already making to reduce attrition.

If you can reduce the percentage of clients who leave you yearly from 15% down to 5% then you will most likely see more profit from that than you would by increasing your closing percentage.

Here at PSM we focus on Medicare Advantage so I’m going to use that as an example, but this will apply to any product line.

  • First, align your agents with how the agency is paid. You can bonus your agents after the rapid disenrollment period is up and charge them back if a client disenrolls during that period.

    • The idea is that the agent gets paid when the company gets paid, and charged back when the company does. This pushes the agent to not only write cleaner business, but also to engage in post-sale activities ensuring the business stays in force.

  • Second, you also want to have sales monitoring procedures to make sure your agents are following proper procedures. Make sure they are looking up doctors and drugs on every presentation. Make sure they are assigning a PCP on every call. Make sure all compliance requirements are being met. And make sure they are doing an HRA on every call.

  • Lastly, you want to have a plan for post-sale activities. Follow up with your clients when the policy is issued and then at regular intervals. 30, 60, 90 days and then again every six months or so. Make sure they know how to use their plan and if they are happy with it.

By doing all of this you will drastically increase your placement and persistency rates. Placement and persistency are vital to your success. You spent the money to acquire these clients, so you need to make sure you keep them.

Do the Math

So far we’ve covered the key factors you need to consider when planning to scale your business. How to maximize commissions, managing your leads to workforce ratio, and how to calculate the profitability of your business using LTV and CPA.

The last thing I want to leave you with is how to calculate the value of your business using a ratio. This simple method will give you a snapshot of the overall health of your business model.

  • Take your LTV and divide it by your customer acquisition cost, or CAC. CAC is similar to CPA but measures placed policies rather than submitted policies.

  • For Medicare advantage this will be any policy that clears the rapid disenrollment period.

    • For many of you this will be nearly identical to your CPA, but for tele-sales models or call centers, your CAC will be higher than your CPA.

  • If your LTV to CAC ratio is 1.0 or lower that’s bad. You are only breaking even because the LTV is the same as what you are paying to acquire that policy. Aim for 3.0 or higher—This means your profit is twice as much as you invest.

If I told you I’d give you $300 tomorrow for every hundred dollars you give me today would you take that deal? I know I would, and I’m sure most of you would, too. 

If you have any questions or want to talk about how to best scale your business please give us a call and ask to speak with one of our marketing directors.

We’ll be happy to take the time to go over any of this in more detail and can even run a personalized calculation for you on what kind of ROI you can expect.

Thank you for your time, and Happy Selling.





Tags: Business, Sales Strategies

11 Tips to Boost Your Sales Success

Posted by www.psmbrokerage.com Admin on Tue, Dec 06, 2022 @ 11:53 AM

11 Tips to Boost Sales Success-png

11 Tips to Boost Your Sales Success

To be successful in the insurance industry you have to be part sales advisor, part doctor, and part coach.

A doctor understands how to identify your clients’ needs and problems, and a coach to understand how to guide your clients and help solve their problems.

Let’s take look at what it takes to be a top sales advisor in the insurance industry.
The best salespeople aren’t “salesy”, they are:

• Honest
• Empathetic
• Storytellers
• Experts
• Active Listeners
• Emotionally intelligent
• Great at handling objections
• Uniquely

11 Tips to Boost Your Sales Success

1. You’re not ‘selling’, you’re advising

You’re not just selling, but advising / facilitating. Your job is to help your clients make the best choice for them. You are guiding them based on their individual needs, not simply offering a few products for sale. This idea should guide everything you do.

2. Do a needs analysis

You should be able to quickly do a needs analysis and describe your client’s problems better than they can. Let your client do the talking until you’re ready to clarify their problem, and how you can solve it.

3. Trust is everything

Trust is very important in this process. Build trust and build rapport by being authentic, by honestly helping your clients, and showing them you really care about their needs.

4. Be a subject matter expert

You have to commit to acquiring the knowledge required to be an expert in your field. When many advisors are selling the same products, the only differentiator is you.

So differentiate yourself by being a useful expert in your industry, and understand your products in and out.

5. Social Media is a must

Engaging your clients on Social Platforms is not an option anymore. Provide ongoing helpful information via social media to remain relevant.

Build your brand and stay top of mind or your competitors will.

6. Become a storyteller

Tell a story that hooks your clients with emotion. The days of salespeople presenting products and taking orders is over.

Those sales people will not be in business for long. The average attention span is 8 seconds. Engage your customers with stories if you want to hold their attention.

7. Explain your value

To be successful you will need to prove your value. Your stories you tell should prove that the ROI you can provide as an advisor is worth their time and trust.

8. Don’t waste time on the wrong client

If you feel a client is a wrong fit, don’t waste your time, or theirs. Make the decision quickly to part ways. The wrong client won’t benefit you in the long run, so don’t pursue the wrong customers.

9. Let your clients sell themselves

Once you’ve provided intelligent guidance and provided a true solution to their needs, and communicated that effectively, it should be obvious what option is best for them.

So let them tell you what the best choice is, and then reinforce the fact that they made a good choice.


10. Follow up is important

Don’t disappear after making a sale. This throws doubt on your integrity. When following up don’t call for stupid reasons, like “Just checking in”, or “Circling back to make sure everything’s ok”.

That doesn’t really mean anything. Come up with a good reason to call. Relay important information and have a real, human conversation. – You’re building a relationship here.

11. Referrals are gold

Gold takes effort to mine. Maximize referrals by having a process in place to methodically encourage your existing client base to refer their friends and family to you.

There are software programs that are built to do exactly this, and should be considered if you don’t currently have a process in place. Use them as social proof everywhere!

Tags: Sales Tips, Sales Strategies

PSM Guide: Understanding the New CMS Call Recording Changes

Posted by www.psmbrokerage.com Admin on Wed, Nov 02, 2022 @ 05:05 PM

Tags: closing sales, Success Tips, CMS, sales advice, Sales Strategies, Compliance

CMS Monitoring Activities and Best Practices during the Annual Election Period

Posted by www.psmbrokerage.com Admin on Thu, Oct 20, 2022 @ 01:33 PM

Tags: closing sales, Success Tips, CMS, sales advice, Sales Strategies, Compliance

    Join thousands of insurance agents who receive weekly news updates and original articles.

    Like Precision Senior Marketing on Facebook!

    Follow Precision Senior Marketing on Twitter!

    Most Popular Posts