These are good changes with both Mutual of Omaha and Aetna.. Documents mentioned in the video: Mutual Plan F & Plan G Rate Change Documents: 04.30.14-June-Modernized_INFORCE_BR 04.30.14-May-Rate-Release_TN_BR 05.07.14-May-Modernized-Rate-Adjustment_GA_BR Express » Blog Archive » South Carolina Rate Release Note: Aetna E-app…
This is an interview Chris conducted on February 20, 2014 with Jenny, near Dallas. Jenny pays nothing for marketing and writes an average of 20 new plans per month through referrals. Jenny later sent me the presentation that she uses…
One major carrier that entered the Medicare Supplement market last year initially had a very strict clause in their contract that they almost-immediately removed due to agent backlash. It said an agent could not, under any circumstances, replace one of their policies for at least two years.
There is also a major agency out there that recruits with a “free leads” model for Medicare Supplements that says that the owner specifically prohibits you to contact your clients that you've written, after you've written them.
He says in his agent contract that he believes it's in their best interest to be “left alone” and not bothered again by the agent.
“If they don't call you, leave them alone and they will stay.“
Aetna's Medicare Supplement webinar from 04-02-14. This also includes an updated coverage map. State Availability Map:…
Last week, I was traveling in South Carolina all week and still wrote six applications. How? The hotel where we stayed (Wyndham Wingate) had Wifi that worked just fine with Skype and my plugged in headset. As a matter of…
Covered in this week's video: Equitable Webinar on new Spouse Discounts Outsourcing Webinar – Where, Who, How, Why LIVE Demonstration Video of Actual Sale Oxford Webinar – Life, Medicare, Annuities Unlimited Sales Data for $49.95 per month …
This was an actual sale made March 19, 2014, where I had the presence of mind to not only set up the screen share the way we normally do, but I also started recording the screen so that you can…
This post also covers Guaranteed Issue circumstances and the impact that has on your commissions. It is very important to start with this publication.. learn it! Choosing a MediGap policy. (Section 3 on Page 21) [ If you are…
I'm often asked, “WHEN is the best time to ask your client, or potential client, about other products that they may be interested in?”
Yes, there are plenty of things that your clients may eventually want to purchase, but the best thing to do is to first make them a client, preferably by saving them money. Then, and only then, talk about cross selling other products to your Medicare Supplement client.
Covered in this webinar are updates on Mutual of Omaha, CIGNA, Equitable, Stonebridge Life Medicare Supplements. <!@split@> Resources: Update 06-22-16 on Medicare Advantage penetration: CIGNA Text Alerts on Your Business – instructions CIGNA Mobile Quotes Instructions CIGNA Instant Text Quotes…
Why?
Because even if the rate is not drastically better today, the renewals surely will be better (for Plan G) tomorrow.
Mutual of Omaha on February 12, 2014 had a post purporting the benefits of Plan G.
See the Mutual Express blog on the topic.
And here is our webinar on this topic.
This was covered in depth for our members in this webinar, where not only are the benefits shown, but the salesmanship to go along with it are explored. The only company in the market paying commissions on the Part B deductible is New Era (and sister company Philadelphia American). This means, with the other companies, you are not getting paid commission on the deductible, anyway.
In my opinion, it is far better to separate yourself from the competition by saving your client the most money today, and at renewal time, by strongly recommending Plan G.
Remember, though, that many seniors just won't get it. Some are not capable of understanding the numbers and just want the convenience of Plan F. Don't be discouraged when you encounter this. They just don't want to be bothered. In the end, the customer is always right, and I'm happy to sell them what they are looking for.
-CW
Last night I was out with my wife and saw, on a restaurant's TV, a commercial playing on the ESPN channel.
The commercial was for SelectQuote Senior – their new senior division, selling Medicare Supplements to seniors.
Upon reviewing their site, they have a very limited, and somewhat outdated, list of carriers that they represent in the Medicare Supplement market. For instance, they're still selling Gerber Life and GPM Life's Medicare Supplement plans, neither of which are competitive anymore.
The fact that such a large company is entering the Medicare Supplement marketplace reinforces that this is definitely the place to be!
The recent report by CSG Actuarial said that the outlook for 2014 and beyond for the Medicare Supplement market is very good.
Proving once again, selling Medicare Supplements by phone CAN be done!
Update since the post:
Comment from Paul in KC:
__________________________________
On Sun, Feb 2 at 11:35 AM , Paul wrote:
A new study by the CSG Actuarial folks says that it is a very good time to be in the Medicare Supplement market.
By Doug Feekin on January 31, 2014 —
Now that we’ve put a wrap on 2013, here’s a 2014 Medicare Supplement market forecast from CSG Actuarial. All in all, it is a very good time to be in the Medicare Supplement market. The market is expanding due to the demographics in the United States and the risk issues of the past few years seemed to have settled down. Most companies are realizing additional profits from lower claim trends and attempting to increase market share.
Claim Trends Stay Lower
CSG Actuarial is projecting that overall Medicare and Medicare Supplement claim trends will continue the pattern from the past three years and remain lower in 2014. Along with the overall lower claim trends, Medicare Supplement Plans C and F should experience further dampening of their claim trends due to the Part B Deductible not increasing in 2014.
Lower Claim Trends | Lower Premium Increases
CSG Actuarial is projecting that these lower claim trends will continue to drive lower and/or delayed premium increases. Overall premium rate increases have declined the past three years and we expect 2014 rate increases to be generally in line with the level of increases implemented in 2013.
Plan G
CSG Actuarial is projecting a continued emphasis on Plan G from some of the primary companies in the Medicare Supplement market. In most instances, the premium savings for Plan G versus Plan F is substantially greater than the out of pocket cost of the Part B Deductible and some agents are starting to put more focus on plans other than F.
Sales, Sales, Sales
CSG Actuarial is projecting continued growth in the overall sales in the Medicare Supplement market. Our current estimate for overall 2014 Medicare Supplement annualized new premium sales is between $3.5 and $3.6 billion. CSG Actuarial expects that at least 10 companies will have Medicare Supplement sales greater than $50 million in 2014.
New Market Entrants
CSG Actuarial is projecting an increase of new entrants into the Medicare Supplement market in 2014. The pipeline appears to contain at least 10 and possibly as many as 15 companies attempting to put new Medicare Supplement products on the street in 2014.
About CSG Actuarial
CSG Actuarial is a leading provider of actuarial and competitive information for supplemental products. CSG has more than 50 years of actuarial experience with pricing, product development and competitive intelligence within the Medicare Supplement, Critical Illness, Cancer, Final Expense, and Hospital Indemnity markets. Call 855-861-8776 or email [email protected] to learn more.
(Remember, you can utilize the CSG Quote engine for free using our tools. See the Tools page.)
As mentioned in the first webinar of 2014, we have a study going on with the following lead sources for the first quarter of 2014.
1) Internet leads targeting Medicare Supplement online leads
– Using AllWebLeads / InsuranceLeads.com
2) Direct Mail to 68-72 year olds. 4,000 pieces mailed, split between:
– Using Kramer Lead Marketing's “Medicare Comparison” piece and
– Using LeadConnections.com “E-80” lead piece
3) Telemarketed Leads using the new discount with the phone room with USA operators.
The study is well underway and updates will be sent to all members when ready.
Covered in this news update video: Two companies launch in Florida: CSI and CIGNA Skype and CallGraph Integration UPDATE NPR Sites the Cabral-Mahony Study on Medigap Kaiser's new study on Medicare beneficiaries Illegal Aliens Taking From Medicare “Under Observation” vs….
Today, I was introduced to the famous quotes of Ben Franklin, and WOW.
I think all of these specifically apply to small business people and salespeople, specifically.
In my experience with agents, I have found that the #1 cause of failure for insurance agents is that they not followed these principles. I never knew, until today, that all of these principles were espoused to prominently by our founding fathers, too!
Here are Benjamin Franklin’s Top 9 Pieces of Advice for Living a Productive Life
1. The sleeping fox catches no poultry.
2. Lost time is never found again.
3. Laziness travels so slowly, that poverty soon overtakes him.
4. Early to bed, and early to rise, makes a man healthy, wealthy and wise.
5. There are no gains, without pains.
6. Diligence is the mother of good luck.
7. Be ashamed to catch yourself idle.
8. Let not the sun look down and say, “inglorious, here he lies”.
9. A life of leisure and a life of laziness are two separate things.
This webinar covered the changes to Medicare for 2014 and how the companies are dealing with the new year. Also, covered lead generation and sales tips for your Medicare Supplement business. Click the image to watch the video: …
Re-posted from Chris Bloor:
• 48% of sales people never follow up with a prospect
• 25% of sales people make a second contact and stop
• 12% of sales people make more than three contacts
• 2% of sales are made on the first contact
• 3% of sales are made on the second contact
• 5% of sales are made on the third contact
• 10% of sales are made on the fourth contact
• 80% of sales are made on the fifth to twelfth contact
Creating and using a simple follow up system [that works on autopilot] is a guaranteed way to grow your business.
CONSIDER THIS: With less than 52% of all sales people following up with their prospects at all, you will not only grow your business but you will stand out ‘head and shoulders’ amongst your peers.
And bearing in mind that 80% of sales are made in the 5th to 12th contact if you are in a market with serious competition you can literally eliminate your competitors by simply following up on your prospects diligently and consistently.
We use follow-up systems like Send Out Cards for insurance agents, with customized campaigns that we make available to members.
Whatever you use, you must employ some sort of follow up system. All professionals do, if they plan to stick around!
I'm convinced that the reason for my agency's success has been the effective use of time.
See the video:
If you are willing to do NOW what others are not, you will have, LATER, what others will not.
I wish you the best in your business. It's your choice!
Chris Westfall
MedicareAgentTraining.com
One of the major carriers is increasing their commissions for Medicare Supplement plans. See the video for the implications of this news: Letter going out to agents: “Your Medicare Supplement applications dated January 1, 2014 or later, and issued by Mutual of…
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