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Selling Medicare Supplements By Phone

SelectQuote Enters Medicare Market

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Upon reviewing their site, they have a very limited, and somewhat outdated, list of carriers that they represent in the Medicare Supplement market.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!
Proving once again, selling Medicare Supplements by phone CAN be done!

Here is the commercial I saw:


 

Update since the post:
Comment from Paul in KC:
__________________________________
On Sun, Feb 2 at 11:35 AM , Paul wrote:

Chris – based in Kansas City. Actually within a mile of my house. Select have been doing Med Supps for a few years now but still growing like crazy.
Another company, coincidently right across the street is Spring Venture Group. Started in Med Supp just a couple years ago with the two founders. They go by the name of United Medicare Advisers. The majority of the leads generated is with their own website and google Adwords etc. I was offered a job anytime but turned it down because I'm building my own empire and not somebody else's. 😉 Anyhow these guys now have over 100 folks manning the phones six days a week. They have been so successful that they started their own life insurance company. Generations Life I believe. They were also offered 1.5 million in tax credits to take the business over the state line into Kansas. (Yuck, we hate Kansas)
Moral of the story…. There is so much business in senior products everyone on your site should be setting a Million dollar a year income goal and if they stick with it they will meet that goal. So what if it takes ten or fifteen years. Just do it I say. Sent from my iPhone 4S
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Medicare Training 101

It is a very good time to be in the Medicare Supplement market

A new study by the CSG Actuarial folks says that it is a very good time to be in the Medicare Supplement market.

See the study here:

Medicare Supplement – 2014 Forecast

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.)

Medicare 101 Training

1Q 2014 Lead Generation Report

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.

The final report is here.

Members-Only

The Fortune is in the Follow Up

Re-posted from Chris Bloor:

FACTS ABOUT FOLLOW UP

• 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

Fortune is in the Follow Up

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!

 

Post-AEP Opportunities – Webinar December 13, 2013

Webinar Replay from December 13, 2013 – Year-Round Opportunities This is a year-round business… see the video: Click the image to start the video: > Topics  Covered: Cross selling opportunities NOW: First, see this webinar on cross selling final expense…

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The Grass is Greener with the Next Opportunity

Friday, November 22, 2013 Webinar Why does it always appear “the grass is greener” at the next opportunity? Covered in the webinar: 1) Effective Dates and How to Set Them 2) Using Send Out Cards with New Prospects (See example below)…

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Friday Webinar November 15 2013 – Local Branding

How can you create a local brand with incoming referrals? Click the image to start the video: Topic covered in this webinar: Local marketing See Campbell's original interview Working without Leads here. Here is the postcard mentioned in the webinar….

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Friday Nov 8 2013 Medicare Update Webinar

 November 8, 2013 Friday Medicare Update Webinar Click the image to play the video: Covered in the webinar: Medico Dental/Vision/Hearing plan in Kentucky Rate increases with Mutual of Omaha, New Era, Philadelphia American. Changes to CIGNA Voice Verification procedures for…

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Residual Income and Insurance Sales

 

I'm often asked, by agents considering coming into the niche of marketing insurance to seniors,

“Which way should I go? Life insurance sales or Medicare Supplement sales”

See the video:

The question really is, are you looking for one-time income or residual income?
If you can pay your bills right now, while starting to build your residual income, that's the best strategy.

Life insurance should be pursued in niche marketing. “The riches are in the niches.”
Medicare Supplement sales should be pursued to build a residual income for the future. This is a great retirement plan.

Mentioned in the video:

https://MedicareAgentTraining.com – Medicare Training

Thanks for watching..

Chris Westfall
[email protected]

 

 

Conference Call on Procrastination and Expectations -Oct 9 2013

Covered in this conference call: Promodoro Technique for avoiding procrastination. Temporal Discounting and how it can sabotage your residual income prospects. State of Kansas bulletin on using third-party marketing companies in their state (get any mailers approved with the carriers you intend on…

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“Yeah, but, can I sell Medicare Supplements successfully?”

“Yeah, but, can I sell Medicare Supplements successfully?”
This is the question I'm answering in this video.
Coming from law enforcement into the senior market in insurance, that was about the craziest transition ever. I know that if you can go from 15 years of telling people what to do, and ordering around subordinates, and you can learn the skillset necessary to succeed in a sales career, then anything is possible!

If you've been in construction, retail sales, or customer service – it does not matter.

If you focus on the skillset necessary to become an interested salesperson – interested in what the client's needs are, you can succeed.

Christopher Westfall
logofinal2

AFLAC Medicare Supplement Pulled from Market

AFLAC Stops Medicare Supplement SalesThe AFLAC Medicare Supplement product hit the market in October, 2012.

It was just annoucned today, September 16, 2013, that the product will no longer be offered, effective October 1, 2013.

This is a disappointing move by AFLAC and its distributor, AIMC. There is, as of yet, no explanation for the sudden move and no field communication has been made prior to this decision that might have helped independent agents get positioned for such a potential transaction with applications currently in process.

This sort of non-communication and rull-pulled-from-under agents and clients is not typical in the industry and will affect future decisions on what companies to market from these higher distribution channels in the future.

Notice sent to the field:
AFLAC Medicare Supplement Cancelled

2013 Medicare Supplement Conference – Scottsdale, AZ

Webinar – Report from the Summit Christopher's full report from the National Medicare Supplement Conference in Scottsdale, AZ for 2013.  Download the Notes from the Conference / Slides Here Tuesday Recap: Monday Second Half Recap: Electronic Signatures, Aetna, I-Pipeline, DocuSign…

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CSI Medicare Supplement E-App

There is news regarding CSI and their electronic application changes. Watch the video to see the details: CSI Voice Signature Guide PDF CSI New Bankdraft Form CSI State Availability Map: Update March 2015: “New Improvements to CSI and CSI Life…

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AEP Preview Webinar – August 30, 2013

This webinar covered ACA changes in store for Medicare Advantage, some Do's and Don't's, and Medicare Supplement comparisons.   See the video:   Committee Ruling on Medicare Supplements NAIC to HHS Lower Performing MA Plans…

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Posture and Psychology – August 28 2013 Conference Call

3 Step System for Presentations This is a review of a psychological study into selling that I think will really help you. Click on the play button or download the conference call: http://archive.org/download/0828131/082813_1.mp3 Three Step Setup Script – Download Here…

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AEP Preview – in Indiana

Leaving on a plane today to get a briefing from various carrier leaders on the outlook for this year's Annual Election Period (AEP). I will be in Nobelsville, Indiana for meetings Thursday and Friday, and reporting back to our membership…

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