One size does not fit all. If you’re going to be in the Medicare Supplement (or Medicare Advantage) market, you need a website that caters to seniors. That includes a site that speaks to their needs and desires.
You also need one that is visually appealing to seniors; that means a design and functionality that work best for your audience: larger font size and easier, more intuitive website navigation.
Not only is the broker population changing, but the approach to selling is also changing. A “kitchen table sale” was fairly common in days past, but not so anymore as seniors are increasingly uncomfortable inviting strangers into their homes
A different approach for a different kind of market
Today, one of the best ways to sell Medicare Supplement (Medigap) plans is to fuse technology with tried and true sales fundamentals. Targeting is key. Offering the right products is important. The most successful agents view their role as a medicare sales broker as more than a job. They provide their clients with a tailored product offering which helps them advance in their careers.
Technology can help connect you with seniors eager to buy, while also helping you id entify the carriers that are offering the top-selling or newest products in your area.
How to Market and Sell Medicare Supplement Insurance
Agents/brokers must be licensed in the State in which they do business, annually complete training and pass a test on their knowledge of Medicare and health and prescription drug plans, and follow all Medicare marketing rules.
Agents/brokers are subject to rigorous oversight by their contracted health or drug plans and face the risk of loss of licensure with their State and termination with their contracted health or drug plans if they don't comply with strict rules related to selling to and enrolling Medicare beneficiaries in Medicare plans.
In spite of an increasing older population, there are fewer insurance agents today serving the market. The pool of brokers is spread thin in addressing the needs of a growing market segment.
Direct mailings — is also valuable, because it can be highly targeted.
“You can get USPS Every Door Direct Mail that lrrets you target by communities or mail carrier routes in a community. It’s very targeted geographically,
“Direct mail isn’t about how many you can send out — it can be 500 if it’s an exact target for your business.”
How do Medicare brokers get paid?
Independent Medicare insurance agents are paid by the insurance companies. Your monthly premium for your policy includes a commission built in for your agent. If you enroll through an agent (Medicare broker), the agent gets paid that commission, and you get all of the support provided by that agent.
There are many sources of senior, Medicare-eligible leads – direct mail companies, telemarketers, and others. The quality of your lead will influence your likely success. Technology can help you better target your audience.
Examine the market:
Identify the right market for you. Your only limit is your licensing. If the market is better in your neighboring states, don’t be discouraged. Get licensed there and go where your sales opportunities are greater.
The truth is that about 10 states account for nearly half of the current senior marketplace. It’s probably no surprise to find counties in
and Florida on the list of areas with the
largest percentage of 65+ residents in the U.S.
Qualify your prospects:
Your outreach process should pre- qualify your leads – saving time for both you and your prospect. Things you’ll want to uncover during your first call are:
- Do they have current insurance?
- If so, what kind of coverage do they have?
- With whom is their insurance?
- How much are they paying?
- What would it take to get them to consider a change?
- What’s covered? Are there any health issues to be considered? (This could include network provider considerations as well as ongoing prescription drug needs.)
Lead management and nurturing:
If your prospect isn’t a match for a Medicare Supplement sale right now, maybe a Medicare Advantage plan would make sense. Even if you don’t make a sale, you will want to retain your prospect’s information, as it could lead to a future sale or referral.
You can turn lemons into lemonade by building a non-responder list for your follow up later. Maybe your prospect’s spouse is turning 65 in the future, or maybe they’re been in a Medicare Advantage plan and will want to consider a move to a Medigap policy today.
With Individual & Family Plan business in flux, what’s a broker to do to make up for the lost income? Help your clients, and yourself, by getting into the growing – and lucrative – Medicare marketplace.
1. Implement Content Marketing
As an insurance agent, your primary focus is on clients who are in need of an insurance policy right now. However, you also need to focus on keeping in contact with clients during the months and years in between these transactions. For clients in that phase of life, seeing posts about needing insurance is not relevant. Instead, share and send content that is full of valuable information applicable to clients no matter where they are in the insurance process. This way you stay top of mind so they remember you when it counts.
2. Embrace Social Media
Most everyone is using social media, but as an insurance agent, are you using these channels to grow and nurture your business? If you said no, make this your goal for 2018. When thinking about where client and prospects are, you can find them online.
One mistake that insurance agents make with social media is only posting “boring” information about insurance. Get creative and share content to all of your pages that is engaging and valuable, regardless of whether they are currently in the market for a policy or not. Post interesting questions and ask your network share their own thoughts in the comments, and be sure to respond when they do. This is another way to engage with your clients and potential clients that’s fun and doesn’t feel like work.
7 Steps to Start Social Media Content
1. Quality vs. Quantity
2. What do you intend to accomplish
3. Define your target
4. Choose one social media to start and work on
5. Then go to the next one
6. Videos and Images great content
7. Post Frequently and respond to comments
Get an Intern forr Internet Marketing Consultant or call your local college.
3. Monitor Your Online Reviews
Consumers have quite a bit of power to make or break your company’s reputation through sites such as Google Reviews, Yelp, and Facebook reviews. In fact, 97 percent of consumers read online reviews for local businesses in 2017 and 85 percent of consumers trust online reviews as much as a personal recommendation. With percentages like this, obtaining these online reviews is important and should be added to your business activities for 2018.
Wondering how to do this? The quick answer is to do great work and have happy customers who want to brag about you. Customers may not know how valuable these reviews are to you, so taking the time to ask for these reviews is important. If you need to reach out for help with building up your online reviews, we’ve put together 10 tips on how to ask.
Managing your online reputation requires you to monitor sites and be proactive in addressing these. Having the ability to leave a positive review also means a customer may leave a negative one. The best way to deal with any negative reviews is by following up, asking questions and discovering what you can do to better address the situation in the future. Remember that you won’t be able to make every customer 100% happy, and that’s okay. Do your best work and provide great customer service and your loyal customer base will grow and so will your positive reviews.
4. Ensure Brand Consistency
This means having a consistent brand across all online and offline channels. What this doesn’t mean is uploading a logo or headshot to every site that may be applicable to your business and never returning. You need to ensure that your information is the same on each channel – your website, review sites, social media profiles etc – and then continue actively monitoring it.
Besides information and images the experience a prospect or client encounters on each channel should be consistent. Respond to messages, tweets, emails and phone calls in the same tone and communicating the same information. The experience of each client or prospect should be the same regardless of when, where or how they find you.
You would never want to miss out on a client because they called the wrong number or sent a message to the incorrect email. Avoid this by taking the time required to maintain a consistent brand.
Do you know where your phone is? Like most people these days, it’s within arm’s reach. Mobile use is steadily on the rise with users spending upwards of 5 hours a day on their mobile devices. To meet the growing mobile audience, focus on having a responsive website so users who visit via mobile or tablet have just as great of an experience as those using a desktop computer.
And there are a lot of internet users on their phones. Internet users spend 51 percent of their time on mobile or tablet compared to 48 percent on a desktop. Facebook is the world’s most used social media platform and 1,149 billion of their users use are mobile only. That’s a lot of potential clients! Avoid causing hassle for clients and prospects and make improving your mobile experience a priority this year.
6. Don’t Wait, Clean up Your Data
If you have a database full of bad contacts, then all of the effort put into crafting and sending newsletters goes to waste. Receiving too many bounces, unsubscribes or spam reports and your sender reputation and your ability to even make it into the inbox will also plummet.
Having clean data impacts your email deliverability as well as your ability to expand your reach. Take the time to clean up your data regularly and remove unsubscribe requests to ensure you’re making the most of your marketing efforts.
7. Automate Your Marketing
As an insurance agent, managing a healthy pipeline of clients and prospects is essential to growing your business. You have a long list of tasks you do on a daily, weekly, monthly and annual basis, which means it can be difficult to find time for generating and sharing content in addition to following up with past clients.
Automated email and social media marketing is a great way to consistently reach your audience, even when you don’t have time to pick up the phone or send that handwritten note. There are several tools that allow you to automate this on your own, but if you want content created for you from start to finish, OutboundEngine’s automated marketing is the right choice for your business. Click here to set up a live walkthrough and find out how it will help you succeed.