Learning from Lost Medicare Insurance Sales

As exciting as securing a sale is, losing a sale can be pretty disappointing. To put a positive spin on a negative situation — every lost sale is a learning opportunity.

When you fail to close a sale, consider it a chance to ask yourself “What went wrong?” and “How can I prevent that from happening in the future?”

We’re examining a few possible reasons why a lost sale could happen and providing help and encouragement on how you might be able to prevent it!

Your Portfolio Was Lacking

You’ve gone through your plan presentation, but your portfolio just doesn’t have what your Medicare client is looking for, or what would best meet their needs.

It’s one thing if it happens once or twice, but more than that? Well, that’s more lost Medicare sales.

Solutions

To start, it’s always a good idea to keep a diverse portfolio of insurance products. This heightens your chances for successful sales and opens the door for cross-selling. An example of an ideal portfolio includes:

• At least two Medicare Advantage (MA) plans and Medicare Supplements
• A minimum of one stand-alone prescription drug plan (PDP)
• At least one hospital indemnity plan (especially if selling MA plans)
• At least one dental, vision and hearing plan (especially if selling Medicare Supplements)

Keeping a diverse portfolio heightens your chances of successful sales and opens the door for cross-selling.

Ritter makes deciding between contracts easier by doing the fact-finding for you! Our sales specialists can put together a free state and region-specific Smart Sheet that provides an outline of the competitive national carriers, regional carriers, and plans in your local sales market.

And, you don’t have to dread the contracting process because Ritter can make that easy for you, too! Our online contracting system, Contract Now, makes the task quick and simple by prefilling your info from your agent record and indicating exactly which documents to submit for each carrier. If you need assistance throughout the process you can call and speak to a real, live human being — one of our friendly and knowledgeable contracting specialists.

Having your portfolio stocked with a selection of quality plans could save you from a lost sale due to a lacking portfolio.

Your Sales Approach Wasn’t on Point

Maybe it’s not about product portfolio — maybe it’s your presentation or pitch.

It’s our belief that about 90 percent of your success in this field is related to your social interactions. Perhaps you’re coming off too salesy or you’re so nervous Medicare clients aren’t sure if they can trust you.

Everyone has an off day now and then, but being prepared with a set sales approach can prevent mishaps during your meetings!

Solutions

A good and effective salesperson possesses qualities like positivity, resilience, enthusiasm, and adaptability, to name a few. In every appointment, you want to make sure you’re giving off a friendly and confident vibe that makes your clients feel comfortable with you and confident in your abilities and knowledge.

Some days, putting on a smile can be hard — stress from work or personal issues, or just a bad day can make being positive and enthusiastic a real challenge. In cases like this, try and cheer yourself up before meetings:

• Listen to a favorite song
• Watch a funny video
• Treat yourself to a special snack beforehand

Do whatever you can to raise your spirits and keep the negativity you’re feeling from creeping into your plan presentation.

It’s important to be an active listener and mindful of what you’re saying and how you’re saying it.

Make sure your pitch gets started on the right note, and you build an understanding of what your client is seeking help with. Some great probing questions include:

• “What are you hoping I can accomplish for you today?”
• “Do you want a long-term or short-term solutions to your problem?”
• “How important is stability to you?”
• “Do you want me to cover all the plans I contract with? Or would you rather discuss the plans I trust the most?”

Be an active listener. Pay close attention to your clients and what they say, responding directly to their comments and answering all their questions.

You might get eager to answer a question or make a comment right away, but resist the urge and let your clients fully finish what they’re saying before you chime in. No one likes being cut off in conversation, even if it’s done with the best intentions.

When you do respond to your clients, be aware of how you’re communicating, including your:

• Body language
• Tone
• Eye contact

Struggle with closing a sale? We’ve got some tips! Check out our blog posts:

• 4 Effective Techniques for Closing Insurance Sales
• 3 Additional Effective Techniques for Closing Insurance Sales

So Many Sales, So Little Time

The Annual Enrollment Period is a small window of time for all the Medicare sales you want to make. Having the prospects but not enough time to meet with them all is a good and bad thing.

You’re a well-liked and credible agent with a healthy client base, but there’s only one of you and so much you can get done.

Solutions

Sometimes, your business can feel overwhelming if you’re just getting started in Medicare sales or on the cusp of a growth spurt. No matter where you are, take a breath. You can do this.

If you just started selling Medicare and you have 10+ carrier contracts, that could be too many. It’s good to offer a diverse portfolio, but you want to build up to that. Aim to have one to three carriers whose plans you can understand inside and out. You might still be learning the basics of Medicare, after all.

We’ve mentioned the benefits of joining a field marketing organization (FMO) before on our blog. From product and contracting support, to enrollment issue troubleshooting and back-office support, an FMO can provide these services and more.

It’s also typical for FMOs to have their own exclusive sales technology and resources. Ritter is no exception and has a collection of proprietary tools that can save you time. The Ritter Platform is our dashboard with commissions tracking, contract management, and more.

Ritter’s partnership with Integrity also offers great advantages for agents. IntegrityCONNECT is a high-functioning agent dashboard with quoting, enrollment, CRM, and automated marketing capabilities. Additionally with PlanEnroll, you can create an Agent-personalized Website to share with clients who can then:

• Review and compare plan quotes
• Complete an enrollment application online
• Create a profile on PlanEnroll to help manage their info
• Access a library of helpful resources
• Receive personalized nurture marketing emails based on on-site actions

If you have a large book of business that keeps expanding, an option you can consider is developing your own agency.

If your business is booming, you could consider hiring an assistant for your business to help with tasks like managing your appointments and taking care of various paperwork. Another option is developing your own agency!

We understand this might seem daunting, but resources like Developing an Agency — Your Guide to Getting Started, can help you begin the process and know what to expect as you go. If you have a large book of business that keeps expanding, acquiring downline agents to work some of your leads is a great way to make sure you don’t miss out on sales, and give other insurance agents a chance to succeed and grow their skills.

Want a breakdown of creating and maintaining your own agency? Download our full agency guide. Get your free copy!.

Your Customer Service Could Use Improvement

Activity + Relationships + Consistency = Results.

So, how do you tend to make your clients feel? How does your assistant or your operational team tend to make your clients feel?

It matters for the first interaction of your relationship, and it matters for each and every next interaction you have with that customer.

If you find your clients desiring better customer service, we have some ideas to help!

Solutions

Clients are your number one priority. For the success of your business, it’s vital you understand how your clients feel after talking with you and your staff.

Pay attention to what you consistently hear from clients, whether that’s on the phone, through email, on social platforms, or even forums, like Reddit.

Sometimes, you’re going to have a client who is upset at their situation and there’s nothing you can do. However, you may hear or see feedback around things that you can change.

• Is your team’s follow up not fast enough? Do some digging to understand why.
  • Do they understand your expectation and what will make your clients happy? If not, more training may be needed.
  • Are you/they swamped with work? It could be worth hiring another person to help.
  • What notes and records are available to them? Deciphering someone else’s handwriting or keeping track of papers can be tough. Customer relationship management systems can make staying organized easier!
• Do clients report just feeling like a number or sale? Sounds like they could use some nurturing.
  • How often are you connecting with your current clients throughout the year? Birthdays and holiday wishes, quarterly newsletters, and six-month check-ins can go a long way. Let them see you’re there for them year-round.
  • What’s your attitude like? If you’re in a rush, they’ll know. Clients want patience and understanding.
  • Is your body language giving the wrong impression? Crossing your arms, slouching, and checking your watch are all signs you’re not interested in what’s happening. Make an effort to avoid doing these things.
• Are you coming off as patronizing? Be weary of using elderspeak!
  • You may come across this way if you use simplified words with a high-pitched tone (like one you might use to speak to a child).
  • Relax, speak normally, and make a conscious effort to communicate with clients of all ages with the same professionalism and respect.

If you want to provide superior customer service while scaling your business, using the right technology for insurance agents is absolutely necessary. We recommend exploring IntegrityCONNECT, a world-class technology solution available in English and Spanish! Built for agents, by agents, it has just about everything you could want to build better relationships — a CRM, prefilled quoting and enrollment, automated marketing, lead purchasing in your area, carrier information and more.

Trust the Process…

Not everyone immediately succeeds in the insurance industry. Those who persevere should be able to grow a successful business over time.

It could take you three years to replace your income. Perhaps it will take you five years to make this a career.

Our tips:

• Know your business
• Master industry Special Enrollment Periods and cultivate opportunities
• Be connected in the community
• Continuously educate yourself
• Become the staple in your own community
• Get involved be everywhere and be wiser than the competition
• Focus on red zones
• Establish a viable workplan for community and professional partners

Losing a sale stinks, and sometimes it just won’t work out. That doesn’t mean you aren’t a good agent! Great agents recognize there’s always room for growth, and these tips should help you do just that!

In every business there are ups and downs and always opportunities to learn and improve. Sometimes, a little help can go a long way, and Ritter is prepared to provide all the help and encouragement you need. Become a Ritter agent for free today and let’s grow your business together!