Cross-Selling Strategies for Medicare Sales
Effective Cross-Selling Strategies Understanding Your Client’s Needs: Using open-ended questions about their lifestyle, family situation, employment, and future goals will give you keen insight into them and help identify gaps in coverage. Timing Is Critical: Don’t be afraid to introduce a new product or other variation of their current plan when you are talking to them during a natural opportunity, such as annual renewal, a positive claim experience, or learning about a life event they may have recently experienced that may warrant a change in their coverage. Personalize Your Recommendations: Use the data from your CRM (Client Retention Management) system that you have populated. It is a perfect utilization of your CRM to offer tailored product suggestions for their specific circumstances. Educate, Don’t Push: Focus on a consultative, educational approach, explaining how additional coverage provides value and peace of mind, rather than resorting to aggressive sales tactics that can damage trust. Leverage Technology: Use your CRM System to track client interactions, set reminders for follow-ups, and automate personalized marketing campaigns.
Provide a Seamless Experience: Offer a hassle-free process for adding new policies, handling administrative tasks, and ensuring a single, convenient point of contact for their insurance coverage needs.
In the Medicare Insurance world, cross-selling is a strategy of offering additional insurance or complementary products to your customers that may provide more comprehensive coverage and increase customer value. This approach benefits the customer, who can consolidate policies and potentially save money, as well as the Agency and the Agent, who may experience additional revenue, better overall retention rates, and lower client acquisition costs. Key Benefits Increased Revenue: Offering multiple policies to your clients that provide them with additional solutions boosts the average revenue per client, which may lower your overall per-client acquisition cost. Enhanced Client Loyalty and Retention: Clients with multiple policies from the same source are less likely to switch to a competitor. The key is offering relevant coverage options, elevating you to a Trusted Advisor from simply an Agent. Convenience for the Customer: Bundling simplifies their insurance management by providing them a single point of contact: YOU! Better Risk Management: These strategies provide the Agent with a more comprehensive view of their client’s risks, offering a clearer overall picture for both the Agent and the Client.
Supplemental Solutions Offered by HPM Through UHOne
Don’t know where to begin? Health Plan Markets has access to the UHOne product line offered by UnitedHealthcare. Here are their solutions for your clients that are typically not covered to the same extent by Carrier Plans! Dental: Covers common dental care services Mental Health Complete Plus: A telehealth access to personalize mental health care, general doctor visits, and dermatology as well. Vision: A plan for ongoing vision care with vision insurance. Accident Insurance: Use accident insurance to pay for unexpected medical costs. Critical Illness: Critical illness insurance helps keep the focus on getting well, not paying bills! Telehealth: Skip that trip to the doctor for minor issues with a telehealth membership. See a doctor by phone or video without leaving home!
If you’ve spent any time in this industry, you know that it’s 10 times harder for an agent to find a customer than to keep one, and that’s why your quest for retention should never end. As discussed in this month’s cover article, Q1 is the time to check in with your clients to address any concerns they may have with their new plans or finalize any changes that still need to be addressed following Q4. Additionally, it’s a great time to provide them with one of the best keys to ongoing retention: ancillary products. Add-on dental, vision, critical illness, cancer, and hospital indemnity plans are among the ancillary options that build upon the value you’re already providing to your clients and can lead you to greater success with your bottom line. We have agents within our organization who have added six figures of income by going back to clients and suggesting other products to strengthen their existing coverage. Additionally, research shows that the five-year retention rate for clients with more than five policies is nearly 8% higher than that of those with only one. Clients who purchase ancillary products are more likely to stay loyal to you for various reasons. First, they may think twice about accepting an invitation from an outside entity to switch their Medicare plans if they have multiple services tied to you. Second, RETENTION REVIVAL Power Through Ancillary Plans
incorporating ancillary products fosters greater trust with your clients, who can rely on you as their primary point of contact to address multiple needs. If you’re not currently selling ancillary products, please contact us at Contracting@askhpm.com to get started today. We offer our agents various ancillary product support services, including training and shadowing for UnitedHealthOne. Providing ancillary products makes you more well-rounded and potentially more profitable, and it gives clients greater confidence that they’ve made the right choice by having you as an agent.
Make the next three months count by making these products work for you!
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