SMS Agent Interview – Adding Medicare to a P&C Agency
Agency diversification. Treat your agency like an investment! Diversification is critical to investing. The more lines of business you offer, the better you can weather the storm if your P&C book is suffering for some reason.
P&C agents have a client base that already trusts them. I got started by cross-selling Medicare products to my Auto and Home clients.
Product density (the more policies and lines of business with clients) is key. If I have their Auto, Home, Life, and Medicare-related products, that client is very “sticky”. It would take a lot for them to leave. So, client retention is elevated.
Unless you find the right FMO from the beginning, it can feel overwhelming to know how to get started. What testing/certification is required? How do you contract with carriers? Who trains/supports me? What communication is compliant?
Service work for Medicare clients is very low compared to P&C business. Of course, you should stay in contact with them, but there is little you need to actually “do.” I’m sure that most P&C agents have no idea that’s the case. They envision answering questions about hospital bills, etc.
Those senior clients will refer their senior friends to you for Medicare. So, now you have new Medicare clients that are also new P&C prospects.
Medicare Cafe and New Agent School. Both are critical for newbies, it familiarizes you with the lingo and offers insight into products and marketing.