Overcome Losing a Sale as a Medicare Insurance Agent

Nobody likes losing a sale, but it’s inevitable in the life of an insurance agent. Realizing why you lost the sale is essential to not only overcome the loss, yes, it can deflate us, but also to learn from your mistakes so that it doesn’t happen when there are things you can do to control it. Some reasons you lost the sale are out of your control, and some things you can handle. Let’s look at the possible reasons why you may have lost the sale and what you can do to ensure you don’t lose it the next time. 

 TV Commercials and Direct Mail

Insurance Agents have a lot of competition from the TV commercials and the direct mail sent out before AEP every year or to those turning 65. It takes a lot of work for seniors to sort through all that information to make an informed decision for their healthcare. But some seniors may need help deciphering between you as a local agent and those from the television commercials.

There is a solution you can provide them: In your marketing pieces and conversations, let them know you are their agent.  They will get phone calls asking them to switch carriers and plans. They will see advertisements in print and digital telling them they must call now or they will lose their coverage. They will see many things that could convince them to make the change. But remind them that you are their agent and if they have any questions on what they have seen or heard, to call you first. You are local and can answer any questions that pertain to their situation and the local area.  Agents they find from the TV ads may not be able to offer them the services you can. Staying in contact throughout the year will also remedy this. In every conversation you have with them, you can explain this. The more they hear from you, the more likely they are to call you before making any changes to their plans, creating a sticky client for you.

Product Portfolio

Not having the right plan for your client is not only frustrating for you, but it’s also frustrating for your client. Do your due diligence before you meet with them to help alleviate the surprise of having nothing to offer them.

Working with an FMO like United Insurance Group Agency will ensure you have access to the top national carriers in your area. We’ll direct you to what products and carriers you should have in your geographic area.

If you’re just starting out, or need validation that your portfolio is on the right track, here is an excellent ratio to consider:

  • Medicare Advantage and Medicare Supplement: minimum of two carriers each
  • Prescription Drug Plan (Stand-Alone): minimum of two carriers
  • Hospital Indemnity: minimum of one carrier
  • Dental, Vision, and Hearing: minimum of one carrier

If you are still determining if you have suitable carriers and products in your portfolios, now is a great time to contact the Brokerage team. They’ll work with you to determine what you need to help prevent the loss of a sale next time. Start your contracting before AEP and the blackout periods begin.

Education and Training

There is so much to learn when you’re a new agent, as well as a seasoned agent. Things are constantly changing in this industry. Not being adequately trained and educated can impact your sales calls. You may have missed the mark because of not knowing a particular sales tip, carrier nuance, or that a SEP is available for your client.

Don’t leave yourself in the dark. UIG offers lots of information to agents so you can help your clients get the most out of their healthcare options. UIG holds monthly webinars on current and relevant topics and training on specific topics like Medicare 101, DSNPs, How to Become an Agent, and more. You have a dedicated mentor who works right along with you, is also a licensed agent and knows the ins and outs of selling Medicare insurance. You’re not alone when you partner with UIG.  

Losing a sale isn’t the end of the world. Sometimes it just doesn’t work out, no matter how prepared and knowledgeable you are. You can take a lot from a lost sale and improve going forward. The Brokerage Team at UIG can help you prepare for these circumstances and is your support through it all. Contact us today if you are interested in getting appointed with UIG. We work together to turn those lost sales into closed sales.