SMS Agent Interview - Adding Medicare to a P&C Agency
We recently interviewed a Senior Marketing Specialists Agent that has taken the leap into Medicare while running a highly successful P&C Agency. We realize there are steps needed to get Medicare integrated into your current business and wanted you to hear from an Agent that has successfully done exactly that!
Why did you get into Medicare in the first place?
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.
How did you get your Medicare business off and running?
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.
How has Medicare business affected your P&C client retention?
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.
What was your biggest concern getting started in Medicare?
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?
What surprised you the most once you were off and running?
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.
Do you get any referrals from your Medicare business?
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.
What ultimately made you comfortable offering Medicare?
Medicare Cafe and New Agent School. Both are critical for newbies, it familiarizes you with the lingo and offers insight into products and marketing.
What are your key takeaways for P&C Agents looking to offer Medicare products?
- It’s easy, you don’t have to be an expert to get started
- SMS is here to support you with any questions/training
- Commissions are great
- Service is minimal