Are You a New Insurance Agent?
Here’s how to get started in the senior insurance market.
You have your insurance license and are ready to build your business, but where do you start? Medicare can be an overwhelming subject that can cause a lot of confusion with agents new to the market so here are suggestions on how to begin:
Learn about Medicare – To work in the senior insurance market you need to understand the basics of how Medicare works. We recommend you understand Part A, Part B, and Part D: how to enroll, and what the client can expect with they qualify for Medicare. Also learn the basics of Part C, also known as Medicare Advantage. A great resource is the Medicare and You handbook that gives you the insight on how Medicare works or explore Medicare.gov for more information online.
Purchase E&O Coverage – Errors and Omissions, otherwise known as E&O Coverage is Professional Liability Insurance. The purpose is to protect business and individuals against claims made by clients for inadequate work or negligent actions. E&O Insurance coverage is not required by all carriers, but some do, so avoid missing out on contracting with competitive carriers if you don’t have E&O.
Find your focus – New agents in the senior insurance market should not stretch themselves thin when starting their career. Medicare is a huge market and might be overwhelming to start offering all the supplemental products, Medicare Advantage, or Part D plans available. Rather than trying to learn everything at once, pick a particular area you want to focus in, whether that’s Medicare Supplements, Medicare Advantage, or Long Term Care. This way you can become a master in field you want to focus in and gradually expand into other areas to increase your Medicare knowledge. Starting out with everything can become overwhelming and discouraging, so we suggest insurance agents new to selling avoid that feeling.
Network with other agents – Take some time to connect with other insurance agents in the senior insurance market. Talking to other agents can help you find a mentor to refer to when you have questions or uncertain about products or carriers. Networking and finding a mentor to guide you in the insurance market is a great step towards success in your business. Great places to find other insurance agents are Linkedin, Facebook, or other Social Media accounts or Insurance Forums.
Contact Senior Benefit Services – Our FMO can help you find carriers that are the best fit for your portfolio. After you establish what area of the senior insurance market you want to focus in, we can help you establish competitive carriers, AM Best Rated carriers, or any other specifics you are looking for. Senior Benefit Services is also available to give you advice on how to market your new carrier appointments and increase your sales! Give us a call today to get started.
Market your Business – Clients will not come to you unless you let them know you are available. The easiest way to market yourself is by putting your business online by registering your business with Google, Yelp pages, Social Media pages, or building your own Website. If you are not sure how to get started, check out our blog about Marketing your business: a beginner’s guide.
Remember your clients – Don’t just have policyholders, have clients that depend on you as their agent! Make sure your client knows to contact you about anything they might receive in the mail or questions about other insurance they learned from someone else. Make sure you are approachable and willing to help your client. Also, it is important to follow up with your clients at least once a year to ensure that they are still happy with their policy or if you can offer them additional coverage.
Grow with your business – Although we mentioned that it is important to stay focused in one area of the Medicare market, remember to grow with your business. Your focus might be Medicare Supplements, but then you have clients asking about life insurance. If your clients are looking for particular coverage, then it’s important to have that available. If you are not appointed with that product, make sure to reach out to Senior Benefit Services for product training and contracting. Instead of trying to have everything at once, grow with your business and your customer’s needs.
Helping you succeed in the Senior Insurance Market!