It’s one thing to achieve success when times are easy. It’s another thing to persevere when times get rough. Insurance agents are facing challenges, but with the right strategies and the right attitude, you can still serve your clients, grow your book, and achieve your goals.
Here’s how to overcome three challenges to be a resilient agent.
Challenge: Coverage Changes Threaten Client Satisfaction
As an agent, you have no say in carrier decisions. If a carrier decides to pull out of a market or cut benefits, it’s out of your hands – but you’re the one who has to deal with an upset client. When your clients are dissatisfied with their coverage, they might start looking elsewhere for better offers, and that could result in a loss of business.
How can agents be resilient? Even though you can’t stop carriers from making unwanted changes to coverage, you can guide your clients through the situation and position yourself as their go-to resource for assistance.
Being proactive is the first step. You want to reach out to clients early, so you can take charge of the situation before another agent has an opportunity to swoop in and take your business.
Offering a broad range of options is the second step. When one door closes, another one opens – and you want to be the one holding the door open for your clients. If you don’t have access to alternative carriers, your clients may have to look elsewhere to get the coverage they need. The larger your portfolio, the better.
Challenge: Commissions Are Down
Multiple carriers have eliminated commissions on Medicare Advantage sales. For agents who work hard to help clients find coverage and who depend on commissions to make a living, this is a shock. Suddenly, a revenue stream that you’ve relied on is drying up.
How can agents be resilient? Once again, a large portfolio can help you pivot. Not all carriers are dropping commissions, so having contracts with many carriers can help. However, in some cases, a zero-commission plan may still be the best fit for a client, even if you can’t earn anything on it. That’s why it’s also important to sell other, non-Medicare products.
For retirees, Medicare is a cornerstone of insurance coverage, but it doesn’t cover everything. Some of your clients may need supplemental policies for dental and vision, or critical illness and hospital indemnity insurance to cover out-of-pocket costs during a medical emergency. Beyond health insurance, life insurance, annuities, and long-term care insurance can also meet the needs of many seniors. Medicare agents need to follow the marketing regulations from CMS, for example, by completing and following the Scope of Appointment and not discussing non-health products during a Medicare sales meeting – but cross-selling compliantly is a smart way to take care of your clients while making your career more resilient against changes in the Medicare market.
Challenge: There’s Never Enough Time
Between finding new clients, servicing your current clients and adding new products to your portfolio, it may seem like there’s never enough time. You may end up falling behind, letting important tasks slip through the cracks. Burnout is another real risk, and one that can be devastating to your health and career in the long run.
How can agents be resilient? Time is limited, so you need to use it effectively. Finding resources to help you boost your productivity allows you to accomplish more without burning out. Technology can help. If you’re not using time-saving tools and a CRM that helps you stay organized, it’s time to think about changing.
Support is also critical. With the right support, accessing carriers and marketing your services doesn’t have to eat up all your time.
PTT Financial Is Here to Help
PTT Financial offers access to Medicare products, as well as life insurance and ancillary products. We also offer product training and marketing support so you can thrive. Learn more about why agents choose to contract with PTT Financial.