Agent Link - May 2021

Agent Link - May 2021

MAY 2021

INSIDE All About Attracting New Senior Market Producers How Company Culture Will Survive Social Distancing How Matthew Became a Top Senior Market Advisor Using Digital Marketing

Med Supp Producer

MedA Specialist

Agent New to Senior Market

The Man Who Changed Racing Forever

All About Attracting New Senior Market Producers

this market as a trending opportunity to get in front of new prospects and open up new doors by which to expand their footprint in their area. Agent Link has dedicated hundreds of hours to mapping the typical journey each of these different personas are likely to take, but it is clear that the journey is best mapped as a function of what each organization — whether that is a carrier, an IMO, or an individual agency onboarding and coaching new producers — is offering these producers as a value proposition. We invite you to take a closer look at the different ways in which we can help bring more success in your expansion plans.

We find that even those agents that do both Med Supps and Med A gravitate more toward one world than the other. Say there’s your Med A specialist who writes the occasional Med Supp, and then there’s the entrepreneurial Medigap producer who is cross-selling multiple products to their clients, but again, leans their own way. As mentioned, each persona has their set of problems and motivations that an organization seeking to inspire them into action can benefit from learning more. A group growing distribution may be looking for producers who are already experienced in their segment of Medicare. Agents already writing Medicare products are, of course, likely to be appointed with a few carriers and have an upline already.They may not necessarily be looking for an alternative.Therefore, attracting active and experienced Medicare producers requires a competitive approach that focuses on the producers’ unsolved challenges and offers a fresh path to reach their goals. With an aging population, the senior market is expanding and attracting brand-new licensed producers as well as agents and advisors who see

The senior market is a world that never stops turning. To some organizations, like those involved in the Medicare Advantage universe, there are seasons and cycles; thus, attracting new producers in a timely manner is all a part of a sound strategy.This certainly is not an exclusive activity for IMOs and BGAs, with many carriers growing their independent producer distribution channel directly as well. To the Medigap crowd, the game is really all year round. In our extensive experience reaching out to and speaking with the tens of thousands of producers who are involved in those segments of the market, we have learned a good lesson.There are different producer personas, each composed of different personality patterns, and each with their own set of aspirations and concerns. Understanding the different producer personas is vital when attracting each type of producer. One size never fits everyone. For instance, we find that the generality “Medicare Agents” is too homogenous and hypothetical a concept to be real, and it is therefore an unworkable marketing audience.

-Stu Gramajo

1 +800 535 4545

How Matthew Became a

‘It’s Just Not the Same!’

Perhaps your company was known for its quirky breakfast cereal bar. Or maybe your team members at work became your softball team members after work, taking on office park rivals on the diamond. It could even have been as simple as a book club. Whatever your company’s “things” were, odds are good they disappeared when COVID-19 hit.That’s a shame because right now, company culture has never been more important! So, what is company culture? Think of it as the little (and big) things your company does to stand out from the pack, build cohesiveness and teamwork, and improve employee morale. Great company culture will keep talented people in your business, and no amount of money can make up for a toxic or alienating culture at work. But now, you can’t have a softball game after work or meet in person for a book club. And the idea of a shared dining area right now may seem downright absurd to many who have weathered the pandemic. Does that mean company culture is doomed? Absolutely not. When times get tough, your team members need more than just the company’s P&L’s to inspire them.They need to see a great place to work, and they need to see their contribution. Technology makes it tempting to try to revive the cultural activities your company already had — for example, you could take that book club and turn it into a weekly Zoom meeting. If that works for your team, great! But be wary of this quick solution.The last thing anybody wants right now is more Zoom meetings. If you do decide to get together remotely for a book club, game night, or “have a beer at home” session, try using a software, app, or service that your company does not use to conduct business.That will mitigate the “Zoom again ?!” dread. Better yet, find a new way to thrive. Get people together for an online video game tournament. Start a snail-mail postal chain for your team members. Do a Secret Santa-type gift exchange, leaving presents in a safe location. Set up a scavenger hunt that uses digital tools but gives you real-world exercise. Those are just a few ideas, and not all of them will work for everyone. Only you know what’s right for your team.That said, keep an open mind and keep your finger on the pulse of your company’s culture. Right now, it is vital. 2 www.AgentLinkMarketing.com With Effort, Company Culture Will Survive Social Distancing

a Top Senior Market Advisor Using Digital Marketing

While relating his story, Matt reveals how being a speaker didn’t come easy to him and shares a number of comical anecdotes dating back to his days as a newbie. With practice, he says, one can accomplish anything. Empowering Agents Who Are Helping Individuals and Families One of our core values at Agent Link is to align ourselves with those individuals who help and empower others. We were so very thrilled and fortunate to have Matt share his story and specific secrets that his peers could learn and immediately implement to help more people and families across the U.S. Such Is the Purpose of Our Top Producer Summit As we’ve shared in earlier editions of our newsletter, the feedback we’ve gotten from the virtual summit is tremendous. We are currently curating speakers and content for our 2021 summit. It is a great opportunity for those carriers and other organizations that are able to feature actionable content that can help producers in the areas of marketing, technology, client acquisition, and business growth. Agents and advisors visiting our platform and attending the events include producers from every segment of the industry, but the common denominator is that these are producers who are active and looking for ways to grow. Please, reach out to us to learn more about how you can either contribute educational content or become a sponsor in our upcoming summit.

Top producer and CEO of Medigap Seminars Matthew Claassen has quite a unique expertise. Rooted in his financial analyst experience and early success as the host of a radio show on financial services in the D.C.- Baltimore area, Matthew developed a successful marketing blueprint with strong principles that he now applies using internet channels. Senia Gramajo, President of Agent Link and co-host of the Top Producer Summit, the virtual national conference for agents and advisors, interviews Matthew, shedding a much-deserved spotlight on his story and great success. During this extremely well-received summit session, Matt explains how he developed a method focused on educating and helping people, not on selling product. Many of his listeners reached out for help as a result. He has enjoyed tremendous expansion in his activities, and he now uses that blueprint in the Medicare arena very effectively. Matt is a top agent with several of the most prominent carriers in this segment of the industry. Technology is one of Matthew’s secrets. It allows him to do at a national level what he used to be able to only do locally. A Key Core ValueThat Lays the Foundation for a Sound Strategy Drawing from his years in radio, Matt explains to the producers viewing his session that he focuses on delivering value first.This allows his audience and his public to get help upfront.

-Senia Gramajo

HAVE A LAUGH!

5 +800 535 4545

A Deep Dive Into the World of Senior Market

From a recent study of the industry, this shows the percentage of licensed producers who are writing any amount of senior market products in comparison with a few other significant markets.

PRODUCTS LICENSED PRODUCERS ARE SELLING

Group Benefits Variable Annuities Under 65 Health P&C Commercial P&C Personal Medicare Advantage Ancillary Final Expense Medicare Supplements Fixed Indexed Annuities Permanent Life Term Life

12.1% 15.2% 18.1% 18.2% 19.1% 19.3% 22.1% 26.0% 26.8% 34.6% 49.3% 54.6%

Medicare Advantage

Medicare Supplements

Writes Senior Products

Percentages above reflect both agents fully focused in the senior market as well as those who simply cross-sell and write Senior Market products occasionally. Thus, a part of our study focused on inspecting just what percentage of producers truly specialize in that segment of the market. Our findings were that while as many as 29% of licensed agents write products in the Senior Market, only 12% of producers have it as their main focus.

Specialist

MEDIGAP vs MEDICARE ADVANTAGE

% OF LICENSED AGENTS WHO ARE ACTIVE IN A MAJOR OR LESSER DEGREE IN THE SENIOR MARKET

Senior Market, as a general category

For every three senior market producers who gravitate more toward Medicare Advantage, there are five producers who gravitate more towards Medicare Supplements.

Writing Medicare Supplements

Writing Medicare Advantage

Compare to those agents actively writing Life Insurance

20 40 60 80 100

0

Entrepreneurial Mindset Differences Between Med Supp Specialists and Med A Specialists Producers who consider themselves entrepreneurial Med Supps Specialists Med A Specialists Any agent independently of focus 84% 69% 79%

Probability Charts: What Products Is Each Specialist Likely to Cross-Sell?

It is generally found that licensed insurance agents, whether their background is insurance or financial services, market and sell multiple products. Indeed, it is unlikely for the typical producer to sell a single product. Through our study, we were able to establish a likelihood, in terms of a percentage of probability, that two specific types of producers — the Med Supp producer and The Med A specialists — will cross-sell and write other products:

Medicare Supplement Specialist

Medicare Advantage Focused Agents

Medicare Supplements

60%

Ancillary (Dental, Vision, Cancer)

69%

Final Expense

53%

Permanent Life

65%

Term Life

47%

Term Life

65%

Permanent Life

40%

Final Expense

62%

Ancillary (Dental, Vision, Cancer)

40%

Medicare Advantage

54%

Short Term Medical

33%

Short Term Medical

54%

Fixed Indexed Annuities

33%

Supplemental Under 65

50%

Supplemental Under 65

27%

Under 65 Health

46%

Indexed Universal Life

27%

Fixed Indexed Annuities

46%

P&C

27%

Long Term Care

38%

Group Products

31%

Long Term Care

20%

Indexed Universal Life

27%

Group Products

20%

Disability Income

27%

Under 65 Health

20%

P&C

12%

Disability Income

7%

Variable Annuities

8%

Variable Annuities

0%

As we can clearly see, the secondary or additional products these two different groups have in their portfolio present different priority levels. This presents an important insight that can be leveraged by carriers, IMOs, and other organizations growing distribution. For instance, with the ability to predict behavior and preferences, broken down by types of producer, an insurance carrier growing their independent channel for ancillary products could utilize our insights to see which groups of specialists are the most and least likely to carry their product.

23% Life Producer (excluding Final Expense)

28% FIA Specialist

49% Under 65 Health Producer

32% Security Licensed Agents

75% Group & Benefits Specialist

21% Independent P&C Producer

40% MedA Specialist

53% Med Supp Producer

MORE LIKELY

LESS LIKELY

The above figures stem from a full quantitative study of the industry conducted by Agent Link. In a population of 1,600,000 licensed agents, we have our randomized sample of 1,500 surveys (1,200 email surveys and 300 phone interviews), and we calculate our margin of error at +/- 3%. - Stu Gramajo

www.AgentLinkMarketing.com 800 535 4545

1130 Cleveland Street, Ste. 120 Clearwater, FL 33755

The Legacy of Dale Earnhardt Continues With Safety Improvements in Racing

Earnhardt’s style of racing was unparalleled, and most fans will never forget the 2000 race at Talladega Superspeedway where he barreled from 18th into first place over the final six laps. On that fateful day in 2001, Earnhardt was racing toward the finish line on the final lap — a first-place finish in his sights — when he collided with three other vehicles, rammed into the concrete barrier, and slid to a stop in the infield. Earnhardt was pronounced dead at the hospital that evening, the result of a skull fracture that happened within 80 milliseconds of the initial impact. Almost immediately, NASCAR made sweeping changes to the sport, including requiring drivers to wear a head and neck support (HANS) device along with their helmet to stabilize the body in an accident. It was a device that Earnhardt refused to wear due to its restraint and one that potentially could have saved his life had he been wearing it. The organization also instituted improved outer barriers and seat belts. (It was previously believed that a seat belt malfunction led to Earnhardt’s death.) Along with those improvements, NASCAR continues to update its safety measures. According to ESPN, the sport has also required drivers to wear full-face helmets, and vehicles are now outfitted with shock-absorbing foam to protect drivers’ bodies from the energy produced in an accident. The work NASCAR did to improve driver safety was on full display at the 2020 Daytona 500, when racer Ryan Newman’s vehicle hit the wall, flipped upside down, and was then propelled into the air before landing in the infield.The accident was horrific, and Newman had to seek treatment at a nearby hospital — but he lived. “Those people,” Newman said to ESPN about those who made safety regulations a standard in the sport, “collectively saved my life.”

Known as “The Intimidator” to sportswriters who loved his rowdy personality and “Ironhead” to opponents who loathed racing against him, Dale Earnhardt Sr. forever changed racing in both his life and tragic death on Feb. 18, 2001, during the final lap of the Daytona 500.Today, Earnhardt’s legacy lives on through the racing triumphs of his descendants, like Dale Earnhardt Jr., and the safety protocols his death inspired. Earnhardt was born into a racing family in 1951 and made his NASCAR debut in 1975. He went on to win 34 races at the sport’s most popular track in Daytona, Florida, and record 76 career wins.

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