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Tags: Final Expense, aig, Corebridge
Posted by www.psmbrokerage.com Admin on Thu, May 25, 2023 @ 10:41 AM
Honoring the Service of America’s Heroes
Memorial Day takes on a more-solemn tone than many of the other federal holidays we celebrate as it’s the day set aside to remember the men and women who died while serving in our country’s armed forces.
America’s military members make a commitment to protect the freedoms our founders fought to put in place. And sadly, many make the ultimate sacrifice for their service. We thank them for their dedication, patriotism and unfailing loyalty to the United States.
Please take a moment over this holiday weekend to remember the service members who put duty, honor and country first.
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Posted by www.psmbrokerage.com Admin on Thu, May 25, 2023 @ 09:56 AM
Thanks to Mutual of Omaha's new Enhanced Broker Bonus, you'll now earn an extra $100 cash per issued underwritten policy - ON TOP OF the money you'll earn from our existing Broker Bonus program. Talk about a win-win! You can now offer customers amazing rates on our most popular plans – Plan G and Plan N – and put more cash in your pocket when you sell these plans and others.
Not appointed with Mutual of Omaha? Request details here. |
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Posted by www.psmbrokerage.com Admin on Mon, May 22, 2023 @ 02:47 PM
On April 5, 2023, the Centers for Medicare & Medicaid Services (CMS) issued long-awaited rules pertaining to, among other matters, the marketing of Medicare Advantage (MA) plans. YourMedicare and its partners had been anticipating these changes and have activated a task force to study the newly published rules in detail and clarify their implications for our affiliated agents’ businesses. The FAQ is the culmination of that effort. Here you will find answers to a number of questions we have received since April 5, as well as clarification on the new rules our team is proactively providing.
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Tags: Medicare Advantage, CMS, medicare changes, medicare marketing guidelines
Posted by www.psmbrokerage.com Admin on Thu, May 18, 2023 @ 01:00 PM
Emotional intelligence (EQ) is more important than ever because it helps individuals and teams navigate an increasingly complex and interconnected world. It is an essential skill for building strong relationships, managing stress, and achieving success both in personal and professional life.
We could look at emotional intelligence as the GPS for our emotional and social navigation. Just like a GPS is more important today with the fast-paced and ever-changing world, emotional intelligence has become more important than ever to navigate through the complex and dynamic aspects of our personal and professional lives.
Psychologist and author Daniel Goleman, one of the most prolific writers on emotional intelligence, discovered a handful of competencies while studying high performers. When he looked at what set top leaders apart, the skills that made the difference were those within emotional intelligence. In other words, EQ isn’t just a nice-to-have for high performance; it’s the distinguishing factor.
It’s easy to see why professional success today depends on EQ.
Emotional intelligence is directly related to resilience – our ability to engage with challenges, sustain performance, rebound quickly from adversity, and learn and grow from our experiences.
When you’ve developed EQ, you can cope with stressful conditions, maintain a positive outlook and are less likely to burn out.
Nevertheless, just because some individuals seem to naturally possess a high level of emotional intelligence does not mean that it can’t be learned or developed over time.
Similar to how you can develop skills to be a stronger leader, anyone can increase their EQ. Learn the strategies, and practice them until they become second nature.
Let’s look at what kind of sales strategies an individual with a high emotional intelligence (EQ) might use.
A high EQ individual would actively listen to the customer, paying close attention to their concerns and needs. They would be able to pick up on nonverbal cues and respond accordingly, which can help to build trust and credibility with the customer.
Active listening is an important component of emotional intelligence that can help improve your sales process in several ways:
Understanding the customer: By actively listening to your clients, you can better understand their needs, concerns, and buying motivations, which can inform your sales pitch and help you tailor it to their specific circumstances.
Building trust: By showing your clients that you are genuinely interested in their needs and concerns, you can establish yourself as a trustworthy and dependable advisor, which can lead to increased customer loyalty and repeat business.
Identifying objections: Active listening can also help you identify any potential objections or concerns that your clients may have about your product or service, allowing you to address them proactively and overcome them.
Problem solving: By listening closely to your clients, you can help them understand the problem, and present them a solution that will address their concerns and give them value.
Personalization: Active listening can also allow you to personalize your sales pitch and tailor it to the specific needs and preferences of your clients, which can help increase their engagement and willingness to buy.
Negotiation: The more you understand about the client and his need, the more effectively you can negotiate and seal the deal.
Overall, active listening is key to building a strong relationship with your clients, understanding their needs and concerns, and ultimately closing more sales.
Someone with high EQ would be self-aware, they would be able to recognize their own emotions and how they impact their behavior. They would be able to manage their emotions during sales interactions, making sure not to let any negative emotions affect their communication with the customer.
Here are a few ways that self-awareness can help:
Overall, self-awareness is an important skill for any salesperson, as it can help you stay calm and composed, communicate effectively, build rapport with clients, and improve your sales process over time.
An individual with a high EQ would be able to understand and appreciate the customer's perspective, and respond in a way that shows that they genuinely care about the customer's needs. They would be able to put themselves in the customer's shoes and understand their wants, needs, and concerns.
Empathy can help improve your sales process in several ways:
Building rapport: Demonstrating empathy helps create a sense of trust and understanding between the salesperson and the customer. This can make the customer feel more comfortable and open to the sales process.
Identifying needs: By actively listening and trying to understand the customer's perspective, a salesperson who uses empathy can more easily identify the customer's needs and tailor their pitch accordingly.
Addressing objections: Understanding the customer's perspective can also help a salesperson anticipate and address any objections the customer might have.
Improving customer experience: Empathetic salespeople are better able to create a positive and personalized experience for their customers, which can improve customer satisfaction and increase the likelihood of repeat business.
High EQ individuals are able to adapt to different situations and changing circumstances. They would be able to adjust their approach to different customers and different situations, which can be critical in sales where one size does not fit all.
Let’s look at a few ways’ flexibility can help you succeed:
Adapting to changing customer needs: By being flexible in the sales process, a salesperson can adjust their approach and strategy to better meet the changing needs and concerns of the customer. This can help improve the overall customer experience and increase the likelihood of making a sale.
Handling objections: Salespeople who are flexible can respond to customer objections in a creative and effective way, that can help to persuade the customer to take an action.
Building trust: Flexibility in the sales process can also help build trust with customers. It can show that the salesperson is willing to work with the customer to find a solution that meets their needs.
Tailoring the Pitch: Flexibility in the sales process can help the salesperson to tailor their pitch and presentation to the customer's preferences, making it more personalized and engaging, increasing the chances of making a sale.
Considered as a resource: A flexible salesperson is seen as a resource for the customer, who can help them to navigate through the buying process, this will enhance the customer's trust and increase the chances of making a sale.
Here are a handful of ways’ building relationships will improve your business:
a. Increased revenue: Strong relationships with customers can lead to upselling and cross-selling opportunities, resulting in increased revenue for the business.
b. Enhanced trust: Building trust with customers through relationship building can lead to increased loyalty and customer retention, which can translate into long-term growth for the business.
c. Access to valuable customer insights: Building relationships with customers can provide the business with valuable insights into customer needs and preferences, allowing it to improve its products and services, and develop more effective marketing strategies.
d. Referral generation: Happy and satisfied customers are more likely to refer their friends and family to the business, which can help it to acquire new customers at a low cost and increase the customer base.
High EQ individuals are able to communicate effectively, both verbally and non-verbally. They would be able to express their ideas clearly and persuasively, and be able to read the customer's cues and respond in a way that is appropriate to the situation.
Let’s look at how effective communication will help your sales process:
A high EQ individual would take a customer-centric approach, focusing on meeting the customer's needs and exceeding their expectations. They would understand that keeping the customer happy is the key to success in sales.
So, how does a customer-centric approach help grow my business?
Personalization: A customer-centric approach allows you to tailor your sales process to the specific needs and preferences of each individual customer, rather than using a one-size-fits-all approach. This can increase the effectiveness of your sales efforts and lead to higher conversion rates.
Building trust: By focusing on the needs and concerns of your customers, you can build trust and establish a positive relationship with them. This can lead to repeat business and positive word-of-mouth marketing.
Identifying new opportunities: A customer-centric approach can help you identify new opportunities for sales and expansion. By listening to and understanding the needs of your customers, you may be able to identify new products or services that they would be interested in.
Improve customer retention: Understanding your customer's pain points, preferences and providing solutions for them not only increase the chances of repeat business, but also drives loyalty.
Problem solving: By putting the customer at the center of your process, it allows you to understand their problems and challenges and provide solutions that addresses their needs. This can help increase the effectiveness of your sales process, as you are able to identify and address customer pain points more effectively.
Wrapping it up
Using emotional intelligence in your sales process can be a powerful tool for growing your business. By being able to understand and connect with your customers on an emotional level, you can build stronger relationships, increase customer loyalty, and identify new opportunities for sales and expansion.
By developing their emotional intelligence, salespeople can unlock the power to achieve greater success in their sales efforts. This can be done through various means such as self-reflection, training, and seeking feedback.
Emotional intelligence is not just something that one is born with, it is something that can be developed over time. By making it a priority, salespeople can achieve a competitive edge in the marketplace and take their sales performance to the next level.
Tags: Sales Tips
Posted by www.psmbrokerage.com Admin on Thu, May 18, 2023 @ 12:57 PM
Training for plan year 2024 begins June 21, 2023AHIP's 2023 Medicare + Fraud, Waste and Abuse Training will no longer be available as of Friday, June 16 at 11:59 pm ET. For those currently enrolled in the training, and have yet to complete the certification, please do so prior to the close of this year's program. AHIP will be launching the new 2024 Medicare Certification on June 21st.
We recommend getting a head start and being prepared as early as possible for the upcoming enrollment season starting October 15th. Most of our carriers will accept AHIP to cover the core training requirements. When available, you can reach the 2024 AHIP training module by visiting the following link - AHIP Training.
Best of luck this enrollment window and we look forward to offering you the products, training and resources to make your AEP a success. |
Posted by www.psmbrokerage.com Admin on Tue, May 16, 2023 @ 03:43 PM
In today’s marketplace, consumers want more control over their healthcare decisions and expenses. Popular plans, like a high-deductible health plan, offer lower monthly premiums and encourage consumers to take an active role in managing their own healthcare costs. Similarly, Medicare Supplement Plan N is gaining traction as seniors opt to have lower monthly premiums. With Plan N, enrolled individuals only pay the Part B deductible when they access medical care. Additionally, the individual might incur copayments or Part B excess charges. In a recent study by America’s Health Insurance Plans (AHIP), Plan F continues to lose market share declining from 46% of all Medigap enrollments in 2020 to 41% in 2021. This decline is because F is no longer available to people new to Medicare on or after January 1, 2020. However, Plan G and Plan N are gaining popularity, with 32% and 10% market share, respectively. Plan N is the third most popular Medicare Supplement plan, and as of 2021, more than 1.38 million people chose Plan N over other Medicare Supplement coverage options. Help Your Clients Save Money With Plan N The popularity of Plan N is largely due to the coverage benefits. This plan includes many of the Medicare benefits, but is structured in a way to keep plan costs low. Plan N offers similar benefits to Plan G. With both plans, individuals are subject to incur the annual Part B deductible of $226, copayments up to $20 for doctor appointments, and $50 for emergency room visits.
For clients who are looking to save money, Plan N might be a great solution. Let’s look at an example: Jane Smith is currently enrolled with a Plan G which costs her $180 a month in premium. By moving to a Plan N, she pays $120 a month. By switching to a lower premium plan, Jane saves $60 a month or $720 total a year. Jane can use the money saved to cover out-of-pocket medical expenses including the Part B deductible or copayments. Or, she can use the savings to purchase additional coverage like a Cancer, Heart Attack and Stroke policy or an Accident plan. With Plan N, Jane is in more control of her healthcare decisions and how she chooses to spend her money. If you have a client who does not visit the doctor often, Plan N may be a great fit for them. Next time you are evaluating coverage options with your clients, take a look at Plan N. They might be a great fit for this affordable Medicare Supplement option. For a list of carriers that offer Medicare Supplement Plan N, Please request details today or call us at (800) 998-7715 and ask to speak to a marketing representative. |
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Tags: Plan N, Medicare Supplement plans
Posted by www.psmbrokerage.com Admin on Tue, May 16, 2023 @ 11:52 AM
One of the most common questions we receive is, “What are your top producing agents doing, and how do I replicate it?”
This is a good question and an understandable one. As a licensed insurance agent you are trying to build a business for yourself and are looking for ways to make that business more successful.
Unfortunately, there isn’t a perfect lead source or an infallible script. A good agent will sell regardless. The question is, how. What are the successful agents doing that makes them so successful.
After speaking with thousands of agents over the past 15 years I’ve noticed what separates the top producing agents from the rest of the pack is, their mindset.
A mindset can be defined as a “Habitual or characteristic mental framework that determines how you will interpret and respond to situations”.
This is really great news, because building habits that create a winning mindset is free. It takes time and discipline, but it doesn’t take any money.
So, if that’s you’re goal, what habits do you focus on?
Well, here are 3 key habits that you can adopt, to help you build a proven mindset for success.
1. They have the Drive to be consistent as they strive for success
2. They have a Growth Mindset
3. They genuinely Care about their clients
Don’t discount them because of their simplicity. Many agents do, and that’s why they continue to ask the same questions.
Let’s dig into each of these, an pull out some take-aways that you, the agent, can use in your business:
As an independent agent you don’t have a boss. You don’t have someone telling you what to do or when to do it. Most importantly you don’t have anyone checking to make sure you did what you were supposed to do when you were supposed to do it.
You have to act as your own manager, setting a daily schedule and following it. Top producers have the mindset that they are running a business and this means that they section off their day and know what they are going to be doing every day, and when they are going to be doing it.
For example, if you have blocked off the first half of your day to call leads and the first person you call purchases a policy from you, it is easy to say “I’ve made my sale for the day” and move on to something else.
This is a mindset that many agents fall into. The inconsistency that comes out of that will really hamper your success.
The best agents don’t have that mindset though. They know that those leads they purchased work best when they are fresh and that they have allotted that portion of their day to calling those leads.
Most importantly, that mindset allows them to consistent repeat that pattern day after day. They don’t give themselves an easy out or allow themselves to slow down because of an early success.
As an agent, you have to have the mindset that you are going to drive yourself to be as successful as you possibly can, and consistency is key.
You must outline standards and practices that will make you successful and hold yourself accountable to those every day, without exception.
In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work – brains and talent are just the starting point. (Dweck 2015)
This view creates a love of learning and resilience that is essential for great accomplishment. Virtually all great people have these qualities.
In a fixed mindset, people believe their basic qualities, like their intelligence or talent, are simply fixed traits. This often leads to stagnation and frustration.
Agents that have a growth mindset are always learning about their industry and themselves, while trying to improve their craft.
Whether it’s learning about sales, products they sell, or technology that can help their business, they don’t stop looking for ways to improve.
This becomes a constant state of mind that quickly separates them from the masses, and propels them to the top of their industry.
I’ve never spoken with a high-volume producer who didn’t have a clear passion for making sure their clients were fully taken care of.
Your clients are trusting you to help them make a decision that directly affects their health and finances.
Those clients need to know that you care about their health as much as they do. Your clients get post-card after post-card every month from agents who could easily sell them a policy.
You aren’t just selling them a policy. You are protecting them. You are listening, advising, and befriending them. You are giving them peace of mind.
Once you start really connecting with and taking a true interest in the well being of the people you serve, you will notice a much stronger relationship with those clients.
Your sales will increase, your persistency will increase, your referrals will increase, and the fulfillment you get from helping your clients will also increase.
I realize everything I’ve said to you is not new. Work hard, continue bettering yourself, and care about others. Not exactly rocket science, right?
Unfortunately, many agents don’t understand that those simple habits put together with consistency, is what creates a winning business. Assuming simple things don’t matter, or are beneath you, is a Fixed Mindset, and rarely leads to success.
With the right mindset in place, your clients will see you as a dependable friend they can trust. Your colleagues will see you as a professional, and a leader in your industry.
Don’t underestimate the power of your mindset. Your success depends on it.
Thanks for your time, and if you have any questions, we’re happy to help.
Download the Guide as a PDF here
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Tags: Leads, Best Practices
Posted by www.psmbrokerage.com Admin on Mon, May 15, 2023 @ 03:30 PM
We take pride in providing our agents with high quality senior insurance products that bring a sense of security and peace of mind to the nation's exploding senior population. Our experienced insurance marketing team provides our agents with a robust product portfolio, game-changing technology and unrivaled support. |
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Tags: Cigna, Medicare Advantage
Posted by www.psmbrokerage.com Admin on Mon, May 15, 2023 @ 11:54 AM
With that in mind, we are making a change in how our brokers earn payments through our VBE digital application program. This change applies to June 1 effectives and beyond. Brokers can still earn up to $50 per electronic application (app), but they will need to include a valid in-network PCP and/or the customer’s email address to receive payment. We will no longer pay brokers $20 for the electronic app submission itself. Instead, we are increasing the payments for collecting the valid PCP and email information.
How this benefits the broker When a broker captures the PCP and email address at the time of enrollment, they give us the information we need to provide better care to the customer. Better care leads to happier, healthier customers who are more likely to stay with Cigna Healthcare. That means brokers can focus on new customer growth rather than book maintenance. So, in addition to the immediate monetary reward (i.e., VBE payments), they will also benefit from our higher retention rate and net promoter score (NPS). |
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Tags: Cigna, Medicare Advantage
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*“Not affiliated with the U. S. government or federal Medicare program. This website is designed to provide general information on Insurance products, including Annuities. It is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that PSMBrokerage, its affiliated companies, and their representatives and employees do not give legal or tax advice. Encourage your clients to consult their tax advisor or attorney.