How to get more Medicare referrals
Agents who generate a steady stream of referrals not only build their client base but also establishes their credibility in the industry. We will go over how to get more Medicare referrals with a few ways agents can build their referral network and achieve sustainable growth.
Build good relationships with your existing clients
Agents who put in the effort to ensure their clients are happy with their coverage choices can easily earn referrals. In order to ensure clients are happy, agents must be in contact with their clients and go over new plan options each year during the AEP. Agents should use a good CRM to keep client information up to date. This includes a list of their current doctors and medications so you can quickly update it each year when you run a plan comparison for AEP.
Watch a YouTube video on Sunfire and Connecture our quoting and enrollment tools
Collecting your clients email and phone number can be a good idea. This way agents can send out a mass email that contains any pertinent information for your clients. The phone numbers are useful not only to contact your clients in general but can be used as a tool if they want to opt in and receive text messages from you.
They also need to be available when a client calls with a coverage question. If a client has confidence in the service they receive, they are more than happy to tell friends, neighbors or anyone else who asks. This a very valuable source of new business. It is also ok to ask clients for referrals, just find a way that is comfortable for both you and the client.
Click here to watch a quick YouTube video on AEP marketing rules
Establish relationships with local healthcare professionals
It is a great idea to introduce yourself to healthcare professionals, doctors and clinics in your area. Once they know you and are aware of the service you offer, you can create a partnership. Establishing a good relationship with healthcare providers can open doors to a continuous stream of leads. Volunteer to attend healthcare events, workshops, and seminars to connect with providers who may refer individuals seeking Medicare coverage. Position yourself as a reliable and knowledgeable resource for their patients’ needs.
Build a strong social media and online presence
In today’s digital age, a strong online presence is essential. Agents should consider creating business profiles on social media platforms. Once the profile is created, it is important to maintain the the platform with any pertinent information potential clients may find valuable. Information about Medicare options and answers to common questions are a couple things to post on your platform to engage your audience. An online presence not only helps you reach a broader audience but also positions you as an expert in the Medicare field.
See how we can help you build an insurance website
Host free educational workshops
Host workshops or webinars to educate the community about Medicare coverage options and changes. If you provide valuable insights into the complexities of Medicare, you will gain status as a valuable resource. Anyone who attends may be more inclined to refer friends and family to you when they are looking for guidance on their Medicare choices.
Want to learn the best practices for educational seminars, click here
Offer Referral Incentives
Create a referral program that rewards clients and other individuals for referring new clients to you. Incentives for clients can include a gift card or anything appropriate with a value of $15 or less. It is important to be complaint when offering referral gifts. By acknowledging and appreciating referrals, you encourage your existing network to actively promote your services.
Referral gifts for another agent or business professional (ACA agents, P&C agents, Medicare agents not licensed in a particular area) can be a cash payment of up to $100 per sale. It is important to remember to pay them this so they will be more likely to refer other clients to you in the future. Please note: in most cases, financial planners cannot accept the referral gift.
Collaborate with Local Businesses
Explore partnerships with local businesses that cater to the senior population. Establishing connections with senior centers, fitness clubs, or retirement communities can be mutually beneficial. These businesses may refer clients to you, and in return, you can refer clients to them for services.
Find a FMO that will help you reach your full potential
Stay Informed
Because Medicare plans change each year, it is important to stay informed on any updates and adjust your strategy accordingly. Be sure you are up to date on compliance rules and attend product training sessions, workshops and conferences regularly. This is a good way to build relation ships with broker managers and other agents in the industry who may send you a referral if they have a beneficiary who needs an advisor. An informed and well known agent is more likely to attract referrals from clients and other professionals.
Click here for AHIP test tips
As a Medicare sales agent, building a large referral network is essential if you want to achieve long-term success. By focusing on client satisfaction, and following the other suggestions noted above, you can build a successful referral-based business that continually brings in new clients and opportunities.