Episode Summary
The Broker Link podcast recently sat down with Gary Walker, an independent insurance agent who has found great success leveraging his Medicare clients to sell additional products through cross-selling.
Gary has an interesting background, spending over 40 years working as a pastor before transitioning into insurance sales about 5 years ago. He started out working with a debit insurance company, which gave him valuable experience working directly with clients in the field.
Three years ago, Gary got his start selling Medicare plans. With no prior experience, he jumped into the latter half of the Annual Enrollment Period and still managed to complete over 50 Medicare enrollments! This early success gave Gary confidence in the Medicare market.
But Gary knew he couldn't just rely on selling Medicare plans alone. He needed to leverage his growing client base to continue expanding his business. So with coaching from his brokerage, Gary gained the confidence to begin presenting additional insurance products, specifically final expense life insurance, to his Medicare clients.
The results speak for themselves. In his first year, Gary only sold 2 life insurance policies on top of his Medicare business. But through persistently offering final expense coverage to his clients, many of whom are seniors, Gary was able to explode his life insurance sales to over 200 policies last year!
Gary's primary final expense carrier is Mutual of Omaha. He focuses on selling whole-life policies to his clients, typically in the $40-80/month premium range. This provides affordable protection his clients need. Gary also sells children's policies and guaranteed universal life through Mutual.
When asked about his success cross-selling to Medicare beneficiaries, Gary emphasized that persistence and caring about your clients are key. As he puts it, "You're not going to sell it if you don't present it." Gary makes sure to follow up with all of his clients, checking in on their Medicare plans and looking for opportunities to meet additional needs.
Beyond just cross-selling, Gary utilizes several strategies to drive his overall business growth. He leverages relationships built over 25+ years working in ministry to prospect clients in East Texas. Gary holds events at churches to present his products and get referrals from the community.
He has also recently begun running radio ads, which generate 6-8 calls per week from prospective clients. This combination of prospecting, events, and advertising has allowed Gary to build his overall book of business to over 300 clients in just 3 years!
Gary's approach shows the power of maximizing the lifetime value of each client. If you sell a Medicare plan during AEP, what will you offer that client in the months after? Follow Gary's lead and make sure you are persistently presenting solutions for your client's needs through cross-selling.
For agents looking to drive growth through cross-selling, Gary emphasizes the importance of fanatical prospecting, building relationships, and solving problems for clients. By taking this caring and persistent approach, you can find cross-selling success just like Gary.
To hear more of Gary's tips and story, be sure to check out the full Broker Link podcast episode!
Timestamps
(0:00:03) - Today we are talking with Gary Walker about cross-selling strategies
(0:00:28) - Welcome to the Broker Link podcast where agents go to grow their insurance business
(0:02:42) - What did you start selling when you became independent
(0:07:57) - Last year Allen did over 200 insurance sales, separate from Medicare sales
(0:14:21) - Are you doing any kind of like direct mail or anything
(0:16:48) - How many clients do you have overall in your book of business
(0:23:25) - For AP, my goal was 200. But there are parts through that AAP that I was nowhere near 100
(0:25:32) - Do you have any encouragement for agents in terms of cross-selling
(0:27:50) - Gary Walker talks about cross-selling and expanding his Medicare business
