Business Advice, Medicare

How to Retain Book of Business in OEP

Episode Summary

The transcript focuses on the importance of building client loyalty and retention for insurance agents. It notes that acquiring new clients costs around 5 times more than retaining existing ones. As such, agents need to focus on keeping clients in their book long-term rather than only chasing new business.

The insurance industry unfortunately creates an environment that discourages loyalty. New plans are introduced every year by different carriers that compete for the same clients. However, as an agent, you provide more than just an insurance policy - you offer trusted guidance, service, and a relationship.

While initial Medicare Advantage plan commissions provide a good foundation, real momentum and growth rely on high retention rates. The longer you keep clients, the more residual income you generate. Plus, happy clients refer others. You need to view your book of business like an investment portfolio - let it compound over time.

Agents must play defense against competitors trying to poach clients. Despite CMS crackdowns, clients still receive ads urging them to switch plans and agents. Here are the best practices to counter this:

- Reflect on the past year and improve your skills, process, and communication. Becoming a better agent increases retention.

- Update your CRM with details about clients - birthdays, preferences, and family info. Use this data to segment and customize follow-up.

- Conduct 30/60/90-day check-ins to confirm satisfaction. Be proactive in offering assistance.

- Send birthday cards/gifts and monthly newsletters to stay top of mind. Automate where possible.

- Ask for reviews to identify unhappy clients early before issues arise.

- Avoid OEP no-nos like unsolicited outreach suggesting clients switch plans.

By improving personally, leveraging CRM data, and staying in consistent contact with valuable content, you counter competitors' efforts and build loyalty. Patience is key - let your book of business grow itself over time through retention and referrals.

In summary, boosting client retention is essential for insurance agents to grow a sustainable, high-earning business. By focusing on delivering value beyond the policy and building genuine relationships, you can keep clients longer despite industry pressures. Work on yourself, stay in touch, and compound your book of business year after year.


(0:00:00) - What are you selling to your clients? That's the question
(0:00:43) - Loyalty is key to growing your insurance business
(0:03:17) - Take that analogy and apply that to the insurance industry
(0:07:15) - Keep-in-touch marketing is key to helping your insurance business retain clients
(0:15:10) - This is a great time of year to send an NPS survey
(0:17:42) - There are some do's and don'ts for Medicare OEP marketing
(0:20:25) - How do you get started with the Brokerage Inc?

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