As an agent in the Medicare insurance industry, you need to stay competitive. An effective way to do this is by routinely examining your portfolio to determine if you’re prepared to work at your full potential.
An outdated portfolio can hinder your success as you could be missing out on new products, carriers, and service area expansions.
Below we’ll take a look at some of the things you can do to make sure you are keeping your portfolio up to date!
Take Advantage of Early First Look Peeks
If you’re partnered with a field marketing organization (FMO), like Ritter Insurance Marketing, you can benefit big time from their early access to carrier First Looks. These new plan benefit and expansion snapshots are just what you need to be able to accurately evaluate your current selling options in your portfolio. By getting a look at what is coming before everyone else, you get a leg up on your competition and more time to prepare, should you want to contract with a new carrier and complete all necessary certifications.
It’s important to always remember that premiere access to First Looks for any carrier is a privilege and for your eyes only. Sharing the info would defeat the purpose of the sneak peek factor and also get you into some hot water with Centers for Medicare & Medicaid Services (CMS).
Conduct Portfolio Reviews
A portfolio review is just that – a review of your portfolio. Sounds simple enough but it is an essential business move that you should perform regularly. The review helps you keep your portfolio current with the latest plans to offer your clients and you can also get an idea of what your portfolio might be lacking. It’s essential that you offer a wide range of products to ensure you’re prepared to meet the needs of a variety of clients. One plan does not fit all and losing sales because your portfolio is missing a type of coverage option will hurt your wallet and your business.
A good idea of what a diverse portfolio can look like, depending on your region, of course, features:
- At least two Medicare Advantage (MA) plans and Medicare Supplements
- A minimum of one stand-alone prescription drug plan (PDP)
- At least one hospital indemnity plan (especially if selling MA plans)
- At least one dental, vision and hearing plan (especially if selling Medicare Supplements)
Your FMO can be beneficial in your review, by offering assistance and resources to make the feat a little easier for you. Ritter’s Sales team is always available to answer product questions and provide insight on what could be a good addition to your selling options.
We also offer state and region-specific Smart Sheets that outline a glimpse of competitive carriers in your area along with details about their selling potential. These Smart Sheets are extremely helpful resources because, as we all know, there are tons of carriers and plans to choose from. We boil it down for you and remove the stress of gathering that info.
Pay Attention to Trends in Your Sales
Your book of business can also provide some insight for your portfolio review. Go back and take a look at which products you’ve sold the most. If you’re selling a certain plan continuously, it’s obviously for a reason. So, take a look at other plans with similar benefits and compare them. There could be a plan offering the same benefits but with a lower premium, or maximum out of pocket (MOOP) that you could start offering. Certainly, you can keep selling the same plan if it effectively meets your clients’ needs but looking around for something that might be better is a good idea, too!
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Taking the time to analyze your portfolio means the difference between steady or stagnant selling. Aligning with an FMO, like Ritter, can make the task less daunting with the use of their various resources. If you’re not partnered with an FMO yet, we’d love to have you join us! Register with Ritter for free and go out into your target market with a fully equipped portfolio.