Long Term Care Insurance Marketing is a skill that is expertly performed by few. Because the quantity of long term care agents is very limited, insurance marketing LTC products to these brokers is difficult. Read about the unique long term care broker recruiting rules that must be implemented
Answer this tough question. How many active agents in the long term care insurance market of expertise live in big cities and belong to the local life underwriter associations? My educated guess, backed by data investigation, shows that it is closer to one out of eighty of these agents. Although very few LTC agents are MDRT members, they are certainly not dummies. These pros have unique, effective techniques that contrast almost completely the way career agents are trained and sell.
There are 3 distinct rules for successfully marketing to agents selling senior citizens
First, you need to know how many of these special agents are located in your territory. Second, you need to know where in your territory to find them. Third, you have to use different methods to get the agent selling senior citizens to respond.
A recent study was recently completed covering almost 1/3 of the total licensed health and life agents in the United States. This required drilling deeply into a compiled insurance database. Inspecting and analyzing accurately the data history of over 450,000 actively licensed insurance sales agents was required. The research revealed 195,600 agents that broker insurance policies with an outside carrier. This could be some form of life or health business. Further investigation achieved by digging deeper provides a count of 65,100 senior market brokers. That translates to roughly a current count of 200,000 senior market agents nationwide.
All states however are not equal in proportion and can vary up to 40%. For definition purposes look at the policies the agents sell. Senior market agents actively sell long term care insurance also know as LTC, Medicare supplements, cancer coverage, supplemental health policies, Medicare Advantage, and burial insurance. Now you know how few of these agents there are, compared to the total licensed agents. Experienced brokers are adept a selling a combination of these products. Some include annuity sales in their portfolio.
Next clue is pinpointing where these agents are found. Easy answer here. Look for suburban areas farther away from the metropolitan cities, and use a map or zip code directory to locate the most rural areas in your territory.
The last one is the hardest for senior market insurance agent recruiters to swallow. The correct advertising medium must be used or your results suffer You don't have a lot of options like you might normally have. You can completely skip trade magazines and printed media, as few senior market agents or broker subscribe to them. Attempting to email blast insurance agents in this category is a disaster. There is no known Quality email source targeting this small market segment on a trusted basis. Telemarketing phone solicitation to senior market agents will do nothing but waste hours and hours of your time. These agents often stay overnight in motels, and work strictly daytime hours.
The solution is two-fold. The first is to purchase the most refined list of senior market brokers and agents you can find. A large unrefined list is stupid to use, unless you are satisfied making pennies instead of substantial dollars. Next direct mail these agents with a short tantalizing message. An option is to follow up your mailed messag with a few phone calls to known prospective brokers.