Is this statement true for you? “My referrals are not what they used to be.”
According to Senior Market Specialists, this is a common statement with insurance agents. The bottom line is, if you want more referrals, you will have to exceed your clients’ expectations.
Let’s review what has changed in the process of enrolling a client, the role of a Medicare agent, and information on Net Promoter Score calculations.
Read on for part 1 on using the Net Promoter Score (NPS). In part 2, we’ll cover the details of how to improve your score to gain more referrals.
What Has Changed?
In short, the needs of the client.
Did you know that 57% of the purchase decision is complete before the client calls a company* (or in this case, an agent)?
Clients who are entering Medicare age now have the ability to access information on the Internet and do their own initial research about plans available. They also talk to their family and friends about coverage and options. By the time many clients contact an agent, they already know what they are interested in.
This does not mean more clients are self-enrolling. After research clients reach a point where they contact an agent for validation of their research. The role of the agent now is to provide professional guidance and support to complete the process.
Role of Medicare Agents
With clients doing most of the research beforehand, some agents think these are easy sales and do not complete the entire process with the client. This may result in the clients not being impressed with the level of service, and therefore not referring others to the agent.
While client needs have changed, the process for the agent remains the same:
Warm Up | Fact Find | Present Plans | Close | Enroll | Cool-down | Depart
Net Promoter Score (NPS)
NPS measures customer experience and client loyalty using a 0-10 scale. This score can directly affect how likely a client is to refer your services to a family member or friend.
Calculating NPS
Respondents are grouped as follows:
- Promoters (score 9-10) are loyal clients who will keep buying and refer friends and family.
- Passives (score 7-8) are satisfied but unenthusiastic clients who may look at other coverage from different agents or carriers.
- Detractors (score 0-6) are unhappy customers or passive clients who are either upset with their coverage or agent and may impede growth or damage your brand through negative word-of-mouth. Generally these are policyholders not clients.
Subtracting the percentage of Detractors from the percentage of Promoters yields the Net Promoter Score, which can range from a low of -100 (if every customer is a Detractor) to a high of 100 (if every customer is a Promoter).
(Source: Adapted from https://www.netpromoter.com/know/)
Stay tuned for part 2 on Scoring Appointments (NPS) and Gaining Referrals.
Meanwhile, remember that providing excellent service and support throughout the year will help you keep your clients happy, your Net Promoter Score high, and those referrals flowing.
If this was helpful, let us know in the comments below. Also, let us know what you want to learn more about to grow your book of business.
Join our team! If you are a Medicare agent and have questions about Sales or Medicare, call Arnie Fulmer at 702-820-3133. Arnie Fulmer is a Senior Market Advisor and the principal owner of Fulmer Insurance Group, a Medicare Brokerage Agency located in Las Vegas and licensed in multiple states.
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