There has been a surge of activity building in the senior market for the past few years. Not the type of surge that comes on strong and fades away, but rather one that appears to be snowballing.
I realize I am probably stating the obvious considering the audience but it is something that is bigger than I expected. I clearly underestimated the impact of the Baby Boomer generation entering the senior fold.
Insurance Leads Guide got its start in 2008 and as the primary editor I have found it fascinating to monitor the off-site communications and emails. In the beginning we would get an occasional email about FE but rarely anything in regards to Medicare products.
A couple of years later we starting getting more questions about open enrollment, AEP and sourcing turning 65 prospect lists and leads. Fast forwarding to today more than half of the questions we get are regarding Medicare products and T65 leads.
There were a couple…
First, our Medicare leads page has been weak from day one. We got questions because they were not answered on our site. Bottom line, we needed to offer more information.
Solution – The Medicare Leads page has been updated. It is still somewhat basic as a whole which is by design. See below.
Second, we needed more Medicare content in general and we needed to specifically address turning 65 leads and prospecting right now.
Solution – You are reading the beginnings of the solution. Moving forward we will incorporate more Medicare and senior market content. The details and specifics will be covered in blog posts and linked on the category page.
Where can I get T65 Leads?
This is the question that just will not quit so let’s dive in with our best bets.
Source 1 – Current Clients
It is a good idea to age based notifications for all clients. It doesn’t really matter what line they currently have with you. When your clients turn 65 they are likely to have Medicare coverage so you want to be the professional to advise them. Keep in mind that seniors will start receiving promotional materials from various groups, such as the AARP, well in advance of becoming eligible. To combat this you might want to plant the seed early to let them know you will be available to help them with their Medicare needs when the time comes. I’d suggest making this “first” stake communication when they are 63.
Source 2 – Internet Leads
When we started ILG most of the internet lead providers did not have a specific category option for Medicare. You had to use filters to find them. This is not the case anymore.
With most lead companies you can filter by age on health or Medicare leads to target those in the 64-65 age group.
If you offer multiple products lines such as P&C or Life you can create an age filter for these leads as well. Think of these as “bonus value” leads. You will have the opportunity to sell and auto, home or life policy and potentially a Medicare product as well.
Source 3 – Marketing Lists
Sales & Marketing lists are a great option to narrow down prospects by actual birth date or birth month. These highly targeted lists can be used to send regular direct mail campaigns timed to arrive as soon as the prospect is eligible to enroll in Medicare.
The initial enrollment window is 7 months long ranging from 3 months before turning 65, the birth month and 3 months after turning 65. Not all consumers will know they are eligible for to enroll 3 months before their birth day so there is an opportunity to inform them with a mailer and set an appointment.
Direct mail lists for other product lines can also be narrowed down to target the 64-65 age group to create extra opportunity leads.
A Few Things to Keep in Mind
The T65 age group is a high value demographic. By the time they are eligible to enroll in Medicare most have been exposed to promotions and advertisements for at least a year. In order to generate and convert leads it is best to keep your mail copy informational and avoid a hard sales pitch at presentations. This market has a lot of questions and is looking for answers from a professional they can trust. Helpful advice and strong product knowledge goes along way.
Keeping an eye on competitor pricing and any changes can equate to major opportunity. This information will often come directly from prospects and clients you talk to on a daily basis. If your product offers a costs savings you can use it to your advantage with the initial T65 market and when marketing to prospects in the 67+ age range who might be looking to switch after a rate hike.