When it comes to seniors, don't underestimate the impact of offering them your services as a qualified, trusted adviser. The explosive growth of the senior population and the aging of the baby boom generation will ensure that the opportunity to help senior Americans maintain their independence and financial security thrives for years to come.
The agent-client relationship is one of the more unique and rewarding aspects of working with this segment of the population. More than other groups, seniors need us to help them:
o Understand the complexities of insurance.
o Overcome myths and emotional issues that cloud sound decision-making.
Seniors Today
Each senior is unique and has a wide array of interests, wants, and needs. Many are working past retirement, finding fulfillment through community involvement, and living as part of multigenerational households.
According to a 2003 study Bankers Life and Casualty Co. conducted, seniors want to maintain their physical, emotional and financial independence and ensure that their legacy lives on with loved ones. What seniors fear most is losing their independence, dignity, and self-respect -- becoming a financial burden on their family.
Senior relationships thrive on personal communication and sound advice.
While some younger generations automatically gravitate to the Internet for information, according to a 2005 Kaiser Family Foundation survey, only 31% of senior citizens (age 65 and up) have ever ventured online or used e-mail. Of those select online seniors, only 11% have used the Internet to look up information on health insurance. By contrast, a 2004 study done by the Pew Internet & American Life Project found that 58% of Americans age 50-64, 75% of those age 30-49, and 77% of those age 18-29 went online for information.
Today's seniors like to conduct business face to face, and that's how they like to learn, too. A 2005 Kaiser Family Foundation survey showed that seniors expected to rely heavily on their physicians and pharmacists when it came to making decisions about Medicare's new prescription drug benefit. Only 35% of seniors responding to the survey had ever heard of www.medicare.gov, the federal government's Medicare Web site.
Real-time conversations give participants the ability to ask questions and get immediate answers -- a big plus when it comes to understanding complex products like annuities or long-term care insurance. Face-to-face conversations also help seniors overcome age-related communication barriers such as hearing loss and visual impairments.
Your ability to serve the best interests of your senior client is enhanced by personal communication as well. Fact finders offer you a great means with which to understand your senior clients as individuals, helping you learn about their current situation and thoughts on matters such as saving and investing money.
By conducting a thorough fact-finder with your clients, you can:
o Help them discover their needs and recommend appropriate solutions.
o Help them dispel myths, such as believing that Medicare will cover everything.
Most important, personal interaction is your key to gaining trust and building a strong relationship with your senior client.
Building a Successful Agent-Client Relationship
A good agent-client relationship is the key to acquiring and keeping your senior client's business for years to come. Here are some ideas to keep in mind as you build new partnerships and renew existing ones.
Listen. Good listening skills can help you establish trust with your senior. During visits, give them 100% of your attention -- turn your cell phone off. Check to ensure that you're understanding your client correctly by restating what you think he or she said and asking questions to clarify information.
Be sensitive to any age-related declines in hearing and visual acuity. It often is helpful to enlarge presentations to make them easier for everyone to see. You also can overcome hearing deficiencies by taking simple steps. These steps include keeping your hands away from your mouth when speaking, maintaining eye contact with your client at all times, and periodically offering to repeat information if it is needed.
Help your clients remember. As many of us age, it can become more difficult to grasp new information. Associating it to a personal story, or relating it back to a previous point can enhance your client's understanding and retention.
Take note. Your senior clients have had a variety of experiences during their lifetime, so ask them to share them with you. Learn about their family, concerns, and opinions, and make note of them. This will not only help you understand your client better, but will help you quickly re-establish rapport when it is time for a follow-up visit.
Stand out with your customer-service attitude. Seniors often find customer service technology, such as automated voice response systems, confusing and difficult to use. You can give them a fresh perspective on customer service by making it easy for them to work with you. Make it a point to show that you care about their business by being on time and doing what you say you will. Remember, too, that a retired senior's day is much more unstructured than yours. Time spent waiting for a phone call to be returned can seem twice as long to seniors. For that reason, return calls promptly, and when you can't, have someone call the senior to inform him or her when to expect your call.
Keep generational distinctions in mind. Seniors bring a wealth of intelligence to the table and a lifetime of experience. Expect them to be skeptical at times, and to be conservative when it comes to their savings. Counter these barriers with education. Be prepared with complete knowledge about your product, including any drawbacks and benefits. Call your client before you visit and tell him or her what you'll be discussing. And invite the client to include key family members in your meeting.
Dan Slattery, CSA, CLTC, is a branch sales manager and regional director for Bankers Life and Casualty Company. He started with Bankers as an agent in 1993 and went on to hold various sales management positions before becoming a branch sales manager in 1997.
