Chad Norgard's Journey to Starting His Medicare Agency
Sarah Jacobson
On this episode of The Medicare People Podcast we spoke with Chad Norgard in Tampa Florida about how he built his agency and how he became a top Part D producer in the entire state of Florida.
Chad's Journey Into Medicare
Chad Norgaard's journey to success in the health insurance industry began when he joined the military out of high school. He spent six years in the military, during which time he traveled to many different countries. When he transitioned out of the military, he got a job with Florida Blue in the membership and billing department. He learned a lot about the insurance industry and client relationships while working at Florida Blue.
After eight years, Chad decided to transition into the independent agent experience. He worked for a local independent agent for a year before deciding to open his own agency. With the support of his wife and family, he took the leap and has been growing his business, Norgard Insurance Group, ever since.
Two years into his business, Chad realized that he needed to add Medicare to his services in order to best serve his clients. He joined a mastermind group of other financial professionals, which helped him to make the decision to focus on Medicare.
Today, Chad is a top Part D producer in the state of Florida. He attributes his success to his strong work ethic, his commitment to service and education, and his willingness to take risks.
Referral relationships are key.
Chad also credits his success to something else: referral relationships.
Chad’s first major referral partner was his prior colleague from Florida Blue. They had too many inquiries coming through their website, and they needed someone to handle them. His former colleague started sending these prospects to Chad and was impressed with Chad’s level of personal touch and efficiency in working with so many clients at once.
At the same time, Chad joined a local networking group of other small business owners in the Tampa area. One of the other insurance agents in the group started sending all of their turning 65 clients to Chad, and that referral partnership grew to 30 clients per month.
As the ball really got rolling, Chad started to partner with financial advisors. His advice? “Look at the folks in the industry who are talking to your ideal client and see if they're doing Medicare. I found a lot of financial advisors didn't want to deal with Medicare, especially with all the complexity of prescription drug plans.”
Chad now grows completely by referral – both from business partnerships and referrals from his existing clients. He says “If you're looking to grow your insurance business, don't underestimate the power of referral relationships. Find professionals who work with your ideal clients and build strong relationships with them. You may be surprised at how many referrals you receive.”
Growing to $50K in Part D Revenue
We all know that Part D commission is nothing to write home about, but at scale, it can become an important revenue source. Unlike many agents who turn away Part D business, Chad welcomes it. Through referrals alone, Chad enrolls about 150 new PDP clients each year, and within 10 years, he’s grown to 900 PDP clients.
What’s the math on that? Each PDP is $20-50 in annual commission, but for Chad that adds up to nearly $50K just from part D revenue. Not bad! Growing to $50K in Part D revenue took time, but once he gained a large number of clients, he had a consistent revenue source coming his way. While not his primary revenue stream, revenue from Part D allows him to invest in local non profits and youth programs that he cares deeply about.
Make software your advantage
He manages his entire book of business during AEP and has a strong process and set of tools in place to manage his clients. Chad shares the tools he uses to stay on top of his Medicare business:
- CRM: Every agent needs a good, HIPAA secure CRM to keep track of clients. Chad uses FairStreet’s CRM, but a well-formatted Excel spreadsheet will do the job.
- Integrated Email: Choose a CRM that can send personalized emails so that you can easily filter your client list and send the right information.
- Quoting: Medicare.gov has great tools and resources to quote every plan. Chad uses Sunfire which also gives him the ability to enroll in a single portal.
900 Part D reviews can be overwhelming, especially when handled by one person. Here’s his AEP process:
- Each fall he sends out emails to his clients through the CRM to see if they wish to review their plans for the upcoming year.
- Clients who want to review their plan can easily provide their updated prescription and pharmacy information via FairStreet’s AEP form.
- When he’s ready to run a quote, he uses the FairStreet / Connecture integration to quote every single plan available in his zip code
- Chad schedules a phone meeting with clients who want to change plans, and uses an electronic enrollment platform to make the process smooth on both sides.
You must be passionate to succeed
Chad confesses that despite receiving a compelling 7-figure offer to sell the business, there’s nothing he’d rather do more than this. It’s clear that Chad loves his work and making an impact on the lives of his clients.
He admits that for better or for worse, every client gets his personal cell phone number and he wants to be the first call when someone needs help with their insurance. While corporate insurance groups have specific business, Chad is always ready to help his clients even if that means taking work calls from Disney World.
“My passion is helping that individual.”
Chad also uses his business as a way to give back to the community and fund youth programs. It’s clear that Chad is making an enormous impact on his clients, his community, and his family through his insurance business.
Thanks Chad for sharing your story with us!