Consumers’ Expectations and Insurance

To effectively engage with today’s tech-enabled consumer, insurance agents and marketers need to adapt their practices and adopt new digital tools.

  • 63% of consumers expect to conduct more of their business online in the next five years;
  • Almost 4 in 10 Millennials prefer meeting with an agent virtually rather than in person;
  • More than 7 in 10 consumers indicate that they would like to educate themselves about insurance on an agent’s website.
  • Four in 10 consumers are likely to check an agent’s social media presence and activities,

 

Area Where Agents Believe Digital Tools

Will Best Help Grow Their Business

 

LIMRA research shows agents are incorporating digital tools in all aspects of their business, from communicating with current clients to prospecting and marketing. Almost 8 in 10 see digital solutions most helpful for marketing and client acquisition and ongoing client engagement.

Engaging With Prospects and Clients in the Future


 

While a personal relationship with an agent is highly valued and not going away, the nature of that relationship is changing, incorporating a digital element. Agents and insurance marketers are increasingly supplementing (not replacing) their face-to-face meetings with digital tools.

ARTICLE

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Fill That Pipeline Every Day; It’s a Law

The iron law of insurance sales and marketing requires you to prospect every day – in good times and in bad times. You must prospect even when you’ve just won a large account, especially when you’ve lost one, and even if you’re standing up the biggest account you’ve ever won.

COLUMN

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Med Supp Changes Coming

Because of a 2015 change in federal law, coverage for Medicare’s Part B deductible – $185 for 2019 – no longer will be permitted in Medigap policies sold to people newly eligible for Medicare, beginning next year. This change means the two Med Supp plans that pay the annual Part B deductible – C and F – will be off the table for future 65-year-olds. If beneficiaries already have one of those Medigap policies, they may keep it and nothing will change.

 

ARTICLE and MEDICARE.GOV PLAN CHART

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1 Million in Part D Paid $3,200 O-o-P

By Juliette Cubanski – Kaiser Family Foundation – June 24, 2019

Since 2007, the number of Part D enrollees without low-income subsidies who have spending above the threshold more than doubled, topping 1,000,000 enrollees per year from 2015 to 2017. Although people with out-of-pocket costs above the catastrophic threshold accounted for only 2% of Part D enrollees in 2017, their costs accounted for 20% of the total $16 billion spent O-o-P by beneficiaries that year.

STUDY

 

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Are Human Lives Long Enough Already?

Humanity added three decades to human’s life span in the past 150 years By Amanda Mull – The Atlantic – June 24, 2019

In 2019, more people than ever get to see their grandkids grow up. They get to enjoy a lengthy retirement – if they have the resources. The price they pay, tho’, is “the rise of heart disease, cancer, stroke, Alzheimer’s, osteoporosis and everything we associate with aging and growing old,” said Jay Olshansky at the University of Illinois at Chicago School of Public Health. Aren’t people living longer precisely because they’re healthier? They’re not “healthier”; instead, aging brings with it new health challenges; old age becomes a series of health emergencies, growing more and more frequent as people get older.

ARTICLE

 

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