This AEP, and throughout the following year, you will see a market with more experienced agents servicing larger books of business, with a 10% jump in agents who have 200+ clients.
There is also a lot of concern about how agents will manage these larger books of business with the revamp of Medicare.gov and no longer being able to access drug lists. (Make sure you check out Enrollment Express to make those concerns subside!)
Here are the results of the 2020 Pre AEP Agent Survey:
“How long have you been in the senior market?”
We continue to see more agents enter the senior market, with a fair amount of them making it past the 5 year mark. The 10+ year market has declined, which reflects agents retiring.
What does this mean for you? The field is more experienced! Make sure you know all of your client’s options and resources!
“How many clients do you have in your book of business?”
With the increase of experience in the field from question one, we are seeing larger books of business this year, with increases in agents with 50-75 clients and a sharp spike in agents with over 200 clients.
“How many MA plans are you planning on selling this AEP?”
AEP is not only for adding new clients, but also making sure your current clients have the appropriate plan for 2020. This year it is more important than ever to contact your clients, as it looks like it will be a busy AEP for clients and agents!
“What marketing efforts are you performing this AEP? (check all that apply)”
Referrals continues to be in the #1 spot for the third year in a row. Social media is the fastest growing segment for the third year in a row, going from 37% in 2018, to 44% in 2019, and now to 66%! It is important to note that other studies have shown people on Medicare are turning to the internet more every year for information. If they are online and you do not have a strong online presence, you will be missing out!
Seminars are also growing in popularity, rising again for the third straight year going from 29% in 2018, to 35% in 2019, and now reaching 41%.
- Carrier support
- Physician offices
- Radio ads
- Mailers to current clients
“What type of applications are you primarily using?”
- Mostly E-App: 27.59%
- Mix of E-App and Paper –Mostly E-App: 37.93%
- Mix of E-App and Paper –Mostly Paper: 25.86%
- Paper Apps:8.62%
E-Apps will save you time and mistakes! If you have questions on how to start using them this AEP and beyond, make sure you contact Senior Marketing Specialists!
“I plan on cross-selling this AEP:”
As the chart indicates, 80% of agents plan on cross-selling with their clients. This is important, as your clients deserve to know what options they have. If you are not informing your clients and prospects about what choices they have, you are making the appointment about your comfort level and not your client’s level of coverage.
Other: The main reply was cancer with some final expense and cancer, heart attack, and stroke mixed in.
“Are you doing anything different this year vs. previous years?”
The 3 most common answers were:
- Changes to Medicare.gov –This is causing agents to re-evaluate their appointment processes and contact methods. This is still a big concern with agents, therefore we will continue to help support you and your agents through this change!
- This is my first AEP –which means you may have agents in your area that are aggressively trying to acquire new clients
- Referral marketing –Contacting current clients and offering to help their family and friends
Feel free to reach out to us at (800) 689-2800 or email@example.com with any questions you may have!