America's Benefit Specialist April 2023

MEDICARE MATTERS

in the United States for phrases similar to “Medicare agent near me.” When compared to the 300,000 Americans turning 65 each month, only a small proportion of prospects, roughly three percent, are using online searches to find an agent. This shows that seniors are going to their friends and family to find help, rather than the internet. Word of mouth travels fast, and agents who go above and beyond to educate their clients are becoming trusted leaders in their community. HOW TO SCALE One of the most compelling aspects of the Medicare industry is that as referrals snowball, business can grow exponentially. However, as the business grows, so do the backend tasks of running the business. As we have established, the time spent with clients is crucial to building strong relationships and providing quality service. This leaves one conclusion: Agents must leverage technology to streamline their workflow and scale their business. By implementing efficient tools and sys tems, agents can optimize their time, allowing them to meet the demands of a growing client base while maintaining the quality of their service. There has been a proliferation of software tools for Medi care agents, including carrier broker portals for each carrier, quoting tools, CRMs and more. The problem is that each tool is specialized to one function of the business. Because of this, an agent may enter the same set of client information into a spreadsheet, a CRM, a quoting tool and multiple carrier plat forms. This fragmented approach can create inefficiencies, errors and hinder scalability. It’s as if they are trying to build a house using outdated or mismatched tools rather than a uni fied set of power tools. Although it can still be done with the former approach, it will be slower and less consistent than if you had a cohesive set of tools at your disposal. MEDICARE AGENT TOOLKIT Software designed for Medicare agents has not advanced as rapidly as other insurance fields. While companies like Ease and Zywave have developed all-in-one solutions for agencies working with group benefits, Medicare software has lagged behind. However, there are new solutions, like my company’s, which bring everything into one place for Medicare agents. When asked about what tools are most important to their business, Medicare agents identified three core necessities: • CRM • Quoting & Enrollment • Call Recording We have brought these disparate tools together in one place, built just for Medicare agents. This is a huge opportuni ty for agents to enhance their workflow and productivity with a comprehensive tool. Other features of the software include custom intake forms to collect client information and email newsletter templates.

meetings. Why? Choosing a Medicare plan is unlike any oth er health insurance decision. Retirees who are accustomed to choosing between three and five insurance plans from their employer are thrown into a sea of Medicare options. The vast range of companies, plan types and incentive offers available can be daunting and challenging to navigate. Consequently, agents often assume the responsibility of educating their clients on the fundamentals of Medicare. The time spent in one-on-one meetings helps seniors make informed decisions about their healthcare and fosters trust in their agent. In 2022, the surveyed agents reported an average of 113 ap plications written throughout the year, which equates to more than 150 hours spent with clients. In addition, agents dedicate a significant amount of time to responding to follow-up ques tions, helping clients post-enrollment, and conducting annual enrollment plan reviews. If an agent performs an AEP review with each existing client, the total time invested can surpass 500 hours during a seven-week period. Even though the sheer volume of work is overwhelming, many agents acknowledge that meeting with clients is the most enjoyable part of their job, and it fuels their passion to continue helping seniors. AGENTS WEAR MANY HATS Of the agents FairStreet surveyed, 77% work alone, meaning they must manage communication, marketing, administra tive and compliance responsibilities on their own. In 2022, new compliance regulations were introduced that require agents to record and store phone and video conversations with clients for 10 years. This required a significant shift in workflow right before AEP, the busiest time of the year. In a frenzy, many agents were forced to integrate yet another tool, pay for recording services and storage capacity, and explain why they needed to make these changes to their clients. Following a typical day full of client meetings, agents found themselves working long hours into the night to com plete necessary administrative tasks. It is not uncommon for agents to experience burnout by the end of the year, especially this past AEP. In fact, 51% of agents reported their stress levels during AEP as a seven or higher. As a result, agents are strategizing ways to improve their business performance and personal well-being during the upcoming AEP. RELATIONSHIPS REIGN Even as seniors grow more tech-savvy, they are still looking for personalized help from a trusted advisor. Per the sur vey results, client referrals remain the top source of growth for 95% of agents, followed by partnership referrals such as financial planners, which 61% of agents utilize. It is clear that the time spent building relationships is not only valuable to the client, but also to the growth of the business. Comparable results can be drawn when examining search trends on Google. There are about 10,000 monthly searches

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