Enrollment for Medicare is expected to keep on rising. With the estimated population of Americans aged 65 and above reaching 71.5 million in 2030, which is double the current number, there is also an increasing demand for supplemental coverage. Medigap (Medicare Supplement Insurance) offers that added help, particularly in areas where Original Medicare cannot cover.
In this energized market, it is only natural that brisk demand should be faced by even more rigorous marketing efforts. Field marketers should be the experts selling Medicare Supplement Insurance, like any Medicare policies.
Field Marketers Influence Plan Selection
According to a Gen Re study, six of 10 Medigap policyholders admitted having assisted by an agent. Forty percent of them chose an agent based on a referral from mostly family and friends, 20 percent replied to an agent based on an ad, and 20 percent were reached by agents without any conversation.
In an earlier Gen Re survey, over 30 percent preferred to have at least a high-level conversation with an agent to help them out in the plan selection process. They want assistance during the research of potential options, selection of a desired option and insurance company, and enrollment.
Field Marketers Affect Buying Decisions
The effect of marketers on consumer buying decisions is indeed significant. The later Gen Re study revealed that consumers, who felt they required more advice and received a recommendation from an agent 72 percent of the time, chose to go with the plan 95 percent of the time. Even consumers who already knew what they wanted, when given a recommendation by an agent 60 percent of the time, selected the policy 88 percent of the time.
The same effect goes with company selection. Those who needed more advice and received a recommendation 62 percent of the time chose the recommended company 92 percent of the time. Those who already had an idea of a company when they received a recommendation 50 percent of the time chose that company 93 percent of the time.
Field marketers truly help companies sell Medigap policies. The influence on consumer decision-making shows how they understand the needs of new buyers, effectively matching their decisions to buy and their goals.