Digitally Transforming Your Medicare Sales
The Medicare sales industry in the United States is a highly technical and extremely competitive landscape. As a result, Medicare-focused insurance agents operating within this space need to constantly keep themselves abreast of changes that can influence their position in the market.
Digital transformation is one such change – exerting an ever increasing effect on how businesses operate, especially in a post pandemic world. A new benchmark of customer experience has drastically shifted the goalposts for anyone trying to remain relevant, let alone competitive, in this industry.
As a Medicare-focussed agent, you’ll be no stranger to the impact of digital transformation, and taking some kind of action in this area has possibly been on your agenda for some time… However, getting up and running here can feel daunting. In this article, we’ll focus on where emerging software and digital tools offer the most advantage and opportunity for businesses exactly like yours.
Digital Transformation And The Insurance Industry
It is estimated that over 90% of insurance executives today have a coherent, long-term plan for technology innovation in place.
The reason for this is simple: technological innovation has completely transformed the world in which we live, and holds serious ramifications for any industry or business that fails to adapt in time. Beginning in the early 2000’s and accelerating with the rise of social media, digital technologies have come to shape the way consumers engage and interact with brands. Additionally, consumer expectations have shifted and they now expect the companies that they procure services from to meet them where they are, and be available to them exactly when they need them.
Think for a moment about offerings like digitally signing documents, cloud-based access to documentation, intelligent chatbot assistance, enhanced digital security, and instant claim handling. Tools like these were beginning to show up in the industry a few years ago, however the impact of the pandemic has made these services a point of parity rather than a competitive advantage.
Add to this, the emerging generation that has never had to deal with long lead times, delayed customer service or even submitting physical claim documentation, and it becomes evident how much the parameters have shifted and how critical this paradigm shift is to the longevity of insurance companies operating in the market today.
What Are The Core Advantages of Digital Transformation For Medicare Sales Agents?
Digital transformation should not be seen as a thorn in the side of those operating in the market today, but rather as a way of adding exponential value to both the business from an internal perspective, and externally from a customer satisfaction perspective.
Digital tools offer a number of benefits, including:
- Enhanced Efficiency
Through Artificial Intelligence and the associated technologies of Machine Learning and Predictive Analytics, every aspect of the insurance business is being optimized for speed.
Policy writing can be processed and completed in a matter of minutes due to machine learning capabilities, claims can be handled efficiently through app based technology, and even customer service can be delivered through AI-fueled chatbots, live chat and virtual assistants to ensure that the customer has contact with the business exactly when they need it, wherever they need it.
- Improved Personalization
Servicing the individual needs of each customer has become more important than ever, and the implementation of fields like big data and data analytics is paving the way for a personalized experience that is unparalleled in history. Through digital technologies, insurance companies can truly create a one-to-one experience through the ecosystem and customer journey, creating greater satisfaction for clients, and greater efficiency for brokers and businesses.
- Scalable, Future-Proof Systems
Technology such as self-service dashboards, apps and IoT enabled devices and wearables allow insurance companies to build and offer services to clients that both future-proof the business for longevity, and is simultaneously scalable according to customer and market trends.
- Enhanced Profitability
Due to the ability of digital tools and technology to increase efficiency and efficacy across the value chain, it therefore also allows for enhanced profitability by removing friction points in the system and contributing to greater Return on Investment.
Key Areas of Focus For Digital Transformation of Medicare Sales
When it comes to getting started with digital tools and technology, there are a few areas of focus that produce the greatest outcomes and return on investment for companies. These areas are detailed below:
- Personalization
It is estimated that 80% of customers are more willing to deal with companies that offer a personalized experience, and 90% of customers are willing to share behavioral data in order to ensure a seamless brand experience.
While the above statistics relate to consumer markets in general, they are especially true for services such as Medicare sales, due to the importance of healthcare in the lives of individuals. This therefore lends credence to the call for the implementation of digital technologies in the Medicare sales domain, and highlights the value and benefits of software such as CRM, due to its ability to optimize for impact in the sales funnel process.
- Operational Efficiency
From a Medicare perspective, back office operations such as commission tracking can become a huge obstacle when handled ineffectively. The complicated nature of deals, the amount of time and resources needed, and the expectations of individual agents can all remove efficiency from the process. That is why commission tracking software such as Commissionly can prove vital to ensuring operational efficiency.
- Internal Integration
Lastly, the integration of digital tools is imperative to the smooth function of day-to-day business processes, as they remove individual silo’s within the operations and contribute to greater efficiency across the value chain. The Insurance Commission Tracker Tool is one such example, as it offers the ability to connect directly to your carrier’s systems. It enables the bulk upload of all policy details via CSV with custom carrier templates, and automates agent commission splits. This mitigates against the need for manual spreadsheet juggling and ensures a smooth and efficient process through the entire sales funnel.
Digitally transform your Medicare sales.
Medicare sales is a competitive environment that is only set to become more crowded as new entrants and technologies enter the domain. It is therefore imperative that incumbents get ahead of the competition now, in order to ensure the long-term survival (and success) of their business. By putting in place the systems to automate and optimize your processes, you not only meet increasing client expectations, but also free yourself and your agents up to maximize the potential in the market and ensure that you actually get paid what you are owed.