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It’s the image most of us have when we think of buying insurance: agent and client sitting at the kitchen table, discussing plans and premiums, and sealing the deal by putting pen to paper.
Many of today’s seniors are often uncomfortable inviting strangers into their homes, which means, fewer seniors are willing to open their doors. The changes in seniors buying patterns is preventing seniors from getting the best information about Medicare from truly qualified representatives.
Furthermore, there are fewer independent agents today than ever before. In the last 25 years, the number of agents in the field has dwindled from 750,000 to 300,000 today. Compounding the issue, the 65 and over population is expected to double by 2030, increasing from some 36 million to 72 million people. So, seniors and agents will have to figure out how to serve more people.
As is often the case these days, the answer to these challenges can be found in technology, which has opened up a world of options for buying and selling in today’s Medicare market. While sales used to be a meeting in the client’s house, there are now new ways to purchase Medicare insurance. From the tried-and-true practice of building relationships with in-person meetings to web-based enrollments tools that save time and erase geographic limitations, the 21st-Century agent has a host of techniques at his or her disposal.
1) The Current Face-to-Face with a Paper Application
Selling at the kitchen table is still the best way to develop a personal connection for seniors. However, let’s be honest, some seniors are not comfortable inviting sales people inside their homes. They could be shy or embarrassed by their home, or maybe they are afraid of high-pressure sales tactics. Also, there are seniors who need good insurance advice, but they may live too far away for InsuredMeds.com to visit them.
2) Paper Application via Mail
After selling face-to-face, the most popular method of buying a Medicare insurance policy today is by mail. In most cases, the quoting, qualifying and sales consultation are handled during an initial phone call, after which an application packet is sent to the senior for signature and selection of premium payment type.
We will help by Pre-populating the application with as much of your personal information as possible making easier for you complete it.
3) Application via E-mail with Ink Signature
We offer access to online quotes, forms, and applications, e-mailing a fully or partially completed Medicare insurance application to you is another option. You must print out the application, sign it, and then return it to us by fax, mail or e-mail. This speeds up the sales process, and, by delivering a pre-filled application with easy-to-read type along with all the required disclosures and sales materials in a secure online package, your credibility as a professional is strongly reinforced.
We will walk you through the application over the phone after we have e-mailed it to you.
4) E-App with Electronic Signature
Utilizing the insurance carrier’s agent portal Web site, we can enter your application information using an online form. You as the applicant then receive an e-mail notification from the insurance carrier that the electronic application is ready for your electronic signature. This process varies somewhat depending on the carrier, but generally, you log into the insurance carrier’s Web site to review the application for accuracy, then electronically you sign the application by typing your full name, the current date, the last four numbers of their social security number and/or your birth date.
This process works well for fully underwritten products as well as simplified underwriting and/or guaranteed acceptance products. The key is YOUR comfort level with e-mail and online transactions.
5) Telephonic Application via Digital Voice Signature
This may be the easiest method for seniors, since virtually everyone knows how to use the phone, and there is no need to mail, fax, scan or e-mail any documents.
And you as the applicant don’t have to sign anything. Rather, the digitally recorded phone call itself constitutes a legally binding digital signature when obtained correctly.
Keep in mind there are a number of regulatory requirements regarding the information provided over the phone. For Medicare Advantage and Part D policies, a CMS-approved script must be followed for the call. Also, You may need to call the agent directly to satisfy regulatory and/or technical requirements.
We need to usually enter your information online via the insurance carrier’s agent enrollment website. We must obtain YOUR consent to record the phone call, and the recorded conversations—which constitute the signatures of the applicant as well as the agent—must be stored securely in a digital format for at least 10 years.
Note: Most insurance carriers will approve only select agents and agencies to employ this method because it requires a higher level of technology than the average agent possesses. Some carriers require the agent to electronically transmit the recordings to them in daily batches via FTP. Others do not require daily transmittals but must have access to the recordings on-demand for audit and quality assurance purposes.
In Person Application via Digital Tablet
This method requires the agent and the applicant to be in the same room. After the sales presentation, we enter the application information into a specially programmed device, similar to a laptop computer, often called a tablet. This tablet enables the applicant to sign their name digitally using a stylus that creates and stores an image of the applicant’s signature, similar to the devices used to sign for credit card purchases at the supermarket. We then upload the digitally stored application and Your signature to the insurance carrier’s database or the data can be automatically uploaded programmatically via the Internet.
This process reduces errors and expedites application processing.
InsuredMeds.com can get you access to online quotes and online application materials, and some companies’ offer telephonic and e-signature sales processes.
Call us at 845-380-5809 to learn more!
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