LONG-TERM CARE
LTC survey results :
What the agents think
In the world of life and long-term care insurance , these deceptively simple questions can be lost in the design and introduction phases of even the most carefully planned product launch . While much thought can be given to the actual policyholder ’ s needs and desires , agent / advisor perspectives are frequently overlooked . Think about it : how many times has an insurance company or distribution channel trumpeted the latest / greatest policy innovations only to stumble out of the starting blocks when agents don ’ t get as excited as they do ? In most cases , the agents and advisors ( as many like to be called ), are the first customers that need to say “ yes ”. In fact , they place their reputations on the line when presenting what carriers ask them to propose .
Looking at the long-term care planning market from the agent / advisor perspective was the primary purpose of the Oliver Wyman / Ice Floe Consulting survey , Who is Selling What ? To Whom , How & Why ? We sampled a wide variety of agent / advisors through carrier and BGA distribution sources . We also approached a large cohort of licensed life insurance producers gathered from departments of insurance all over the country . After aggressive outreach , our respondents came almost equally from each of these groups .
Survey results indicate that respondents clearly recognize the value of policy review for consumers and a key to future sales .
Ronald R . Hagelman , Jr ., CLTC , CSA , LTCP & Barry J . Fisher , LTCP are Principals of ICE FLOE Consulting , LLC . With decades of expertise in the life and long-term care insurance industry , they provide product development , distribution & training strategies for extended care risk . www . icefloeconsulting . com
Survey respondent age distribution
Under 30
31 – 40
41 – 50
1 %
5 %
9 %
51 – 60
26 %
Over 60
59 %
30 Perspectives Q1 2021