SENIOR MARKET
“ Currently there is no antonym for the phrase tech-savvy . But there will be one in the years ahead . It will be a failure to succeed .”
Jesse Slome
Senior market from page 21
Critical education
No doubt education and agent support is crucial in the senior market . In a recent webinar hosted by the NAILBA member agency , BUI , the differences between the various life insurance and chronic illness / long-term care solutions were addressed by Ramona Neal , President , Living Benefit Review . Ms . Neal shared some best practices in the field :
Learn the riders your clients are considering . If the company doesn ’ t offer rider details , get a rider specimen contract for state . Take care in choosing which rider type is best suited for your client .
• Many companies offer two rider variations , some offer up to four .
Illustrate the rider and give the client rider sales literature ( document files ). Manage expectations on how the rider pays out . Address in policy reviews .
• Consider in-force illustrations .
Those best practices are driven by the advisor understanding in detail what the client values , what the rider actually is , what the rider actually accomplishes , and clearly communicating how the rider solves the client ’ s specific problem . All of these practices deal directly with educating and training a well-prepared and knowledgeable advisor . Perhaps one lesson the pandemic has taught is that partnering with carriers and wholesalers can help prepare advisors for putting those best practices into play .
Lessons learned
On the subject of lessons learned , Mr . Slome addressed one thing he feels the industry may have gained from the pandemic , and that comes back once again to technology . “ I would expect the next five years will see accelerated acceptance and a significant shakeout across the senior insurance products landscape ,” he said . “ Currently there is no antonym for the phrase tech-savvy . But there will be one in the years ahead . It will be a failure to succeed .”
For Mr . Yakopin , what ’ s been learned is in the realm of the value advisors and marketers bring to the table . “ I believe the role of licensed agents is very important and has been vital during the pandemic . This has been especially true for older consumers , because online self-enrollment platforms are not consumer friendly . I hope that insurance companies continue to partner in a mutually beneficial relationship with agents and agencies who have boots on the ground in the communities we serve . Perhaps that has become very apparent during this challenging time . We are essential .”
Mr . Eilers hopes that lessons in the realm of customer service will take root . “ I think the industry should learn how to make purchasing these products easier , for seniors especially ,” he said . “ I also think they need to figure out how to improve their existing client service and stop focusing on sales . It ’ s very frustrating for the agents , and much more for the clients who need the help .”
Assuming we really are in a post-pandemic world , it seems likely business changes will be coming fast and furious . This learning curve is not exclusive to the senior market , of course . But again , when you consider the impact the crisis has had on the health of the older generation , the strides society is making on the technological front , and the amount of effort carriers have put into the senior market , it is certainly an excellent place to start .
“ I hope insurance companies continue to partner in a mutually beneficial relationship with agents and agencies as it has become very apparent during this challenging time — we are essential .”
Tom Yakopin
22 Perspectives Q2 2022