Consumer Insights Session Highlights
When we’re more informed, we can make better choices for the future.
In his Medicare Live! presentation, Tim Brousseau with Deft Research broke down market trends and data from the last few years to better predict and project this AEP and beyond. Because when we know more, we can do more.
Tim shared what he calls “word of mouth data” from senior consumers about their activities and perceptions from last AEP. That breaks down into a few ways, including how carriers have evolved their products recently, how they’ve updated their plan designs, how consumers have adjusted to those changes, the reliance of seniors on agents and brokers, and even a little on the COVID-19 impact.
Throughout the presentation, we learned that Medicare is growing and it’s not slowing down. In fact, carriers large and small have seen an above-average increase in enrollment, and AEP switch rates have remained strong. Tim dove into the reasons consumers switch, how they get there and which channels they use.
But all these positive trends also come with a timely warning. Seniors are becoming increasingly nervous about COVID-19 and the industry is experiencing nuance it’s never seen before.
Tim shared, “The last thing we want is for a good senior lead to fall on deaf ears because we haven’t changed the way that we do business… We have to understand the nuances of all these products that are being offered. Carriers are upping their game. Consumers are changing the way that they’re thinking about this policy. It’s no longer just a commodity. They’re looking at it as a true value-add.”
To get a deeper look at how the data and numbers really break down, check out Tim’s presentation by clicking below.
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