The pandemic certainly transformed the dental industry into a rollercoaster with unprecedented ups, downs, twists and turns. This article strives to take away some of the vertigo you may be feeling regarding all this change and provide clarity about the industry’s current state and outlook for the future. Agents who sell dental insurance will find this information especially useful.
The first downward plummet came early in 2020. According to statistics published in a FAIR Health Brief entitled Dental Services and the Impact of COVID-19, in March of 2020, consumer usage of dental services fell by 75%. In April 2020, that percentage grew to 79%. 46% of dentists attribute this drop to issues related to the pandemic.
Since that initial downward surge, the dental industry has been steadily recovering with the American Dental Association estimating that dental patient volume had risen to 81% of pre-COVID-19 levels by Feb. 2021. This is per statistical information found on NexHealth.com.
The adaptability of the industry is responsible for much of this recovery. For example, there has been a significant increase in dentists who utilize telehealth technology so that clients don’t have to necessarily come into the office in person. Additional adaptations include improvements in the areas of laser dentistry, robotic dentistry, social media communications and 3D printing of custom dentures and associated items. For further industry adaptations, see this article from Titan Web Agency.
So, what does all this mean for dental insurance and the agents who solicit dental insurance? Be watching for innovations to existing dental insurance products as well as brand new products entering the market. Also, agents who sell dental can expect carrier competition to heat up as they become more aggressive in their bid for increased market share. This will likely mean more robust sales incentive programs and other promotions being offered to the producer. Please click on the icons below to get information specific to various carriers.
For more details concerning the information in this article, please view this recorded presentation which is being made available courtesy of Senior Market Sales® (SMS). This webinar is presented by Craig Taylor, CLF, MA, DIA, CLTC®. Craig is the Assistant Vice President and Associate Director of the Medicare Solutions department at SMS.
Did you know SMS specializes in helping agents increase dental production? They even offer a product designed specifically for the senior market. This product is available only through SMS. Click here to learn more about it.
If you have any questions or would like more information about how SMS can help increase your dental sales opportunities, call a marketing consultant at 1.866.909.3237.