Trends From a Record-Breaking 2017 AEP

By Dwane McFerrin, Vice President, Medicare Solutions

  • Originally published December 28, 2017 , last updated February 13, 2018
  • MA-PD, Medicare Advantage, SOA, AEP, Dental, Medicare Supplement
Trends From a Record-Breaking 2017 AEP

Another Annual Enrollment Period (AEP) is complete. Service and technology from Senior Market Sales broke several records as they helped producers succeed. The activity revealed insights about the increased use of technology as well as the direction of the senior health marketplace.

More agents than ever are using SMS technology to make their business more efficient and profitable. The number of agents using the Agent Initiated Consumer Online Enrollment (AICOE®) process for Medicare Advantage or PDP during AEP increased by more than 50%, and the total number of enrollments increased by 100% compared to last year. Several days during AEP saw the single-day record for AICOE enrollments completely shattered.

The popular SMS eSignature Scope of Appointment (SOA) process also saw increased use in 2017. The number of agents using this process rose considerably and the total number of appointment emails sent increased by 100% compared to last year. More agents are identifying where they can save valuable time with this technology.One agent alone used the eSig SOA feature more than 1,000 times.

If you’re not already using technology from SMS, 2018 is the year to start. Talk to a marketing consultant about Lead Advantage, or register for our upcoming technology webinar to learn how easy and comprehensive these tools can be.

What marketplace trends did AEP 2017 reveal? For starters, it showed a more stable MA business. There was less client movement from one MA plan to another during this year’s AEP, with fewer changes in premiums, co-pays, formularies and out-of-pocket expenses.

Medicare Part D and Medicare Supplement both experienced big gains. Both soared to 40% sales increases compared to a year ago. More agents effectively positioned and offered plans from SMS’ comprehensive lineup of top national carriers. 

Finally, sales of dental insurance continued to surge. These policies are becoming an important part of more agents’ portfolios. Dental has proven to be a natural door-opener or easy cross sell for well-equipped agents.

Did you maximize your opportunities in all of these areas this year? If not, consider the many ways that SMS can help you expand your portfolio and grow your business. We can get you appointed with top carriers, and help make your business thrive.  

Contact a marketing consultant to review options that can work best for you. Call 1-888-747-3810.