Monday, February 6, 2023
HomeInsuranceGreatest Practices for Carriers, Businesses, and MGAs/MGUs

Greatest Practices for Carriers, Businesses, and MGAs/MGUs

This publish is a part of a collection sponsored by AgentSync.

With pumpkin spice lattes nigh, we will practically odor the approaching of a really busy time of 12 months for carriers, companies, MGAs/MGUs. Sure, you guessed it, we’re speaking about Medicare open enrollment season – Oct. 15 by means of Dec. 7.

In the event you’re a provider, company, or MGA/MGU and also you’re attempting to return to phrases with the quantity of labor you’ll want to do earlier than, throughout, and after Medicare open enrollment season, then don’t have any concern. We’re right here to stroll you thru some greatest practices to make sure the season runs easily for you, your producers, and your prospects.

Why is Medicare open enrollment such a giant deal?

Medicare open enrollment season is the chance for Medicare beneficiaries to affix the Medicare Benefit plan greatest suited to their wants.

It’s vital to notice: Presently, solely beneficiaries already enrolled in a Medicare plan could change between or to Medicare Benefit plans. You probably have any questions concerning the intricacies of Medicare enrollment durations, take a look at our intro to Medicare piece, which touches on the who, what, when, and why of Medicare.

Efforts are rising to drive consciousness of the significance of open enrollment season and the chance to change between plans. In 2021, one in every of each eight Medicare beneficiaries — 8.3 million folks — chosen particular person plans throughout open enrollment, in keeping with the Facilities for Medicare & Medicaid Companies. Chances are high, the variety of beneficiaries making the most of this enrollment interval will solely enhance in 2022.

So, carriers, companies, and MGAs/MGUs higher be ready to deal with the enterprise.

Greatest practices for carriers, companies, and MGAs/MGUs

Even when Medicare open enrollment season continues to hover at round a ten p.c participation price, that’s nonetheless thousands and thousands of senior and disabled Individuals in search of assist when switching between Medicare plans. And that merely isn’t one thing carriers, companies, or MGAs/MGUs can ignore.

When achieved proper, open enrollment season is the chance for these corporations to show they’re a well-oiled machine, acquire clout with producers, and assist Medicare beneficiaries stay their best possible lives. However when achieved improper, open enrollment season might be messy, disturbing, and costly.

We’re of the opinion that Medicare season ought to all the time be achieved proper. So, right here we’re laying out a few of the greatest practices that may assist your organization succeed.

1. Plan for Medicare open enrollment effectively upfront

To deal with the inflow in enterprise, carriers, companies, and MGAs/MGUs typically must onboard new producers for open enrollment season. That will not sound like a giant deal, however it’s, and shouldn’t, below any circumstances, be left till the final minute.

Recruiting new producers is all the time a ache. In spite of everything, producers don’t have any scarcity of corporations to work with. On high of that, Medicare open enrollment season makes recruiting even tougher as a result of all corporations with a hand in Medicare Benefit merchandise want assist by means of this time. So competitors is excessive.

However, the truth is, these producers will function in one thing of a short lived position. Carriers, companies, and MGAs/MGUs want the assist of those producers to get by means of open enrollment season however received’t have sufficient work to maintain them busy all year long. So, they’ll be onboarded shortly earlier than Medicare open enrollment and offboarded shortly after.

Recruiting these new producers and managing the onboarding and offboarding course of will inevitably lead to further workload for present employees. By planning for this inflow of recent producers, and establishing each a recruiting technique and a system for what onboarding and offboarding may seem like, corporations can set the framework for a profitable open enrollment season.

2. Construct a constructive expertise for producers

Medicare open enrollment is annual. It occurs each single 12 months. Positive, chances are you’ll not have sufficient work to maintain producers onboard for Medicare open enrollment lively year-round, however you do know you’ll have a necessity for them for the subsequent enrollment interval.

By constructing a constructive expertise for producers from their first Medicare open enrollment season, carriers, companies, and MGAs/MGUs can save money and time on recruiting efforts by fostering firm loyalty and inspiring producers to return again 12 months over 12 months.

Think about this: A provider must onboard tons of of producers to handle Medicare open enrollment season. This provider didn’t begin planning for Medicare open enrollment forward of time and did not construct a system for onboarding and offboarding. Because of this, the general producer expertise is disturbing, time-consuming, and messy.

Subsequent 12 months, as producers gear up for Medicare open enrollment season, there isn’t a complete lot of incentive for these producers to return to the identical provider. As a substitute, they might choose to work with the provider’s competitor. In spite of everything, the producer heard from friends that the competitor has a pleasing and time-saving onboarding and offboarding course of.

Retaining producers pleased is vital to creating certain carriers, companies, and MGAs/MGUs don’t want to start out recruiting producers from scratch each enrollment interval. So keep in mind, even when these producers are solely employed in a seasonal capability, retaining them pleased can drive annual successes.

3. Use licensing software program to avoid wasting time and stop regulatory actions

It’s clear Medicare open enrollment season is usually a very hectic interval for all events concerned. It’s no shock, then, that human error can complicate the onboarding and offboarding processes.

However onboarding and offboarding producers comes with a complete slew of regulatory necessities for each state inside which a producer sells insurance coverage merchandise. The identical is true in the case of Medicare Benefit merchandise. So, inaccuracies or errors in onboarding and offboarding may end up in expensive regulatory actions. No good, in case you ask us.

Fortuitously, carriers, companies, and MGAs/MGUs can keep away from these slip-ups by utilizing licensing software program. Licensing software program helps save time and stop human error in producer onboarding and offboarding in just a few methods:

  • Flag gaps in producer licensing in the course of the onboarding course of. This enables corporations to appropriate licensure errors earlier than it’s time for a producer to promote.
  • Cut back paperwork by digitizing the onboarding and offboarding processes. Belief us, much less paper is an efficient factor on your sanity, your producer’s sanity, and the survival of the setting. A win, win, win.
  • As a substitute of needing to recollect to terminate, in some instances, hundreds of producers, licensing software program permits corporations to create a termination date that automates the offboarding course of as soon as the date is handed.
  • Retain data and licensing info for auditing and market conduct exams. That approach, employees received’t must retroactively kind by means of documentation to drag key knowledge when it comes time for the examination.

On high of stopping regulatory actions, licensing software program has the additional benefit of bettering the producer expertise. Producers need onboarding and offboarding to be as easy, fast, and painless as attainable. By saving knowledge for auto-filling, producers received’t must rekey primary info throughout a number of factors. In our expertise, repeating info type by type and 12 months over 12 months is without doubt one of the issues that producers say detracts from their general expertise. Since licensing software program streamlines licensure processes and flags any potential gaps in licensing, it may be the important thing to making a constructive producer expertise, driving producer loyalty, and inspiring producers to return again 12 months after 12 months.

Are you prepared for open enrollment?

We all know getting ready for Medicare open enrollment season can really feel daunting. In spite of everything, when you’ve lastly ramped down from final 12 months’s enrollment season, it’s nearly time to start out ramping up for this 12 months. Fortuitously, following these key greatest practices might be the stepping stones to profitable enrollment seasons for years to return. In the event you’re a producer, be sure you take the time to learn our piece on greatest practices for producers as effectively. AgentSync may also help you ramp up for Medicare open enrollment, so e book a demo with us.

Insurance coverage Wholesale



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments