Tuesday, August 9th, 2022

Greatest Practices for Carriers, Companies, and MGAs/MGUs


This put up is a part of a sequence sponsored by AgentSync.

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

For those who’re a service, 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 finest practices to make sure the season runs easily for you, your producers, and your clients.

Why is Medicare open enrollment such an enormous deal?

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

It’s necessary to notice: Presently, solely beneficiaries already enrolled in a Medicare plan could swap between or to Medicare Benefit plans. If in case you 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 among each eight Medicare beneficiaries — 8.3 million folks — chosen particular person plans throughout open enrollment, in line with the Facilities for Medicare & Medicaid Companies. Chances are high, the variety of beneficiaries profiting from this enrollment interval will solely enhance in 2022.

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

Greatest practices for carriers, businesses, and MGAs/MGUs

Even when Medicare open enrollment season continues to hover at round a ten % participation fee, that’s nonetheless thousands and thousands of senior and disabled People searching for assist when switching between Medicare plans. And that merely isn’t one thing carriers, businesses, or MGAs/MGUs can ignore.

When performed proper, open enrollment season is the chance for these corporations to show they’re a well-oiled machine, achieve clout with producers, and assist Medicare beneficiaries stay their highest lives. However when performed incorrect, open enrollment season could be messy, anxious, and costly.

We’re of the opinion that Medicare season ought to at all times be performed proper. So, right here we’re laying out among the finest practices that may assist your organization succeed.

1. Plan for Medicare open enrollment properly upfront

To deal with the inflow in enterprise, carriers, businesses, and MGAs/MGUs typically have to onboard new producers for open enrollment season. That won’t sound like an enormous deal, however it’s, and shouldn’t, below any circumstances, be left till the final minute.

Recruiting new producers is at all times a ache. In any case, producers don’t have any scarcity of corporations to work with. On prime of that, Medicare open enrollment season makes recruiting even more durable as a result of all corporations with a hand in Medicare Benefit merchandise want assist via this time. So competitors is excessive.

However, the truth is, these producers will function in one thing of a short lived position. Carriers, businesses, and MGAs/MGUs want the assist of those producers to get via 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 extra 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 appear 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. Certain, it’s possible 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 following enrollment interval.

By constructing a constructive expertise for producers from their first Medicare open enrollment season, carriers, businesses, 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 service must onboard lots of of producers to handle Medicare open enrollment season. This service 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 anxious, time-consuming, and messy.

Subsequent 12 months, as producers gear up for Medicare open enrollment season, there isn’t an entire lot of incentive for these producers to return to the identical service. As a substitute, they could decide to work with the service’s competitor. In any case, the producer heard from friends that the competitor has a pleasing and time-saving onboarding and offboarding course of.

Protecting producers completely satisfied is essential to creating certain carriers, businesses, and MGAs/MGUs don’t want to start out recruiting producers from scratch every enrollment interval. So keep in mind, even when these producers are solely employed in a seasonal capability, holding them completely satisfied can drive annual successes.

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

It’s clear Medicare open enrollment season could be 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 an entire slew of regulatory necessities for every state inside which a producer sells insurance coverage merchandise. The identical is true in relation to Medicare Benefit merchandise. So, inaccuracies or errors in onboarding and offboarding can lead to pricey regulatory actions. No good, for those who ask us.

Fortuitously, carriers, businesses, and MGAs/MGUs can keep away from these slip-ups through the use of 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.
  • Scale 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 atmosphere. A win, win, win.
  • As a substitute of needing to recollect to terminate, in some circumstances, 1000’s 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 information and licensing data for auditing and market conduct exams. That method, employees received’t have to retroactively type via documentation to drag key knowledge when it comes time for the examination.

On prime of stopping regulatory actions, licensing software program has the additional advantage of enhancing 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 data throughout a number of factors. In our expertise, repeating data kind by kind and 12 months over 12 months is likely one of the issues that producers say detracts from their total 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 any case, 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 finest practices could be the stepping stones to profitable enrollment seasons for years to return. For those who’re a producer, be sure to take the time to learn our piece on finest practices for producers as properly. AgentSync may also help you ramp up for Medicare open enrollment, so ebook a demo with us.

Subjects
Carriers
Companies
Insurance coverage Wholesale



Supply hyperlink

Leave a Reply

Your email address will not be published.