As more Baby Boomers reach age 65, insurance agencies are exploring their options to better serve a growing senior market. When looking for profitable ways to expand, the Medicare market is prime for growing insurance agencies to capitalize on a massive generation of Medicare prospects. As your agency ramps up for the next OEP (Open Enrollment Period), consider the following points to continue training and educating your Medicare insurance agents to effectively sell senior-targeted insurance products.

With over 62 million people receiving Medicare benefits, and nearly 10,000 Baby Boomers aging into Medicare each day, the potential to increase Medicare sales in 2023 will be unprecedented, but agencies will need to adjust to some changes in the market. Agencies can take advantage of these vast sales opportunities by understanding the changes introduced by the Centers for Medicare & Medicaid Services (CMS) and how they may affect 2023 sales in Medicare Advantage, Medicare Supplement (Medigap), and Medicare Prescription Drug Plans.

The 65-and-over population controls the bulk of disposable income in the United States. For insurance brokers and agencies, this means that using the right strategy can have a tremendous impact on the bottom line.

Once Generation Y entered adolescence and adulthood, the marketing world began buzzing with theories on reaching this age group—better known as the Millennials. We’re constantly hearing how consumer preferences are changing as technology advances. While communication continues to go digital, audiences are turning to social platforms and search engines as primary sources of information—including first life lessons on buying insurance. In a generation that’s constantly watching, posting, and sharing, how do you get your message across to Millennials? How do you break through the clutter and captivate this audience?

Are your insurance clients satisfied? Or are they delighted?

Nearly 60 million Americans received Medicare benefits in 2018. With 10,000 baby boomers hitting retirement each day, insurance agents have a golden opportunity to sell Medicare insurance to an ever-increasing client base.

The more leads you have, the bigger the pool of potential customers you have to draw from. Despite this, the vast majority of qualified leads are never followed up with.

With almost 60 million people eligible for Medicare in the United States, there is no denying the tremendous sales and revenue potential in health insurance for seniors. As 10,000 Baby Boomers age into Medicare each day, the opportunities are endless - but in order to succeed you will have to get to know these powerful consumers. Understanding the range of socioeconomic, geographic, and technological factors affecting today’s Medicare recipient will help you in properly communicating with 65+ clients and prospects and appeal to the insurance needs of the modern senior.

Property & casualty insurance certainly has a built-in market. With over 100 million Americans in need of homeowner’s or renter’s insurance and more than 250 million cars and trucks on the road, P&C agencies have the potential to generate a robust book of business.

Taking your agency to the next level requires investing in its growth and success. Identifying the needs of your organization and finding solutions that fit demands time, energy, and ultimately, investing in the best insurance agency software.