Episode Summary
This transcript summarizes key insights shared during an insightful industry panel discussion featuring representatives from leading Medicare supplement insurance carriers. Moderated by Gillan, the wide-ranging conversation covered strategic perspectives on trends, opportunities, and challenges impacting the Medicare supplement marketplace.
A key theme was the importance of taking a strategic long-term view to promote sustainability and stability in the Medicare supplement business. Carriers like Blue Cross Blue Shield, UnitedHealthcare, and WellCare emphasize how they design products and set rates with the long-term outlook in mind, even if it means sacrificing some short-term gains. For example, Blue Cross highlighted keeping rate increases remarkably low over an extended multi-year period, while WellCare builds products intentionally for maximum rate stability over time.
At the same time, carriers recognize the need to balance this long-term approach with targeted innovations to drive growth. Humana shared exciting sales growth results after refreshing its Medicare supplement product portfolio. This demonstrates the power of product innovation to boost performance even in a relatively stable market.
The panelists also discussed the significance of value-added features and incentives to attract and retain customers in a competitive environment. Cigna leverages household discounts and rate-hold commitments to provide differentiated value. Aetna stresses the importance of consumer choice and flexibility, aiming to offer a range of options tailored to individual needs and preferences.
When it comes to distribution strategies, the carriers emphasized understanding and aligning with channel partner needs. This includes having specialized underwriting guidelines and agent incentive programs to maximize Medicare supplement sales.
Additionally, the panel explored adapting to upcoming changes in Medicare Part D under the Inflation Reduction Act. This demonstrates how carriers must continually evaluate regulatory shifts that may impact their offerings.
In summary, the discussion revealed key insights on strategies for stability and sustainability, the role of targeted innovation, providing value-added perks, and optimizing channel partner engagement. The overarching takeaway is that succeeding in the Medicare supplement space requires taking a strategic long-term outlook while also adapting to market changes through innovation, flexibility, and aligning with channel partner incentives. This panel of industry leaders provided a fascinating insider perspective on navigating the evolving Medicare supplement landscape. Their insights help illustrate best practices for carriers seeking continued growth and stability in this critical product sector.
Timestamps
(0:00:04) - Broker Link podcast features a panel discussion between several of our Medicare supplement carriers
(0:02:06) - Melissa: Humana recently refreshed its achieve product
(0:04:40) - MedSup prides itself on rate stability with 4.4 million member book
(0:06:00) - Just a quick plug for our rate stability, Jason
(0:07:24) - We are seeing significant restructuring of Medicare Part D through the Inflation Reduction Act
(0:10:23) - United is making its PDP commissionable this year
(0:13:02) - What is Etna thinking for the future of Medsup
(0:15:48) - Sydney, what is the importance of training with a med sup
(0:17:31) - If you guys are not cross-selling, you're missing the boat
(0:18:45) - Tell us what's your secret sauce to cross-selling with Medicare Advantage
(0:21:30) - Medsup just rolled out real-time underwriting two weeks ago
(0:22:45) - We pay the guarantee to issue the same commission as our other plans
(0:24:23) - Sydney: We recently implemented real-time underwriting
(0:25:57) - Justine, on underwriting, are there certain conditions that you all have negative experience with
(0:26:26) - Are there certain situations that you all favor somebody that might have hypertension
(0:28:11) - Wellaby: On our application, you do not have to put medications in
(0:28:58) - We have an agent incentive that we just launched for med sup program
(0:30:42) - How do you get started with the insurance brokerage, Inc.
