Talked to the VP of Humana for my area.

[InsuranceGuy29]

To do any insurance correctly, you have to commit days and weeks to become knowledgeable enough to make the right decision.

Too many subjects to stay on top of: government regs and changes weekly, taxes, income, financial planning, family, aptc, CSR silver, family glitch, MP3, irmaa, eligibility determination, correct enrollment, network chnsges, carrier differences, prescriptions, claims, personal health, group plans, creditable coverage, LEP, medicaid, chip, soc sec, pharmacies, canada, goodrx, etc etc etc

Ai can't do this, and I remember when the internet was supposed to replace agents. Didn't happen. Only grew my biz. Google has all the answers now and people still won't take time to research, they don't have the time. As I don't have time and hence why I hire out other professions like accountant, fin advisor, air cond, realtor, plumber, etc

If commissions go away, fees will become the replacement income

This is spot on. And all ai really is, is just Google on steroids. That's it. It's nothing groundbreaking when you think of it.

They recently did a study and it found that most younger people don't even Google things anymore. If they don't know something, they just call someone that can do it for them, or it goes unsolved.

They put zero effort in to doing even the most basic research task. There's literally generations of learned helplessness and a complete Idiocracy coming up, and they think they can cut agents out. LOL. Good luck!

I find most people just have zero insurance knowledge and are completely exhausted and overwhelmed with this information-heavy world.

They don't want to do this stuff, and most don't have the will or energy too. It's very boring, very tedious, and most people have no attention span anymore. It took MANY years for me to even have a decent functioning knowledge of insurance, and I'm a damn agent.

Many times, I still need to research things VERY in-depth, because laws and rules are always changing. Some things take days and days, and they think the average person is gonna do this in this modern exhausting world?? Not a chance.

Just because technology exists, it doesn't mean people are gonna like it or want to use it. Even for my few clients that are tech-savvy and decent at researching, I still get calls like "Hey man, I spent hours researching this and I still have no clue what to do, what do you think?...."

And I'm always like "BELIEVE ME, I understand....." And people like that are rare unicorns among my clients.

 

[Robduq23]

This is spot on. And all ai really is, is just Google on steroids. That's it. It's nothing groundbreaking when you think of it.

They recently did a study and it found that most younger people don't even Google things anymore. If they don't know something, they just call someone that can do it for them, or it goes unsolved.

They put zero effort in to doing even the most basic research task. There's literally generations of learned helplessness and a complete Idiocracy coming up, and they think they can cut agents out. LOL. Good luck!

I find most people just have zero insurance knowledge and are completely exhausted and overwhelmed with this information-heavy world.

They don't want to do this stuff, and most don't have the will or energy too. It's very boring, very tedious, and most people have no attention span anymore. It took MANY years for me to even have a decent functioning knowledge of insurance, and I'm a damn agent.

Many times, I still need to research things VERY in-depth, because laws and rules are always changing. Some things take days and days, and they think the average person is gonna do this in this modern exhausting world?? Not a chance.

Just because technology exists, it doesn't mean people are gonna like it or want to use it. Even for my few clients that are tech-savvy and decent at researching, I still get calls like "Hey man, I spent hours researching this and I still have no clue what to do, what do you think?...."

And I'm always like "BELIEVE ME, I understand....." And people like that are rare unicorns among my clients.

I tend to agree with you. It’s like the person who builds a home gym or buys a gym membership but never uses it. Sure they have it. But barely utilize it.

 

[MedicareWAA]

Ai can't do this,

Those are literally all the things AI can do well. I agree with your main point - tech won’t replace agents - but agents will increasingly use tech to be better. And they’ll use AI to help them keep up with all the stuff you cited.

 

[Packerland]

You wanna buy it?

Sure depending on where you are located

 

[Medicare bro]

Massachusetts

 

[Midlevel]

Are buyers going to start putting clauses in agreements in case companies stop paying commissions?

 

[GoPokes]

Remember when, about 5 or so years ago, I think it was Humana who was first to have an official AOR pledge. We all remember when every AEP, the inbound carrier call centers would actively try to flip your clients to another plan, while you were out hustling to get new business... for that carrier!

Humana did it first, then the others followed, I think UHC was the last to do it. Even though the consensus seems that we all like writing UHC, they haven't always been as easy as they are now.

This is an illustration of how agents, collectively, were able to get the carriers to look out for our interests. It may not have been an organized effort, but just writing less business with said carrier. Does anyone know why they did that, when no other carriers were, at the time?

I do believe there is a balance, where consumers, agents, carriers, and CMS, can all be in alignment.

Perhaps we need to start asking the carriers what they are doing for the agents, to protect us from getting legislated out of the picture. Maybe we dont need an extra $100 per app, or an HRA SPIF, but instead we start asking for more long term incentives... or maybe we can have both...

I agree, making friends with c-suite positions is good, but I fear doing it as individuals won't mean as much as doing it in an organized group. Im not sure what the answer is exactly, I know there are some groups that represent the interest of agents now, but im not sure how dependent they are on the medicare line of business.

 

[somarco]

Carriers don't give a damn about agents . . . no matter what they say.

The best thing an agent can do is limit their downside risk and stay light on their feet. You never know when the government, or carrier, will decide to pull the rug out from under your feet.

It has happened to me so many times I lost count. What I do now is far removed from where I started in this business in 1975.

 

[MedicareWAA]

I asked him what he thought about Wellcare not paying commissions. He seemed surprised and said he didn't hear anything. When I told him he was so callous about it. He was like, "times are changing", then he said, "last year we had more enrollments from Medicare.gov and through the Humana website then those coming from agents. Blew me away with how he was almost like companies are trying to get rid of agents all together. They don't want to pay commissions if they don't have to. They want us out and are trying to figure out everyday how to do that.

He’s feeding you BS on the channel numbers. Just 18 months ago Humana said on an earnings call that a crazy 40%+ of ALL Humana Advantage enrollments come from just the call centers. Add all the local brokers and they’re well past 50%.

No carrier sees more than about 10% of enrollments from Medicare dot gov. Typically less, and then many of them either never accrete or don’t stay on the books long.

Humana is unique though because they have their own captive agency and their own DTC marketing. Still well over half their sales come from brokers, and hardly anything comes from the government.

Maybe their Part D biz is different.

 

[InsuranceGuy29]

Are buyers going to start putting clauses in agreements in case companies stop paying commissions?

Going forward, we need to have renewal protection. NABIP, FMO's, and agents need to start DEMANDING it. They all court us for business. Great.....you want my business?? Then you protect my money/renewals that I EARNED....and I want that IN WRITING. Period. End of story. I'm still sick over the money this ShitCare company just cost me. Money I was depending on.