Medicare insurance agents—are you curious about how your AEP experience compares to your peers?
The American Association for Medicare Supplement Insurance (AAMSI) polled nearly 1,000 Medicare Supplement insurance agents listed on the organization’s online directory to gauge how the recently concluded Medicare Annual Election Period (AEP) went for agents.
Not surprisingly, the survey found a significant percentage of insurance agents worked long hours while trying to make the most of the compressed time period.
“Agents worked long days and most worked weekends,” says Jesse Slome, AAMSI’s executive director. “Almost two-thirds (65%) worked nine or more hours each day and 60% worked most weekends during AEP, which started on October 15 and ended December 7.”
Forty-one percent said they worked more than 10 hours per weekday while just 11% said they worked 7-8 hours per weekday.
Only 2.5% said they didn’t work any weekends during AEP.
According to the survey respondents, 40% sold over the phone or Internet for the first time. “COVID-19 has definitely changed how people are working,” Slome notes. “We suspect many agents will find this a preferable way to conduct business going forward.”
Nearly half (47.5%) of survey respondents reported spending about the same amount of time during AEP with their individual Medicare insurance clients and prospects. “Medicare and prescription drug plan comparisons seem to be getting more complicated reflected by the fact that 41% of agents indicated they spent more time with each client compared to AEP 2019,” Slome adds.
Looking ahead, 69% of Medicare insurance agents said they expect to work less in the first quarter of 2021. Only a small minority (4%) plan to take time off in the first quarter.
Check out the full survey results at this link: https://medicaresupp.org/wp-content/uploads/2020/12/2020-AEP-Survey.pdf