Medicare Webinar: How To Have a Successful AEP

Expert insights on medicare marketing from Michael B. Paich (Carida Insurance), Marc DeSimone (Clearview), and Bas Offers (PX) on game-changing acquisition strategies from our recent webinar. This blog summarizes key takeaways on AEP 2023: compliance, centralization, dynamic bidding, managing dropped calls, and rapid disenrollment rates.

The AEP Landscape in 2023

With the industry becoming increasingly competitive and policyholder expectations at an all-time high, Medicare agencies must employ strategic and innovative approaches to stand out. We asked both industry leaders how AEP 2023 is going and where the most significant challenges lay.

The experience is a mix of challenge and engagement. On the one hand, Marc DeSimone from Clearview notes the dynamic nature of the period, with agents aiming to maximize efficiencies and the overall number of enrollments. He acknowledges the role of new marketing channels contributing to this success.

On the other hand, Michael B. Paich, from Carida Insurance, takes a cautiously optimistic approach. This year, AEP has necessitated adaptations because of new regulations, such as the 48-hour rule for the scope of appointment, leading to a shift towards consumer-initiated inbounds. He appreciates the support of platforms and partners, like PX, that aid in proactive monitoring and adjustments. Both leaders underscored the importance of being proactive and responsive to emerging issues and changes in the regulatory landscape

Focus on Compliance 

As Michael mentioned early on in the conversation, the 48-hour rule change has been a focal point for strategizing how campaigns are run. During the State of the Industry Presentation at LeadsCon 2023, we revealed that 63% of marketers stated investing significantly to stay updated on changes in compliance requirements.

Both companies described a strategic shift towards consumer-driven inquiries and developing compliant internal transfer systems for customer acquisition during AEP. The current regulatory environment, specifically the CMS 48-hour rule, filters out entities less serious about compliance. They were optimistic about the industry's move towards ethical practices and considered limitations on plan switching as a more effective measure to discourage overzealous marketing and promote customer retention.

Centralizing activities

An upcoming trend in the Medicare landscape is centralizing customer acquisition activities and consolidating various marketing channels and vendors into a unified, robust platform like PX. This streamlined their operations and substantially boosted their ROI. The centralization helps in real-time campaign management and quick pivots. 

An interesting topic was how smaller teams, often constrained by limited resources, have experienced a surge in productivity and decision-making efficiency by adapting the power of a centralized system. When you do away with managing multiple vendor relationships, you effectively enhance operational efficiencies. 

The ability to consolidate data from various sources into one interface has been pivotal, granting them a comprehensive view of performance metrics, like state and agent-level performance. In essence, this strategic move towards a centralized marketing platform exemplifies a broader trend in the industry toward data-driven decision-making and operational efficiency.

Managing dropped calls

According to the speakers, reducing dropped calls is critical to maintaining high agent productivity and customer satisfaction in call centers.  This is where Agent Availability API comes in as a game changer. 

As they mention, prioritizing supply partners and ensuring that calls land 100 percent of the time are the most important things. PX’s Agent Availability API also incorporates state-level agent availability, taking into account the varying licensing profiles of agents. By appending campaign IDs and state information to the API, it only returns agents who are not just available but also licensed in the caller's state! 

This approach to call routing continues beyond state-level licensing. PX also factors agents' performance, routing high-quality leads to top-performing agents to maximize conversion rates. It balances quality and quantity with real-time adjustments based on agent wait times. Michael from Carida mentioned that with a real-time dashboard updating every five minutes, the account managers can proactively manage agent workloads and adjust bids to ensure a consistent call flow.

These strategies underscore a proactive and adaptive approach to call center management, utilizing technology to keep agents busy and optimize the customer experience. The ultimate goal is to create a seamless bridge between call volume and agent availability, ensuring every call is an opportunity, not a missed connection.

Dynamic Bidding  

Dynamic bidding within the PX platform is making an impact on customer acquisition. It allows different bids based on factors like the performance of a supply partner, traffic channels, etc. 

Our clients mentioned how dynamic bidding significantly increases the performance of their campaigns compared to fixed pricing models. The real-time disposition data feeds into this system, guiding decisions on when and how much to bid. It balances market demand and strategic pricing, ensuring companies don't overspend during slow periods or miss out during high-demand times. 

Diversification of sources is another key component. The approach mitigates risks associated with relying on a single partner. The idea is to maintain a steady flow from multiple sources, ensuring stability and continuous operation.

However, this doesn't discount the value of stable, long-term partnerships. Speakers stated that a static bid with a reliable partner is sometimes preferable, especially in an industry where compliance is critical. Trust in a partner can sometimes outweigh the potential savings from constantly shifting bids, emphasizing the importance of reliability and consistent quality over marginal cost benefits.

Improve Rapid Disenrollment Rates

The complexities of rapid disenrollment and ensuring policyholder retention require a multifaceted strategy, and Clearview and Carida are on top of it. With the impact of quick policy exits within the first 3 months on Customer Acquisition Cost (CAC) and ROI, they've established a proactive approach to retain their customers.

At the core of Clearview's strategy is acknowledging the agent's vital role during the initial sale. The most critical factor is the initial interaction between the agent and the customer. Data suggests that the agent’s ability to establish rapport and close the sale significantly impacts policy switches.

Additionally, Marc mentioned the importance of real-time data monitoring, with the PX platform helping to provide timely alerts. This ensures the team can respond promptly, often before the customer can consider alternatives. 

Beyond this, Carida’s team has implemented a retention callback campaign through PX, monitoring their entire book of business for any signs of customers shopping around. Upon identifying potential switchers, they quickly place bids to route these customers back to their retention team. So far, they've spotted about 1% of their customer base in the market. PX's unique way to control disenrollment. 

Engagement with the plan is another key to retention. Evidence suggests that once customers use any aspect of their plan, they're significantly more likely to remain with it. Thus, encouraging customers to make appointments or fill prescriptions early is a strategic move.

A Strategic Blueprint for AEP Succes

In summary, by leveraging technological tools, ensuring compliance, and centralizing marketing activities on platforms like PX, medicare agencies can enhance their market presence, optimize agent engagement, and ensure customer satisfaction. Implementing dynamic bidding further solidifies competitive edge, allowing for real-time adjustments in bidding strategies and maximizing ROI. Meanwhile, addressing rapid disenrollments through effective communication, relationship-building, and proactive retention strategies ensures long-term customer loyalty. 

Watch the webinar recording here

Successful AEP with PX’s Marketplace 

PX is committed to accelerating your sales success. By aligning the right sources with the perfect customers, your business is poised to thrive. Our platform unveils which sources deliver top-tier, high-intent prospects directly to you. Welcome to the new age of customer acquisition.

Meet with our Medicare experts to learn more about how you can take your AEP to new heights with PX!

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