Boost Medicare Sales: Statistics Show Why Senior Insurance is a Great Business
When you are choosing a target demographic in your insurance business, it’s easy to see why Medicare sales is a great path. The senior population is growing, opening up many opportunities for insurance agents who serve this section of the population.
It’s essential that you know your market if you are planning to sell Medicare. Here are a few interesting statistics to help you see why the demand is high for insurance sales.
- 2019 Enrollments: 61 million seniors were enrolled in Medicare in 2019. About 1/3 of these enrollees (22 million) chose Medicare Advantage plans.
- Continuity: Once seniors are enrolled, it’s rare for them to change their coverage. About 45% of enrollees didn’t change or review their Medicare plan.
- Technology: An increasing percentage of the senior population is using technology to watch television and browse social media. For example, surveys show that seniors spend an average of 11 hours each week on smartphones and 5 hours a week using tablets. As a result, digital advertising is becoming more effective to connect with the senior population.
- Engagement: Seniors have a higher online engagement compared to other demographics. In the group of seniors who use the internet, 75% of them get online at least once a day.
Tapping into Sales Opportunities
As seniors change their daily habits and activities, you can adapt your business to connect with potential customers. Seniors are turning to digital solutions more and more for entertainment, which is increasing opportunities for online sales.
The cost of online marketing can add up, but a good marketing strategy can lead to ongoing revenue for insurance agents. If you are looking to increase your book of business and stretch your marketing dollars, then talk to our team about the marketing split that we offer. You can benefit by having half of your marketing budget paid by us.
You can grow a successful insurance business through Medicare sales. We’re here to provide the tools and resources you need to connect with seniors who need Medicare services. Contact us at PGIA to learn more about the ways we can help.