2024 Medigap Insurance Rate Increase Data Can Help Agents Compete

Medigap Insurance Data

Insurance agents striving to stand out and compete in the crowded Medicare solutions market can utilize the latest data regarding Medigap rate increases. The just-reported data revealed that year-over-year increases for policyholders with Medigap Plan G coverage in 2024 ranged to as much as 20%. The new analysis was reported by the American Association for Medicare Supplement Insurance (AAMSI) and KLC Actuarial, LLC. “Competition in the Medicare market is intense with large call centers and marketing entities spending hundreds of millions annually on lead generation marketing,” explains Jesse Slome, director…

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Tax Season Is Marketing Opportunity For Medicare Insurance Agents

tax season medicare insurance options

April 15 is just around the corner and millions of seniors will be preparing their annual tax filings. For agents and brokers who focus on Medicare solutions, this is another ideal opportunity to solidify your role as the ‘go-to local Medicare professional’. The competition for Medicare business has never made it harder for independent insurance agents. Anyone taking the time to watch daytime television knows that one Medicare-focused commercial is almost immediately followed by another. You can’t beat the ability of these large entities to spend millions of dollars generating…

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Insurance industry is growing more competitive for independent agents

business insurance industry agent

Accenture releases report highlighting market disruption for insurance agents Accenture, a multinational management consulting and technology service firm, has released a new report that shows that independent agents in the insurance industry are not immune to digital disruption. The report makes not of changes in consumer behavior, the emergence of new technology, and the ongoing evolution of the insurance industry itself as potential threats to independent agents. Moreover, these agents see serious issues emerging in the market that could introduce some turbulence to their business. Digital sales are creating some…

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The Hartford to expand auto insurance to more AARP member with the help of independent insurance agents

The Hartford, one of the largest insurance providers in the U.S., has announced plans to expand the accessibility of auto insurance to AARP members. In order to do this, the insurer will have to expand its base of producers. This will be done through a hiring surge, where the insurer will look to bring on new staff and agents capable of bringing auto insurance coverage to those looking for additional options. The company currently has 4,000 agency locations throughout the country and hopes to increase that number to 6,000 by…

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Legislation could exclude insurance agents from medical loss ratio provision of the Affordable Care Act

Two U.S. senators have drafted a new legislation that would exclude insurance agencies from the medical loss ratio provision of the Affordable Care Act. The provision requires insurers to spend no less than 80% of the money they collect from premiums on improving medical care. The provision would have dire implications for agents as it includes the money they collect from commissions. Senators Mary Landrieu, D-La., and Johnny Isakson, R-Ga., have introduced the legislation to the House of Representatives and hope that it will bring insurance agents the protections they…

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