MY PREDICTIONS FOR 2021- Weekly insurance business review Dec 21th-27th
Technology, government policies, COVID-19 and marketing are driving the business of insurance forward, and I expect that not to slow down in 2021, which is going to play a big part in my own insurance business. Here are some of my predictions and actions going into 2021.
Zoom/telephone and online meetings: Due to the COVID-19 crisis, I changed the format of my business from primarily in-person presentations to a current mix of 50%-50% virtual and in-person presentations. While Zoom and online meetings are a smaller part of that total, the majority of the other business is simply done via phone, since some of the over 60 market are savvy with technology while some are not. I expect more people to embrace this way of doing business, as we go into 2021, even if the virus declines, simply because it is getting easier and less time consuming.
Insurance carriers for life and health insurance are making it more consumer friendly to enroll in their plans online or by phone. By the end of 2021 I predict I will no longer have to use a paper application at all, for any carrier.
As far as meetings and presentations, I will continue to opt for whatever is most convenient for my clients, which as I mentioned is about a 50%-50% split, however, all of my in-person meetings are usually outside, or using masks while I sit across the room.
Life insurance carrier changes in underwriting: I have already reviewed these changes with some life insurance carriers, as they catch up to the current events, underwriting questions regarding COVID-19 are, and will begin appearing for life and some health insurance (mainly underwritten Medicare policies). It may become more difficult or impossible, for some people who have had COVID-19 to get life insurance, since the future of how it affects the lifespan of people who have had the virus is in question. My prediction is those who have had COVID-19 may be a "knock-out" question for some life insurance companies, in other words, you may be rejected simply for having COVID-19. You can see some of the most common questions about COVID-19 and life insurance at this AARP article recently written.
Health insurance/Medicare changes: At the time of this writing, the best evidence of what will happen in regards to healthcare in 2021 and beyond for the next four years, is from the Joe Biden campaign web page as follows: Joe Biden's plan for healthcare. The lengthy list of plans can be summarized in a few areas including expanding on the ACA (Affordable Care Act or Obamacare), re-instating the individual mandate, expanding Medicare coverage to people who do not have affordable healthcare options, and a list of ideas to reduce drug prices, tax breaks to big drug companies and ideas to stop surprise medical billing. The Joe Biden plan also includes a number of proposed changes and funding to planned parenthood, offering health insurance to the undocumented, and expanding federal funding to community health centers. My prediction is while these are some aggressive and lofty plans, proposed by the Joe Biden campaign, I believe in reality, there will be only a few changes that actually take place for healthcare in 2021, mostly centered around COVID-19 and stimulus proposals. Some of these ideas could have merit, however the implementation of the actual plan is likely in question due. For myself, I intend to continue keeping on top of the actual changes that get implemented that will cause an impact with my clients, and how those changes create new benefits or better policy options.
Marketing and reaching people: The most time consuming part of my job is simply reaching people. Either by email, phone, mail, referral, flyers, etc. Simply, it is getting ATTENTION. Getting a message to people in the clutter of every other company looking for attention as well. Social media, including Facebook, LinkedIn, Youtube and others will continue to influence the people I serve, so I need a voice there just like the others. Getting my message to the people that could use my help is at the center of my to-do list in 2021. You cannot have a one-dimensional business. Being able to share my message on multiple platforms is important, since there are people everywhere on all different forms of media, and getting attention is a difficult job.
These are my top predictions going into 2021, with some of my opinions, and what I will be doing in my business to keep helping more people. Take it for what it is worth, and share this with someone you think might find it useful. See you next week in the NEW Year 2021!