What if you were overlooking one of the easiest ways to expand your business?
Basic telehealth has been around for a long time, and by now, most insurance agents have decided if they want to utilize it as part of their businesses. However, the simple truth is that telehealth has grown by leaps and bounds in the few years alone, and it now provides unprecedented opportunities for agents looking to grow their businesses.
This is especially true when it comes to aging clients, including those who require long-term care insurance. How has telehealth changed, and how can you use it to provide top-notch service while growing your business? Keep reading to discover the answers!
Why Telehealth Has Been Growing In Popularity
Very basic telehealth (also known as telemedicine) services have been around for a long time. Technology such as the telephone allows patients to contact their medical providers to receive advice and care without leaving the house. However, telehealth has come a long way from simple phone calls, and technological improvements have made it more popular.
Thanks in part to the pandemic, more patients are now comfortable utilizing webcams and smartphones to conduct video conversations, which means the average person is more comfortable utilizing telehealth services. Additionally, telehealth has become popular among companies that realize how much money they can save when employees contact their doctors remotely. On top of that, carriers have to pay less for telehealth claims. Because of these reasons and the sheer convenience it offers, 76% of hospitals now use telehealth technology to connect with patients.
Age and the Increased Demand For Coverage
Historically, older populations have favored telehealth because they do not have to leave the house for a medical diagnosis. Understandably, an older person with limited mobility or without reliable means of transportation may be more enthusiastic about using technology to contact their doctor remotely.
A growing number of insurance agents have become enthusiastic about telehealth and its ability to innovate their businesses. The reason for this is simple: thanks to advances in modern medicine, the average American lifespan increased steadily between 1980 and 2019. While medicine helped to increase the span of human lives, the blunt truth is that living to an old age can be challenging if someone doesn’t receive regular medical care, and it’s difficult to receive such care when someone is too old to travel easily.
Fortunately, telehealth provides a way to reach older adults who would otherwise not become patients, and by offering long-term care insurance, the average agent can help clients achieve a higher quality of life while increasing their profits.
Growing Marketplaces (And What They Mean For Your Clients)
In insurance, the old adage is true: to be successful, you must go where the clients are. For agents who hope to stay successful, it's important to keep up with growing markets that may represent opportunities for professional growth.
An aging population means long-term care insurance is in higher demand. For example, 70% of Americans who are 65 will need long-term care in their lifetimes, but only 22% of Americans plan on taking advantage of this coverage.
If current insurance agents take the chance to promote long-term care insurance to both new and existing clients, they can tap into a market that the vast majority of the country will require and does not yet realize they need. In other words, a powerful market to tap and the right insurance coverage can help these people save on long-term care that would likely otherwise cost them over $100,000.
Stay On Top of Telehealth and Other Insurance Trends
Now you know more about telehealth and how it can help unlock your business potential. But do you know the best way to stay on top of this and other emerging trends in the insurance industry?
When you are a member of NAPA, you have access to a number of awesome benefits, including a subscription to our magazine. With research and articles from thought leaders throughout the industry, this publication is packed with the kinds of insights you need to succeed.
After centuries of cautious management, insurance faces a tech wave threatening the role of human agents. But will AI reshape the industry as expected? Find out in our free whitepaper.
