How AI Transformed the Medicare Shopping Process

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One of the most prominent Artificial Intelligence (AI) trends of 2021 is hyper-automation or the concept that everything that can be automated should be automated.

For the insurance industry, AI and Machine Learning (ML) are beginning to be utilized to help automate the needs analysis and decision-making processes of Medicare insurance enrollment. The COVID-19 pandemic has accelerated the adoption of these technologies as online enrollment continues to grow.

Florida Medicare technology and product distribution company Ensurem recently introduced a “cyber agent” tool, Agent E, which utilizes these technologies to elicit basic information on the prospective customer’s current coverage, guiding them through their options to help make the best choice on plans.

The Facts:

  • The first generation to embrace the personal computer is at or near retirement age and going online to obtain information on Medicare and other insurance types.
  • Statistics show that 73% of seniors age 65 and up utilize the internet.
  • That jumps to over 88% for boomers aged 50-64 who are beginning to enter the Medicare market.
  • The average beneficiary has access to 33 Medicare Advantage plans making it difficult for Seniors to make the right choice.
  • Medicare options have multiplied with 64% of plans offering supplemental benefits, such as in-home support or caregiver support.

“Agent E is Ensurem’s response to the consumer’s call to allow them to ‘Enroll Your Way,’ where and when it’s convenient for them. I’ve had people ask me whether by using self-service tools we’re trying to save money on employees. In fact, over the past year we’ve doubled our in-house staff to nearly 250 team members.” – Dave Rich, CEO, Ensurem

The purpose of Agent E is not to eliminate the human factor; it’s to help seniors make the best possible choice for their needs. The program gives seniors the option to hand the transaction over to an actual human insurance agent, should they request it.

After the beta launch of Agent E in October, Ensurem experienced a sizeable increase in the percentage of online enrollment interest. Within the 7.5-week Annual Election Period following the beta launch, the company saw a 400% increase in direct-to-consumer, online-only (no agent assistance) enrollments.

At the same time, it saw an 831% increase in total DTC enrollments including online enrollments assisted by an agent.

“Making the right decision in all this is really something of an undertaking, so we’re using the best available technology to help people do it. But the insurance industry is still playing catch-up in this regard, and indeed in regard to eCommerce itself. In 2020, just over 20% of all insurance transactions were being conducted online.” – Dave Rich

About Ensurem:

Ensurem, headquartered in Clearwater, FL, is a leading technology and product distribution company serving carriers and consumers within the massive U.S. senior market. The company provides end-to-end solutions for carriers, including product development, digital marketing, and consumer-centric front ends and back end. For more information, please visit Ensurem.com.