SelectQuote, Inc. (NYSE: SLQT) announced today the beta launch of its new Medicare Plan Advisor that guides consumers through the Medicare plan selection process with a fully-digital experience. This powerful online tool will provide consumers with detailed information on Medicare Advantage plans based on their specific location, medications, and doctors.
While the Medicare Plan Advisor is not a substitute for an interaction with one of SelectQuote’s highly-skilled, licensed insurance agents, the new platform furthers the Company’s market breadth and aids consumers who prefer to shop online versus speaking with an agent.
“The Medicare Plan Advisor will become a powerful tool in our arsenal,” said Bill Grant, SelectQuote’s Chief Operating Officer. “While we remain convinced that most Seniors will continue to seek the unbiased advice of our licensed agents to navigate these complicated buying decisions, we recognize that some Seniors prefer to shop digitally and that percentage is likely to grow over time. In designing the plan advisor, we have taken great pains to replicate the underwriting standards our consumers have come to expect when interacting with one of our live agents. This helps consumers select the plan that is right for them, resulting in lower churn and higher customer satisfaction.”
Every day in the United States, around 10,000 people turn 65 and a strong and growing percentage of these Seniors are choosing Medicare Advantage plans from private insurers in lieu of basic Medicare coverage. Millions of Seniors will shop for these plans during the Medicare Annual Election Period, which runs from October 15th to December 7th.
SelectQuote leveraged its extensive database of Medicare plans and consumer behaviors built over its nearly a decade in the Senior healthcare industry to design the plan advisor’s features and workflow. Customer satisfaction and customer retention were the guiding design principles for the user experience on the Medicare Plan Advisor. For example, shoppers can provide detailed information on their unique healthcare needs including prescriptions taken and doctors frequented to increase the precision of plan recommendations.
“SelectQuote’s agent model continues to be the foundation of our customer service-based approach,” said SelectQuote CEO Tim Danker. “This technology provides a robust alternative that considers the customer’s medications, pharmacy, doctors and more. We see opportunity with the Medicare Plan Advisor to help even more consumers find the right plan for their long term needs through this highly personalized experience, while ensuring customer privacy.”
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Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions that help consumers protect their most valuable assets: their families, health and property. The company pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a force of more than 1,500 highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. The company has three core business lines: SelectQuote Senior, SelectQuote Life and SelectQuote Auto and Home. SelectQuote Senior, the largest and fastest-growing business, serves the needs of a demographic that sees 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans.