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Marketing….. The Second Time Around. Session 38: February 28, 2006 Session Producer: Mark Dinsmore LTC Global Solutions. PANEL. Rick Gardner, Lifestyle Insurance Services Deborah Skiff, ACSIA Long Term Care Reg Wulf, ACSIA Long Term Care. Industry Sales. Industry Sales.

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Marketing the second time around

Marketing….. The Second Time Around

Session 38: February 28, 2006

Session Producer:

Mark Dinsmore

LTC Global Solutions


  • Rick Gardner, Lifestyle Insurance Services

  • Deborah Skiff, ACSIA Long Term Care

  • Reg Wulf, ACSIA Long Term Care

Industry sales1
Industry Sales

It costs 60% more to generate a $1 of premium from a prospect age 55 than a prospect age 65


Improve the Efficiency in Sales and Marketing of LTC Insurance …

… and Increase Profitability

Value can be extracted from what currently goes unused
Value Can Be Extracted From What Currently Goes Unused

Why is LTC Insurance Like a Sack of Potatoes?

Waste to Product

Expense to Revenue

Waste or opportunity
Waste or Opportunity?

  • Prospects Left Unsold

  • Applications Never Placed

  • Customers Rarely Contacted

  • Claimants

Elements of a comprehensive customer contact program
Elements of a Comprehensive Customer Contact Program

  • Multiple, regular contacts with customers

  • Coverage reviews

  • Wellness programs

  • Claims assistance

  • Declines

  • Non-health qualified prospects and spouses


  • Carriers

    • Increase LTC Sales

    • Risk management

    • Pre-empting customer

  • Agencies

    • Increase LTC sales

    • Added non-LTC revenue stream

    • Increase customer retention

  • Non-LTC

    • Source of qualified customers


  • Potential channel conflict

  • Opportunity cost

Case studies
Case Studies

Value in learning what worked…

… and measuring results up against goals

Case study 1 selling additional coverage to current policyholders

Case Study #1Selling Additional Coverage to Current Policyholders

Additional coverage program
Additional Coverage Program

Segmenting and targeting the

customer base

  • Age, Daily Benefit, Benefit type

    Different sale – different approach

Modifying the sales process
Modifying the Sales Process

  • Notification of original writing agents

  • Assumptive relationship with client

  • High volume, centralized, phone based


  • Current Coverage Review

  • Identify holes in coverage

  • Review options

  • Service oriented approach

Commitments to carriers and original agents
Commitments to Carriers and Original Agents

  • No replacements

  • Complementary additional benefits

Customer reception
Customer Reception

  • Welcome the conversation

  • Literally waiting by the phone with their policy

  • Receptive to phone vs. in-home interview

  • Objections

    • Can’t afford, sticker shock

    • *@&! Rate Increases


  • Admin. Support required

  • Online application speeds sale and reduces errors


  • Carrier

    • Additional traditional insurance sale

    • Avoid spiral to highest level of claim

    • Increase customer satisfaction

  • Agency with large, established customer base

    • Additional sales w/o additional lead cost

    • Increase referrals

Case study 2 building profitable partnerships marketing life settlements to ltc customers

Case Study #2Building Profitable PartnershipsMarketing Life Settlements to LTC Customers

Life settlements
Life Settlements

What does this world look like?

Customer profile
Customer Profile

How it lines up with LTC Insurance prospects and customers


  • Financing Needs

  • Looking at the non-Health Qualified Client

Integration agency share
Integration: Agency Share

  • Integrating Approach with Agency Sales Model

  • Training Staff to Qualify Prospects

Integration lifestyle share
Integration: Lifestyle Share

  • Educating Customers on Options

  • Offer creation

Typical results
Typical Results

  • Improved Cash Settlement

  • More Efficient Life Insurance Costs

Lessons to take away
Lessons to Take Away

  • Partner is Critical

    • Need to keep focus on core business

  • Product Must Fit LTC Customer

    • Tried other products with varied succes


  • Carriers

    • Little impact

  • Agencies

    • Significant potential income

    • An alternative to health unqualified

  • Non-LTC

    • Good match with LTC buyers AND non-buyers

Final thoughts
Final Thoughts

  • Just Scratching the Surface

  • Industry Perspective

    • Sales and marketing is the biggest expense after claims

    • Opportunity for customer satisfaction and less claims