Oliver Wyman and Ice Floe Consulting have released the results of their long-term care planning survey, Who is Selling What? To Whom, How & Why?
February 09, 2021
February 9, 2021 - Ice Floe Consulting, a long-term care insurance thought leadership organization, recently released the results of their long-term care planning survey, in collaboration with professional services firm Oliver Wyman.
The survey, Who is Selling What? To Whom, How & Why? has illuminated the factors most relevant in selling long-term care insurance to consumers. Over 600 insurance agents and financial advisors shared their opinions and attitudes pertaining to long-term care planning and the insurance options currently available to U.S. consumers. Their responses highlighted the consumer identity, product perceptions, best practices in starting the long-term care planning conversation, and product selling points.
“The survey responses provide insights into the ever-changing long-term care insurance distribution system. Among other important learnings, we see that a sizable portion of agents and advisors are comfortable selling both traditional and hybrid products,” says Vince Bodnar, Partner and Long-Term Care Practice Leader at Oliver Wyman Actuarial.
“The relative success or failure of the specific ingredients of long-term care planning sales remains a mystery. Identifying the structural dynamics of the completed transaction from the perspective of the agent/advisor we believe substantially contributes to a better understanding of consumer motivation, product preference, training deficits and core issues of enhanced sales growth,” says Ron Hagelman, Principal at Ice Floe Consulting.
The Who is Selling What? To Whom, How & Why survey garnered support and input from several traditional and combination long-term care insurance companies, the National Association of Insurance and Financial Advisors and the National Association of Independent Brokerage Agencies.
About Ice Floe Consulting, LLC:
Ice Floe Consulting, LLC, lead by Ronald R. Hagelman, Jr. and Barry J. Fisher, is a long-term care insurance thought leadership organization focused on market analysis, product development, distribution strategies and training for sales success. Creating solutions for long-term care planning requires private insurance solutions that resonate with distribution and the prospective policyholder. Ice Floe Consulting can help any insurance company improve their market position based on current research, experience, and actionable intelligence.
About Oliver Wyman Actuarial:
The Actuarial Consulting Practice of Oliver Wyman has life, healthcare and property & casualty actuaries that advise financial institutions, regulators, and self-insured entities across a broad spectrum of risk management issues. With over 380 professionals across more than 20 offices in North America, the Caribbean, and Europe, the firm’s consulting actuaries provide independent, objective advice, combining a wide range of expertise with specialized knowledge of specific risks. For more information, visit www.oliverwyman.com/actuaries.