The future of long-term care insurance (LTCI) sales depends less on the number of insurance companies offering the product than on the number of skilled professionals marketing and selling it.
Over the past few years, we have witnessed several important changes in the long-term care insurance marketplace.
One of the more significant is the fact that fewer entities than ever focus on recruiting and training new long term care insurance agents exist. The more recent departure of several large insurance companies with their large career forces exacerbates the situation.
Identifying, recruiting and educating more individuals to market this product is more important than ever. That said, there is a lack of commitment by the industry overall to do so. Thankfully, along comes the ever present Internet to the rescue, and that was the impetus behind the establishment of an Online Career Success Center launched this week by my group, the American Association for Long-Term Care Insurance.
During an average month-long period, the association’s website is visited by between 30,000 and 40,000 visitors, including a fair number of insurance professionals. While the number who visit the site in search of career information has been small, we believe the establishment of the new resource will propel that.
Indeed, within one day of the Career Center’s launch, I received a call from a woman who had listened to the audios and was interested in knowing more. She is now registered to partake in a training–career opportunity webinar offered by ACSIA and will likely take the next steps.
Without marketing dollars committed to driving traffic to the Career Center, the industry will need to accept whatever incidental traffic is generated as the result of Google searches.
However, over time, we believe the existence of at least one generic source for free information will greatly benefit the growth of the LTCI industry. We plan not just to see the Career Center exist but to expand it in the years to come.