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March 14, 2023 at 03:31 PM
What You Need to Know
- The 2023 conference has attracted about 950 attendees to Denver.
- Speakers are talking about everything from state legislation to caregiver support.
- The keynote speaker was Jeff Kreisler, a JPMorgan behavioral economics advisor.
- One Jeff Kreisler recommendation: Talk more about the present than the future.
Long-term care planners can help clients plan for a high-probability threat — huge long-term care bills — by talking about how taking action now can improve their safety and security today, Jeff Kreisler said Monday in Denver.
Kreisler, the head of behavioral science at JPMorgan Chase, was the keynote speaker at the 2023 Intercompany Long-Term Care Insurance Conference.
The ILTCI Association kicked off the latest, four-day conference Sunday, with about 950 attendees, 200 speakers and moderators, 270 participating companies, and 42 sessions in seven tracks, on topics such as long-term care wellness programs, state legislative efforts and moves to support caregivers.
Kreisler discussed strategies for using the science of behavioral economics to get clients to act.
When an LTC planner is talking to a client, “take 10 seconds and ask, ‘Who is this person?’” Kreisler advised us attendees. “Don’t focus on money, legal documents or health. Instead think about what motivates them… Focus more on what they want instead of what you offer.”
Kreisler also recommended that a planner work with a client to build an LTC plan, rather than presenting a fully developed plan, to take advantage of the “Ikea effect.”
“When you are part of building something, you value it more,” Kreisler said.
The ILTCI Conference
The long-term care division of the Society of Actuaries began organizing the ILTCI conferences in 2005. A nonprofit ILTCI Association now runs the conferences.
COVID-19 forced the cancellation of the 2020 conference, and it forced the association to hold the 2021 conference online.
Last year about 700 people attended the in-person conference in Raleigh, North Caroline.
