Reducing Churn In Medicare During Open Enrollment

 

CHALLENGE

Our clients are either insurers, agencies, or FMOs. Their challenge in AEP 2023 was to identify customers at risk of switching and retaining these. The goal was to improve retention and increase overall lifetime value (LTV).

We are tackling a critical use case in the Medicare industry today by focusing on the value of retention and long-term growth of our clients. It is 5-25x more expensive to acquire a new customer than to retain an existing one.

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PX'S SOLUTION
Detect existing policyholders looking for a new policy

The first step towards reducing churn is identifying who is going to churn. That is where PX comes in.

To identify customers at risk of switching, we have been matching the 20M+ unique prospects going through the PX Marketplace, coming from 100+ CMS-approved publishers’ hosted webpages, forms, or call centers, with the client’s customer database. A match means that one of their current customers was shopping around for a new Medicare plan and is therefore at risk of switching. To keep them from disenrolling their plan they need to be reached out to at the right moment.

We help our clients to buy any matching lead or call exclusively. Subsequently, the leads and calls are routed to the client’s retention team and proactively reached out to as soon as possible. In these conversations with the at-risk customer, the company provided retention-oriented customer care to:

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1. Retain the customer in their current policy
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2. Switch them to a different one
Learn how this solution could work for you

Medicare policyholder retention calculator

Your current active policy holders

Your savings estimate

At-Risk Policyholders Identified (15%) ? 15% is the average number of policyholders we have identified for other customers.

Policyholders Retained (40%) ? Number of policyholders found shopping around, that our customers were able to retain.

Potential yearly revenue retained *

Your estimated yearly revenue retention is calculated as: Policyholders x 15% Identified At-Risk* x 40% retained* x $300 Renewal Commission. (* Industry averages)

 

Webinar Insights:
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KEY RESULTS

We matched tens of thousands of customers with our clients, which meant that we were able identify their customers while they were shopping around.

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50% of this group was retained

This year we will have an even higher volume of leads and calls going through the marketplace, which will lead to a higher match rate. The higher the match rate, the more at-risk customers you can identify and retain.

Only 16% of businesses put retention as a priority. 

Are you part of that?

Boost unique metrics like retention and LTV. Speak to our Medicare specialists.

Speak to a Medicare Specialist