Addressing Americans’ health-related financial concerns
Integrity and iptiQ introduce a new Medicare Supplement product
- Custom-designed for Integrity’s distribution network and clientele
- Offers low rates when compared with leading Medicare Supplement providers
- Covers Medicare co-pays and deductibles, lowering out-of-pocket costs
- Benefits from iptiQ’s product expertise and digital savvy, offering accelerated underwriting via iptiQ’s digital eApp platform
The Medicare Supplement opportunity
For the next nine years, 10,000 Americans will turn age 65 every year – dramatically changing the composition of the country. The aging of this huge segment, known as Baby Boomers (ages 55 to 73), numbered 71.6 million in 2020. And by the time all Baby Boomers have turned 65 in 2030, this group will represent fully 18% of the country’s population, according to the Pew Research Center.
This important market’s growing share of the total U.S. population* – together with the impact of the pandemic – highlight the challenges and opportunities facing private insurers and Medicare, America’s national health insurance program for seniors. In its most basic form, Medicare only covers a small portion of an enrollee’s medical expenses. The remaining costs are covered by additional private insurance such as Medicare supplemental insurance or more comprehensive Medicare plans.
A highly competitive Medicare Supplement insurance product
Based on the market opportunity and to complement our Final Expense product offerings, iptiQ entered the Medicare Supplement (Med Supp) insurance space in 2018 to become the ‘go-to product provider’ for middle market senior protection. To accomplish this, iptiQ teamed up with Integrity Marketing Group (Integrity), perfectly aligning with both company’s strategic aspirations to help mitigate health-related financial risks, which are front of mind for many Americans.
Designed for national agents serving the growing senior audience, this new product combines iptiQ’s insurance expertise and digital savvy with Integrity’s distribution network capability. The product’s purpose is to cover co-pay and deductibles related to the Medicare health insurance program, providing peace of mind by lowering out-of-pocket costs and offering instant coverage with no waiting periods and is guaranteed renewable. Other differentiators include lower rates in comparison to other Med Supp providers and affordable plan selection to satisfy different budgets – all of which is complemented by a fast, tech-enabled underwriting process.
Expanding product portfolio with relevant cover
The relationship between iptiQ and Integrity sprang out of complementary business ambitions. iptiQ’s goal was to become a preferred provider for Middle Market seniors’ products by expanding into the Med Supp space. Integrity was eager to add a new product to support their leading position and substantial Med Supp distribution footprint in the senior market.
Alongside the attractively priced product and streamlined application, a series of co-sponsored marketing campaigns helped Integrity recruit more agents and expand their distribution network.
A tech advantage during the pandemic
iptiQ’s digital eApp platform enables a positive agent and consumer experience by allowing for instant underwriting decisions and an application framework that reconfigures depending on the needs of the consumer.
During the shutdown and self-isolation phase of the pandemic in 2020, when many Integrity agents were no longer able to meet their customers face-to-face, iptiQ gave agents the opportunity to use the eApp to make virtual contact with customers and complete applications. iptiQ initiated a significant marketing campaign and provided training to onboard agents to the eApp effectively.
A product upgrade with competitive pricing, eApp platform enhancements and fresh incentives for agents
In June 2021, Integrity-iptiQ launched the next iteration of their Med Supp offering, featuring revised competitive pricing, eApp platform enhancements and fresh incentives for agents. The eApp upgrades include a single sign-on access point for Med Supp products and multiple application methods for eApp and supporting paper. Customers will benefit from enhanced auto decisioning at end of application and a choice of signature options including eSignature, IVR voice signature, sign pad and wet signature.
In the U.S., iptiQ’s life and health insurance solutions are provided via our own insurance carrier, Lumico Life Insurance Company. This is just one example of how iptiQ can combine our strengths in products and platforms with the capabilities of top-performing distributors to deliver value for the end customer.