SelectQuote Achieves Hiring Goals in Advance of Medicare Annual Enrollment Period

Rhea-AI Summary

SelectQuote has onboarded over 2,000 associates ahead of the Medicare Annual Enrollment Period (AEP), which runs from October 15 to December 7. This new team will enhance efforts to serve more than 60 million Medicare beneficiaries. The Senior Division generates approximately 70% of its new policy sales during AEP. SelectQuote emphasizes customer service through highly-trained agents. The company expects to retain most of these associates as full-time employees, leveraging a unique 'Flex Agent' model that improves productivity and agent retention rates to 93%.

Positive

• Onboarded over 2,000 associates to support Medicare enrollment, enhancing capacity to serve more than 60 million beneficiaries.
• Expecting to retain the majority of new associates post-AEP, contributing to a strong sales team.
• Agents historically show 40% higher productivity in their second AEP compared to their first.
• Industry-leading 93% agent retention rate, indicating strong employee commitment and performance.

Negative

• None.

OVERLAND PARK, Kan.--(BUSINESS WIRE)--SelectQuote, Inc. announced today that it has successfully onboarded more than 2,000 associates in preparation for the Medicare Annual Enrollment Period (AEP). These new associates join SelectQuote’s existing team of 100 percent internal agents who focus on the Senior Healthcare, Life, and Auto & Home verticals.

SelectQuote’s Senior Division typically generates about 70 percent of its new policy sales during the six month period that includes AEP, which runs from October 15^th to December 7^th, and the Open Enrollment Period, which runs from January 1^st to March 31^st. The additional full-time associates position the company to best serve the more than 60 million Americans eligible for Medicare benefits this year.

Many of these new associates are licensed sales agents who will help customers navigate the complex choices involved in selecting health insurance. SelectQuote also hired licensed Enrollment Specialists and Customer Care Associates who ensure customers understand the features and benefits of their plans and focus on customer service and retention, respectively. The Customer Care group has more than 250 associates and is a key contributor to SelectQuote’s industry-leading persistency rate, customer recapture rate and unit economics.

“Customer service is at the center of everything we do,” said Robert Grant, President of SelectQuote Senior. “Our technology is the best in the industry but there is no substitute for a conversation with one of our highly-skilled agents who understands the customer’s needs and concerns, particularly when it comes to something as important as their healthcare. Our agents undergo rigorous training so that they are prepared to present customers with the best options for their budget and their health.”

SelectQuote expects to retain the majority of the new associates as full-time employees at the conclusion of AEP. While many of these associates will continue to support the Senior division, others will support sales of the company’s life, final expense, and auto & home policies and will return to the Senior division during next year’s AEP. Historically, returning sales agents are about 40% more productive during their second AEP than during their first. SelectQuote’s unique “Flex Agent” model maximizes agent productivity and profitability and contributes to SelectQuote’s industry-leading 93% top agent retention.

“Our agents are the lifeblood of our business,” said Tim Danker, CEO of SelectQuote. “They are extremely knowledgeable about the multitude of insurance options that are available and, importantly, they are passionate about providing our customers the highest quality experience possible when making this important decision.”

About SelectQuote:

Founded in 1985, SelectQuote (NYSE:SLQT) provides solutions that help consumers protect their most valuable assets: their families, health and property. The company pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a force of more than 1,000 highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. The company has three core business lines: SelectQuote Senior, SelectQuote Life and SelectQuote Auto and Home. SelectQuote Senior, the largest and fastest-growing business, serves the needs of a demographic that sees 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans.