Walmart is jumping into the insurance brokerage business under the business name Walmart Insurance Services LLC. The Bentonville-based retailer is in the process of hiring Medicare insurance agents in the Dallas area.
Walmart did not respond to requests for comments, but the retailer plans to have the agents working the first week of August. In the employment ads, Walmart says it now “has an insurance agency.” The focus of hiring is for Medicare insurance agents and call center representatives, who according to the job listing will work remotely for Walmart Insurance Services LLC, a subsidiary of Walmart Apollo LLC.
“By joining our new team, you will be part of the first to experience this adventure as we grow this business. You will be responsible for helping the Medicare community in a meaningful way, by enrolling customers in Medicare products and services over the phone. You’ll provide helpful guidance, timely assistance, and an extraordinary level of care to customers who need your help,” the ad noted.
On June 24, Walmart filed to register a trademark for Walmart Insurance Services. That filing said the entity offers goods and services in insurance administration, consulting and underwriting in the field of health insurance. This is beyond what Walmart has done in the past with its various partnerships with insurers to set up stations in stores. Walmart is essentially removing the third-party provider and will directly manage the insurance process.
Kaiser Health reports nearly 20% of the U.S. population is covered by Medicare, and that is expected to rise sharply in the next five years in states like Texas, Florida and California that have the largest populations of adults over age 65. Medicare spending will top $835 billion this year and is expected to rise to $1.2 trillion in the next five years.