Health insurance coverage is provided by several public and private sources in the United States.
Many new product or service concepts, including health insurance, can be configured in hundreds of thousands (and even millions) of ways. This is because most concepts are made up of multiple attributes and levels that must be perfectly combined and offered at just the right price before they will succeed. In today's highly competitive health insurance marketplace, advanced analytics (conjoint, etc.), along with automated search algorithms and segment-specific offers, give insurance companies a real advantage when launching new insurance products. Special Report: Using Advanced Conjoint to Design Winning Health Insurance Products
Health insurance companies need to understand their changing market landscape in order to prepare for a time when the population has greater choice under the Affordable Care Act (ACA) and providers are forced to compete for members. And there are certain fundamental questions that face a company when competing for these customers
You might have thought all the buzz over the Affordable Care Act was over, but in reality, it’s just beginning.
In 2014, the landscape of the health insurance exchanges will look a lot like Las Vegas. Each health insurance company will have its sales message and product offerings couched in flashing lights and bright costumes. So how do you make your products and services stand out?
In a previous post, my colleague Philip Atkins discussed the advent of the open health insurance market and the key to retaining customers with a smooth transition into new services and plans. A big part of this transition will be strategically communicating with your customers. The goal is to intercept your current consumers and educate them about your new plans and products in the most effective way possible. This will give consumers the confidence to roll over into these new versions of health insurance instead of diving into the open market.
In my last post, we covered the scenario where companies cut loose their employees—your members—to seek their own health insurance as an individual. As an health insurer, you’ll want to capture as many of those newly released individuals as you can, but if you focus solely on them you will miss a smaller but still desirable market: the highly valued (and therefore highly compensated) employees.
Health insurance marketers, 2012 is going to be a busy year for you. Although the Affordable Care Act won’t be enacted until 2014, everything you currently know and say about the products you provide has to change.