a conversation about 2015 health insurance and digital trends
TRANSCRIPT
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A Conversation About 2015 Health Insurance And Digital Trends
P l e a s e t a k e t h i s o p p o r t u n i t y t o c o n v e r t t h e d i s p l a y t o “ F u l l S c r e e n ”
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A Conversation About 2015 Health Insurance And Digital Trends
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Introduction• Consumers are widening their use of digital resources to make
shopping and purchasing decisions
• Health insurance is a continually evolving marketplace as consumer habits and needs, commercial interests, government regulations and technical capabilities change
• 2015 will bring more advancements, challenges and opportunities for consumers, plan members, employers, employee benefit consultants, plans, healthcare providers and other stakeholders
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Consumer Acceptance Growing• Consumers will increase use of health insurance digital venues in 2015
• More consumers are accustomed to shopping/purchasing online for products or services involving deep consideration of price and value; auto, home, other insurance already heavily marketed by digital means
• Parallel to online banking, they will more actively manage online payments, deductible thresholds, use of benefits
• Consumers continue to readily use adjunctive resources such as patient billing, visit follow up, physician communications and other applications relevant to their healthcare benefits
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Consumer Acceptance Growing • Consumers are requiring complete coverage details and cost comparison
data from a variety of health insurance providers
o Dentalo Long Term Careo Medicalo Pharmacyo Vision
• Concerned about care/cost, consumers will more deeply engage websites with easy navigation, useful resources and comparative functions
• In 2015, plans with highly functional websites fortified with easy to access, well-organized, detailed content are deploying a competitive advantage over other plans with less developed digital capabilities
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Plans Extend Digital Reach• Employers will rely further on digital resources to manage benefit
information, enrollment and administration online in 2015
• Employee benefit consultants operating exchanges on their own and/or on behalf of employer clients are expanding this capability
• Insurance carriers, managed care plans and brokerages fortify digital resources to support, quantify and improve marketing/sales outreach
• State-based health insurance exchanges are becoming more established and technically reliable
• The digital consumer/patient health benefit interface increases its value as a source of data based on user behavior such as number of visits, pages frequented, time spent, downloads and other interactions
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Health Insurance Exchange Examples• Employee benefit consultant exchanges
o AON Hewitt - Corporate Health Exchangeo Buck - RightOpto Mercer - Marketplaceo Towers Watson - One Exchange
• Independent health insurance exchanges include:
o eHealth Insurance Serviceso GoHealtho GetInsuredo BB&T’s CarePlus Standard Exchange and CarePlus Custom
Exchange
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Health Insurance Exchanges• The concept of health insurance exchanges is increasingly familiar to
consumers; they will become more established throughout 2015
• Many consumers have visited exchanges for other types of insurance and purchased through them
• Exchanges operated by employee benefit consultants, state governments and other interests are rapidly cultivating a growing base of consumers
• Commercial, entrepreneurial and technology investor interests are getting more involved with health insurance exchange business models
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Employers Cultivate Exchange Concept• Healthcare reform promotes portability of health insurance coverage; as
workers move to different employers and/or elect to find competitively priced benefits on their own, they readily obtain health insurance through accessing an exchange
• Employers are moving away from a defined benefit model (where employers provide a fixed set of benefits to workers) to a defined contribution model (where employers offer a set amount of money to employees to purchase plans).
o This type of arrangement provides employees with a specified budget to choose their own benefit plans based on their own preferences
o Employers are able to budget expenditures for benefit coverage more closely and devote less resources to the administration of employee benefits
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Assertive Digital Initiatives• As the health insurance market increases use of digital venues, plans will:
o Substantially increase digital promotion to increase reach and frequency for better exposure in a crowded marketplace
o More efficiently manage content and flow of information shared between plan, plan members, plan sponsors and healthcare providers
o Focus heavily on 2015 data analytics to sharpen content and improve marketing/sales targeting to existing members and new consumers for 2016 enrollment
o Reinforce security of their digital presence to maintain strong, confidential integrity of consumer, patient, clinical and financial data
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Digital Options Expand Further • Plans will improve existing mobile apps and launch new ones to provide
useful resources to members
o Apps serve as a way to maintain more continual connection to members and actively engage new consumers
o Provide a direct way to analyze effectiveness of promotions and messaging based on engagement data
• “Wearable” technology offers options for plans to engage more members over the course of 2015
o Additional market research and technical development required
o Potential for promotional messaging, wellness and other applications
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Summary• Consumers, plan members, employers, employee benefit consultants, plans,
healthcare providers increasingly converge via digital venues
• Plan providers with well-designed digital interfaces (for website, iPad, mobile, etc.) fortified with easy to access, well-organized, detailed content deploy a competitive advantage over plans with less developed offerings
• Analytics are a central, behind-the-scenes resource for plans to maintain present/ongoing digital marketing, sales and support with plan members to guide digital changes moving forward through 2015 into 2016 and beyond
• Health insurance exchanges are changing how employers, consumers and plans interface with each other
• Privacy/security in the digital health insurance marketplace is a leading priority
• Over the course of 2015, the digital health insurance marketplace will continue to advance and grow as a standard and pivotal industry segment
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