It isn’t often that an industry gets 30 million new customers – many of them bringing in large subsidies. Currently, that’s exactly what is happening in the health insurance industry. An influx of new consumers is always welcome but they are bringing seismic instability with them to the insurance market. Regulatory changes, further legislative uncertainty, and a reluctance by many to research and choose a provider all add up to one of the most complex landscapes any industry has ever faced.
With such a large pool of customers who are unspoken for, the research into how to obtain as large of a piece of the pie as possible must be underway for most insurance companies. But how do you do it? Don’t wait and see. Get out in front of people. Know your current customers and know the traits that make up the new ones you want. Enhance the consumer experience. Be reassuring and confident in a time of change and uncertainty.
I am very fortunate to work for a company with deep expertise in the healthcare insurance sector. A member of our leadership team, Christopher Barnes, was a senior advisor for the House of Representatives and worked very closely with Congress in shaping the Health Care Reform Bill. His advice to insurance companies is “to know their customers, strengthen and leverage their brand, and communicate well. Those who are successful at that will be positioned to take advantage of the changing environment.”
What do you think the future landscape for health insurance looks like? To those professionals in the insurance market, how is this change affecting your daily jobs? Do you find your company’s strategy more proactive or reactive? Is 2014 (when health care reform will take effect) too far out to even start preparing, or has the preparation already started?
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