The model for customer acquisition, conversion and retention is rapidly changing in countless ways for health insurance companies in the US; there’s no disputing that. But the real story behind that headline is that it’s about time!
Specifically, it is all about time… the time wasted when an applicant struggles to find relevant information whenever and however she chooses to research her options. It’s also about the time it takes a member to redundantly provide information to a health plan despite the fact that it already has his entire profile stored someplace. Finally it’s about the minimal time that young healthy “invincibles” typically spend with their healthcare providers annually, and the resulting limited opportunities to build relationships or establish brand loyalty among this coveted demographic.
In record time, health payers have come to realize that their members and prospective customers are not a monolithic bloc that responds well to the traditional one-size-fits-all approach for engagement.
The value is in the journey
The Affordable Care Act marks the beginning of a new chapter for healthcare payers. Rather than focusing primarily on transactions with brokers or large organizations for group health plans, the market has shifted to require direct engagement of individuals and families, making empathy and outreach more important than ever. Consumers, as a whole, are more technologically literate and expect their healthcare experiences to be personalized, intuitive and ubiquitous, like online experiences offered by most other industries today.