Now is the time for insurers to shore up their private insurance exchange strategies to be successful for the 2015 enrollment season, the single most time-consuming administrative challenge for HR professionals every year. In an effort to help customers reduce this burden we can expect insurers’ strategies to include offering plans through public exchanges, private multi-insurer or single-insurer exchanges, or some combination of these. According to Array Health, insurers should consider the following criteria when designing and launching a private exchange:
1. Develop a go-to-market strategy and define goals. Look at the real challenges facing your organization, realize your strengths and define goals that target your key markets that can also be measured for return on investment.
2. Establish your design considerations. Consider the design needs from the standpoint of product offerings, needs of your target audiences (market segments), and actuarial considerations.
3. Deliver a holistic consumer-centric experience. From banking and shopping to consulting with doctors and nurses, consumers complete many interactions online; and purchasing health insurance should not be any different. Consumer engagement including phone, chat and other forms of assistance should be readily available (and well integrated).
4. Data Integration: What, How and When. Establish a list of required data that must be shared between insurer and employer systems and strategically deploy an integrated rollout strategy.
5. Collect, analyze and leverage consumer data. One of the greatest advantages of a propriety private exchange is the capability to collect rich data on consumer behavior for use by sales, marketing and actuarial teams.
Image credit: The New York World
