The Data Digest: Health Insurers Must Ensure Satisfaction

The US health insurance industry is in the midst of a tectonic shift. Since federal legislation mandated health coverage for all US citizens, health insurers have been pivoting away from pure B2B models to reinvent themselves as B2C services – and they’ve been responding to the demands of a new target group: consumers who purchase their own health insurance.

Earlier this year, we published a blog post detailing the channels customers use when purchasing health insurance. But mapping customers’ physical interactions with a company is only part of the story – understanding their emotional evolution is just as important. According to Forrester’s Consumer Technographics® data, a mere 50% of consumers who purchase their own health insurance feel that the brand puts them first; others believe health insurers do what’s best for their own bottom line at the expense of customers. The former are not only emotionally satisfied, they are also loyal to their current health insurer and willing to spend on additional products and services: 

Furthermore, consumers who experience a positive emotional relationship with their health insurance provider are more likely to engage with digital tools on their insurer’s website or mobile app, are more confident in their own healthcare decisions, and feel empowered to manage and improve their health.

Therefore, the health insurer’s challenge is not only to reach consumers across fragmented online and offline channels but also to resonate with consumers emotionally. This means that adopting a customer-centric mindset is no longer a nice-to-have for health insurers; it is a must-have. My recent report explores the factors along the health insurance purchase journey that drive emotional value. The research reveals that boosting satisfaction doesn’t necessarily involve cutting prices and adding benefits as much as setting and meeting customer expectations. Health insurers that give individuals the information and connection they need successfully manage emotions and pull the key levers of satisfaction that make customers feel valued. 

Comments

health insurance

Customer Loyalty

Customer retention is certainly a top priority for insurers these days. As they say, customer is king. No wonder all the insurers are trying their best to make an emotional connect with the consumers. I stumbled across an interesting article that provides a comprehensive listing of health insurance companies in terms of customer loyalty.

https://www.reliancegeneral.co.in/Insurance/News-and-Updates/Reliance-Ge...

Yes you are very right Anjali

Yes you are very right Anjali on this point that Health insurers is giving more comfort to the health insurance customers. now a days health insurance companies are trying to giving their best services to the customers so that customer could take more services from the insurers.

Really this is good stuff about relationship between insurance customers and insurers. For more health insurance information and plans please visit.
http://www.policybazaar.com/health-insurance/health-insurance-india/

Customer Satisfaction is a Must

As your post suggests, customer satisfaction is a must when it comes to health insurance industry. Due to lack of awareness about this industry, people usually refrain from buying a medical insurance policy thinking that they are still healthy and don't require an insurance policy. However, nowadays, trend is changing due to online websites (suggested by others in the comments section). These websites are largely responsible for the growing awareness about health insurance.

One can go through these websites to check various parameters pertaining to all the health insurers available in the marketplace today. Along with the websites mentioned in the previous comments, BankBazaar is one such website which has grown a large customer base purely because of the detailed information it is providing about the health insurance industry. When it comes to a health insurance company, one should check its claim settlement ratio and incurred claim ratio, in order to know about the satisfaction their existing customers have.

BankBazaar has provided a list of best health insurers based on these ratios along with other parameters like network hospitals, co-pay, pre-existing diseases coverage, etc. Know more at:
https://www.bankbazaar.com/insurance/health-insurance.html