Health Insurance Exchange Behavior
To maximize your opportunities under PPACA (health care reform), you need to understand what employers are likely to do and how your products will perform with consumers in the individual and small group health insurance exchanges.
Brand value, product design, pricing and risk-based segmentation all come into play within these exchanges. The objective is to get noticed amongst the wide array of competitive products, differentiate your offering on dimensions that are most relevant to the market and attract the best customers available.
DSS has conducted studies that attack each of these aspects independently and in unison to help our clients optimize their exchange strategies.
- Extensive experience with exchange and related research. DSS has refined its recommended approach over a variety of related projects, including health insurance exchange research with consumers and employers:
- Uninsured employers and consumers.
- Individual product buyers.
- Employer sponsored coverage with business decision-makers and employees with group coverage.
- Health insurance exchange studies. DSS has conducted multiple exchange research studies with consumers and employers who might choose to drop coverage or place their employees in an exchange. Studies have been conducted in individual states, multi-state regions and with nationally representative samples.
- Market segmentation. Besides conducting more than 100 market segmentation studies in the health insurance industry, DSS has also included market segmentation in several consumer exchange studies.
- Brand equity / brand value. Numerous studies have been conducted to evaluate existing brands and potential new brands in local, regional and national markets.
- Actionable deliverables. With the DSS Health Insurance Exchange research and consulting program you get a comprehensive package of deliverables that give you...
- Quantification of buyer – consumer and employer -- preferences around product features, brand and pricing using discrete choice analysis.
- Market segmentation using preferences, attitudes and other variables.
- In-depth profiles that give each market segment a “face.”
- Tools to put the market segmentation solution to work.
- Brand image and value analysis.
- Market simulation tool that enables your team to:
- Play out all the competitive scenarios you want.
- Optimize your product in relation to cost.
- Assess price sensitivity and develop pricing strategy.
- Direction for communications strategy.
- Other information -- Demographics, health services usage, health status, attitudes about health issues, health insurance, etc. will be captured.
- Consultation throughout to insure the research is focused on your specific needs, convey what the results mean, and get you started implementing recommendations.
DSS Research can help you address such questions as:
- How will consumers and employers react to purchasing through exchanges?
- Platinum or Bronze?
- What benefits are most desired?
- How will ancillary products fare?
- How can you attract the most favorable risk?
- How do different penalty levels impact product choice?
- What impact will brand have on plan choice?
- What challenges do new competitors, like big chain pharmacies, local health care systems and provider groups, present?
- How can you differentiate yourself from the competition?
For more information or to request a proposal for Health Insurance Exchange research and consulting contact us or call 800-989-5150 and ask for the Strategy Research Team.