Strong payors will lean towards single carrier exchanges as a defensive strategy to protect margins, plan choice; unbounded customer support needs and defend their direct ability to influence up-sell or cross-sell opportunities.
Most employers support multi-carrier exchanges. This option provides greater employee choice and limits untold administrative burden and associated expenses.
Consumers demand a seamless purchasing experience. When was the last time you called the ‘Google Search’ customer support line? Likely never. Why? It just works. You get where, you need to be. This digital consumerization of healthcare is driving consumer choice supported by a customer centric model.
Low income folks will edge towards public exchanges for general tax credits. Yet, other consumers will look to private exchanges for choice.
Engagement and the level of interaction with consumers either employers, employees or individuals will be the number one driver for success. Consumers expect real-time access with customer support when there are questions. Mobile and digital moments are able to capture and fuel consumer engagement building adoption. The degree that single or multi-carrier exchanges embrace consumer engagement will be a primary factor in long term success.
References
Wojcik, J. (2013). BB&T unit launches two private health insurance exchanges | Business Insurance (online image). Retrieved from http://www.businessinsurance.com/article/20131108/NEWS05/131109825
Reprinted from:
Nichol, Peter B. (May 2015). Thought Leader’s Corner. Health Insurance Marketplace News, Volume 3(Issue 5), pg. 7.