The headwinds that rocked well being insurers all through 2021 persist unabated as 2022 nears. Because the calendar 12 months approaches its terminus, insurers should stay nimble, ship on their model promise and deal with instant aggressive threats as legislative necessities loom.
In 2021, a plurality of traits emerged for healthcare insurers:
Insurers are homing in on measuring and evoking belief from members. Well being insurers proceed to evolve as wellness firms, however member belief stays elusive. In 2021, 59% of customers reported trusting their insurer to do what’s greatest for its customers, in accordance with Forrester Analytics Shopper Technographics Healthcare Shopper Purchaser Journey Survey, 2021. Insurers can construct belief, and facilitate long-term client well being, by increasing their advocacy position, simplifying experiences, implementing inclusive design and anticipating client wants.
Disruption looms as some insurers get faraway from the equation. Direct to client fashions are selecting up pace as non-traditional opponents, like AmazonCare, Transcarent and Walmart, enter the fray, problem the established order and create an existential disaster for insurers. To stay aggressive, insurers should double down on member expertise, usability, value transparency, and experiment with new merchandise, like virtual-first main care, whereas balancing potential legislative changes.
Lack of modernization is forcing insurers into partnerships with frenemies. Hybrid and digital-native platforms, like +Oscar, are more and more enticing funding and partnership alternatives for insurers trying to speed up IT modernization efforts. Hampered by interoperability and real-time knowledge limitations, legacy insurers trying to digitize buyer journeys and present progressive member experiences are partnering with insurtech teams and investing in enterprise well being clouds.
The stakes stay excessive for 2022 as the uncomfortable side effects of Covid-19 and shifting sands of the aggressive panorama push well being insurers to observe agility and responsiveness. Being knowledgeable and getting in entrance of essentially the most vital traits offers a much-needed injection to gas success within the 12 months forward.
Study extra in regards to the prevailing traits within the healthcare insurance coverage area in our report “The High Tendencies for Healthcare Insurers, 2021,” Learn the report for extra data on drivers of change and the way medical insurance leaders ought to reply. You probably have extra questions, e book an inquiry here.