Health Insurance Industry Overview
Although the US health insurance industry is witnessing positive growth, several key issues are restraining the development of this sector. According to the latest study, the uncertainty of the ACA (Affordable Care Act), transition to value-based care, controlling costs, and rising difficulty in retaining members are some key challenges in the US health insurance industry. With all these rising challenges, health insurance companies are finding it difficult to explore new avenues and markets for growth. Therefore, carrying out a thorough market research study is becoming vital for companies making expansion to the US health insurance market.
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Business Challenge[spacer height=”20px”]
The client is a health insurance company based out of Europe.
A health insurance company was eager to understand the prevailing market dynamics in the US health insurance industry to create an informed expansion strategy. They wanted to examine critical factors including investment environment, industry development, regional market changes, and marketing channels for service promotion. However, they needed a research partner to provide them with effective market assessment and industry research to guide their way forward. As such, they approached the experts at Infiniti Research to leverage their expertise in offering market intelligence solution.
Other challenges faced by the health insurance service provider were:
Health insurance industry challenge #1: Uncertainty of the ACA (Affordable Care Act)
The uncertainty of US health care reforms and affordable care act increased challenges for companies in the health insurance industry. Due to this, health insurance companies in the US faced difficulties in understanding all of the shifting deadlines and healthcare requirements. Therefore, by leveraging Infiniti’s expertise in offering market intelligence solution, the client wanted to understand US health care reforms and policies thoroughly before making market expansion.
Health insurance industry challenge #2: Transition to value-based care
Companies in the US health insurance industry are challenged by shifting payment modes from fee-for-service to value-based reimbursement. To accelerate the shift, health insurance providers are also necessitated to collaborate with private health insurance companies. Therefore, before entering the US health insurance industry, the client wanted to analyze the business models of the top health insurance companies and make strategic business decisions.
Health insurance industry challenge #3: Diverse communication and marketing channels
With Infiniti’s market intelligence solution, the client wanted to understand the diverse communication and marketing channel gaining popularity in the US health insurance industry. By doing so, they wanted to carve out a niche for themselves to set them apart from the competition.