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
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.
Solutions Offered
Our experts conducted a market scanning and monitoring analysis to help the client keep tabs on target market segments and understand the regional market developments in the US health insurance industry. In addition, the experts helped the client to better understand the current and future market potential for their services in the US health insurance industry.
By conducting a market research study, our experts helped the client to understand the US health care reforms, market innovations, and industry developments. Also, by conducting a competitive intelligence study, our experts helped the company in the health insurance industry to review the business models and strategies of the top companies in the US health insurance industry. Also, our experts tracked the marketing activities of the client’s key competitors.
Finally, by leveraging our expertise in offering market entry advisory solutions, we helped the client to review macro and micro-economic environments, identify potential barriers to market entry, and build robust route-to-market strategies.
Results Obtained
With the insights obtained from Infiniti’s market intelligence solution, the client was able to gain insights on critical success factors to devise its go-to-market strategy and route to entry in the US health insurance industry. In addition, the client gained detailed insights on the market demographics and competitive scenario. They also developed a detailed understanding of the attractiveness of market opportunities for their service offerings in the US health insurance industry.
This helped them to efficiently expand their business operation to the United States. The right promotion and marketing activities even supported the client in differentiating their brand and eventually contributed to their success. Additionally, within two years of entering the US health insurance industry, the client managed to grow from 1 office to more than 74. They also enhanced their market share by 34%.
Our market intelligence solution can help you understand the opportunity for your products and services in a new market. Request for more info on our market intelligence solution.
