Wednesday
Feb182009
« Online strategies for insurance companies »
Wednesday, February 18, 2009 at 06:47PM
Current financial conditions are tight, the economic climate is presenting challenges, yet insurance companies still need to advertise their services and grow their brand. Employers will try to save what they can on health policies as they come up for renewal. Brokers and employers want to find better pricing and broader coverage, says Meg Fletcher of Business Insurance.
What should healthcare insurance companies and TPAs do?
Internet advertising is one option and the easiest to accomplish. Although the number of people who actually contact the company from an ad is probably low. According to eMarketer, U.S. insurance companies spent $720 million in 2006 with projected spending in 2008 to grow to $1.38 billion. This is an extremely large number for simply online advertising.
There could be a better business opportunity for healthcare insurance companies and TPAs. Offer web services that help employers make the decision to enroll with you. For instance, allow them to request quotes, purchase policies, and service their accounts online. Give them an excuse to interact with your company.
It's about better servicing customers and not worrying about the "control deficiency". Companies are doing this today and customers are loving it. If that isn't enough to convince you, then maybe you have the feeling of environmental responsibility. File documents electronically. For instance, AIG saved approximately five tons of paper annually and reduce carbon dioxide emissions by 15,000 pounds, according to Tim McAuliffe, President of AIG Excess Casualty. Employers and brokers may consider environmental responsibility; why risk losing a potential customer.
It comes down to having tools to promote decision making. Whether enrolling employers online or filing documents electronically, customers are looking for value add services.
What should healthcare insurance companies and TPAs do?
Internet advertising is one option and the easiest to accomplish. Although the number of people who actually contact the company from an ad is probably low. According to eMarketer, U.S. insurance companies spent $720 million in 2006 with projected spending in 2008 to grow to $1.38 billion. This is an extremely large number for simply online advertising.
There could be a better business opportunity for healthcare insurance companies and TPAs. Offer web services that help employers make the decision to enroll with you. For instance, allow them to request quotes, purchase policies, and service their accounts online. Give them an excuse to interact with your company.
It's about better servicing customers and not worrying about the "control deficiency". Companies are doing this today and customers are loving it. If that isn't enough to convince you, then maybe you have the feeling of environmental responsibility. File documents electronically. For instance, AIG saved approximately five tons of paper annually and reduce carbon dioxide emissions by 15,000 pounds, according to Tim McAuliffe, President of AIG Excess Casualty. Employers and brokers may consider environmental responsibility; why risk losing a potential customer.
It comes down to having tools to promote decision making. Whether enrolling employers online or filing documents electronically, customers are looking for value add services.
tagged insurance
insurance
Reader Comments (2)
Tom, the other side of healthcare, the provider side, would also benefit from these same thoughts. Although advertising to a different type of customer. Not sure how much 'going green' effects a persons decision but if it's important to you I guess.
Nice reference to AIG-who?
~J
John,
Yes, "going green", as you say, may not be a major factor but many companies are aligning their culture to the environment. Green is in these days.
And you're right about providers. In fact, I think healthcare companies in general could do with more tailored services. Thanks for the idea of another post.
Check out http://www.gotanga.com/blog/index.php/2009/02/18/healthcare-insurers-are-changing/" rel="nofollow">insurers are changing post.
Tom