Insurers
that offer web-based decision-support tools may be best positioned to win
tech-savvy Medicare Advantage enrollees, according to the software solutions
provider Connecture, Inc.
Age-ins
are more digitally savvy than in years past. During the most recent Medicare
Annual Election Period, total enrollments through its web-based consumer
shopping platform went up 16% from last year's AEP, according to Connecture.
Moreover, there is a "surge" in consumer shopping traffic and consumer
conversion rates, up 32% and 30% year-over-year, respectively.
The
number of people using smartphones to start shopping for Medicare plans is also
increasing (18.2% in 2018 versus 15.6% in 2017).
Connecture
recommends that insurers tailor the web-based shopping experience to different
types of online shoppers. It also notes that drug costs are a key factor in
choosing plans.
Consumers
are four times more likely to select a "best fit" plan if they spend
time to research their out-of-pocket drug costs using available tools,
according to Connecture. Personalization can help age-ins get over the
"trust gap" between Original Medicare and Medicare Advantage.
To
convert age-ins, insurers need to focus on the consumers they already have,
observed Deft Senior Vice President George Dippel. But the problem is that many
age-ins are not aware of their current carriers' MA offerings and the marketing
efforts around the two programs are not well-coordinated by insurers.
A
separate survey of health insurance brokers by Credit Suisse noted that
provider networks, premiums and benefit design (including copayments and
deductibles) are the three most important factors in MA plan selection.
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