Top Trends in the Health Insurance Industry for 2019

Many changes are happening regarding market dynamics in the health insurance industry. There are new players, new collaborations, consolidations, and more competition. In the last several years, the industry has seen consistent growth on the top-line because of the increased coverage, higher health care costs, lower interest rates, and the competitiveness to get profits.

To remain competitive, health insurance companies are being proactive and remain responsive to the shifting dynamics by catering to the ever-changing expectations of the customers, improving efficiencies regarding operations, and then shifting to a preventative model of care to help customers stay healthier and to address problems before they worsen or even before they start.

Business Trends Impacting Health Insurance Companies

There are several business trends that are affecting health insurance companies, and which have made them have to act and change the way they do business. Here are some of those trends:

  • Regulatory Uncertainty
  • New entrants that could cause erosion of the market share
  • Rising health care costs and margin pressures
  • Changing consumer expectations
  • Shifting to a value-based care model
  • Major technology advancements

To stay in the game, the health insurance companies have had to take all these things, plus many others into consideration and create a newly developed game plan, so they can properly act on all these business trends.

Health Insurance Company Actions Taken

To respond to the top business trends affecting health insurance companies, the health insurers have had to act. Here are some actions health insurers have taken to face-off against these business trends:

  • Shifting to a preventive model of care to reduce health costs and to provide better experiences for customers
  • Consolidations to help strengthen positioning in the competitive insurance market
  • Catering to the ever-changing and evolving expectations of the customers using chatbots, analytics, apps, mobile, and so forth
  • Collaborating with InsurTechs so they can optimize operations while catering to the needs of customers
  • Exploring avenues for an approach that provides for a more efficient and effective delivery by adopting predictive diagnosis, proactive health initiatives, remote care, and reducing the costs of healthcare
  • Improving the efficiency of operations and streamlining the internal process by leveraging blockchain technology

By enacting these things to remain competitive, health insurers are hoping to keep customers healthier and happier.

To learn more about health insurance contact the professionals with at (855) 401-8383. Our licensed insurance experts will be happy to answer any questions you have.