As the old saying goes “Change is the only constant”. This is especially the case with Health Plan Carriers these days. The Affordable Care Act aims to provide consumers with more choices when it comes to how they buy health insurance. As a result, there could be a significant shift from small and mid-size companies towards discontinuing group health insurance in favor of letting employees buy their own health insurance on one of the state exchanges. Instantly the health plan carriers are faced with a number of challenges to accommodate this large wave of new individual plan prospects.
How will we capitalize on the former Group members who are now “warm” prospects for an Individual plan? How will we maintain our brand and drive business through the exchange? And finally, how will we measure our success?
A Customer Relationship Management (CRM) system is a great starting point. Dynamics CRM is an enterprise-class CRM solution that can manage both Group and Individual health plan environments. If you have both Group and Individual customers in a single CRM system then you are a step ahead of many carriers because, if deployed correctly, you should quickly be able to identify your warmest opportunities for those individuals who are leaving group plans and shopping for individual plans.
For example, let’s assume that ACME company is a current Group plan customer with 75 employees. If tomorrow ACME decides to move away from the Group health insurance offering in favor of having their employees buy their own insurance on the exchange then you likely have 75 prospective individual customers who are about to begin shopping. It is probably reasonable to assume that most of these 75 new shoppers have never had to buy their own insurance and feel somewhat uncomfortable in the process. But if their former Health Plan Provider were to contact them and let them know that they can stay with their current carrier by just switching to this new individual product maybe this discomfort goes away, or certainly lessens. Consumers like familiarity and they very much dislike having to repeat their story over and over again. Microsoft Dynamics CRM helps carriers maintain the knowledge of their current members and prospective members to ensure that they are doing everything they need to do to maintain the customer, whether on an individual or group plan.
CRM Dashboard: Leads by Source & New Member Count