Source: Centers for Medicare & Medicaid Services, National Health Expenditure Projections 2013-2023
By 2018, industry data suggests that the individual health insurance market segment will grow quickly to exceed 32 million enrollees. This level of growth supports the key healthcare trends that PwC Chairman Bob Moritz highlighted in a recent Fortune article, which we also blogged about in February. One of his key points was that new customers, new market entrants and the growing presence of public and private exchanges are driving competition over quality and price. As the health insurance industry becomes “increasingly responsive to its customers,” insurers are putting more focus on firsthand interactions with consumers.
For many insurers, a private exchange delivers the platform they need to offer multiple products, including core medical, ancillary and other types of products to individuals. More importantly, it lets insurers provide the easy and intuitive shopping, enrollment, and ongoing service experience required to help individuals confidently select and manage their insurance plans and payments. What’s more, it positions insurers to seamlessly manage a member if they change job status, resulting in a transition between individual insurance and group-based coverage. Learn more about how insurers can meet the needs of individual consumers in the next installment in our series of briefs.
