Product Innovation Consulting-Overview

Many health plans are finding it difficult to break even, let alone profit, in this challenging environment. You are facing economic uncertainty, the prospect of major health reform, price pressures from customers, intense competition, eroding enrollment levels, client retention challenges and new business costs. These can be overwhelming—but they can also be overcome.

Strategic Planning

Are you positioned to successfully forecast, grow and achieve your enrollment, revenue and profit goals?

Rising costs, heightened competition and health reform legislation result in the need to re-examine business strategies for continued business growth. Our consultants can evaluate your business plan to determine the profitability of specific markets and products; optimize plan designs while enhancing sales, distribution and marketing plans to increase enrollment; and address membership retention through member lifecycle strategies in order to deliver superior growth and profitability.

We guided a mid-sized health plan to outline 20 strategic initiatives as part of the plan’s roadmap. Two were prioritized for immediate implementation resulting in over $5 million in value within the first quarter.

Product Innovation

How successful is your product ideation process?

Ensure you’re selling the right products—to the right segment—with the right features—at the right price. Our consultants can partner with you to generate product ideas and analyze their technical, market and financial potential, requirements and viability. Then, based on a rapid prototyping stage-gate methodology, we can complete further analysis, planning and delivery.

Customer Retention & Growth

Are you effectively competing in today’s market?

Optimizing your experience across stakeholders—member, provider, broker and employer—will aid in client acquisition and retention. We help you achieve this by providing strategies around engagement and call models, segmentation, interactive marketing and design, messaging and campaign design and delivery.

Underwriting & Pricing

Do you leverage underwriting and pricing best practices to enhance predictive accuracy and drive growth? Are you effectively matching premiums to risk?

Streamlining your underwriting and pricing processes lets you drive more sales volume and reduce actuarial and underwriting costs. Our consultants can help you accelerate these processes, link upstream and downstream to sales, actuary, finance and medical management and improve accuracy. Ultimately, the result should be enhanced predictive accuracy and effectively matching premium to risk.

Sales & Distribution Management

Are your sales and implementation strategies helping you grow at the rate you want?

Your product can’t be profitable until you get it in front of the right purchasing audience. Our consultants can help you optimize your sales effectiveness with segmentation and targeting to define the right mix in your channel—of brokers, direct, web and more—to ensure you’re taking your products to market in the most effective way.