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Competitive Advantages That Every Health Insurance Broker Should Know


On June 6th, predictive analytics provider Advanced Plan for Health (APH) teamed up with Business Insurance magazine for an insightful and educational hour-long webinar “Playing Hard, All Four Quarters: How Health Data Analytics and Predictive Modelling Yield Year-Round Competitive Advantages for Successful Brokers.”

The webinar included Business Insurance, Advanced Plan for Health, Turner Industries and BancorpSouth Insurance Services, Inc. and offered insights on how to leverage advanced analytics throughout the year at various points in the annual sales and service cycle. It also outlined real-world case studies of health data analytics in practice, resulting ROI and the many benefits analytics has on health plan performance and the competitive advantages it can provide brokers looking to set themselves apart from the crowd.

 

ANALYTICS: WHAT BROKERS NEED

According to the Harvey Nash/KPMG “CIO Survey: 2016 Healthcare Sector Findings,” 45% of healthcare companies face the greatest skills shortages in big data/analytics. Some of the biggest challenges center on health data interoperability, others around interpreting data.

As a broker, you need a business tool that can tackle relevant data, predict risk and help your employer-customers design their health plans to meet next year’s costs and not solely react to what happened last year. For brokers, predictive analytics becomes a value-added differentiator that creates regular touchpoints with existing accounts and actionable conversations when meeting with new prospects.

 

ON-RAMPING NEW SUBSCRIBERS

  • Successful brokers with expanding customer rosters can show what they have done well for other clients, and how they help manage care costs with the insights these tools offer

 

  • Brokers advising self-insured employers should have the same – if not more granular – information than what employers would get from an insurance company. New technologies assigning risk of high-cost medical events to individual patients can give you the edge in closing the deal and enable companies to hold annual cost increases to as low as 3% year over year

 

  • More targeted analytics capabilities can be a powerful tool to transition a prospective customer to a self-funded model. Instead of paying one “big box” insurer a big premium, self-insurance allows them to take control of their medical spending by going “a la carte” with component services. Analytics will help reveal strategies to allocate resources formerly sunk into large premiums

 

HELPING BROKERS RENEW ACCOUNTS

According to Business Insurance, a large proportion of broker errors and claims omissions arise out of mistakes attributable to stop-loss and self-insurance. You need cutting-edge tools that will prevent those kinds of mistakes and can offer a future glimpse to a customer’s potential claims and costs.

When brokers can utilize tools from a health data analytics partner with predictive modeling capabilities, they can get the renewals they need to stay competitive in their regions. Because most brokerages cannot compete on costs with larger competitors, they need to provide insight and service that the bigger brokers can’t. Finding an analytics partner who understands employers the same size as a broker serves helps seal those renewals for next year.

 

ZEROING IN ON COSTS, RISKS – AND COURSE-CORRECTING BEFORE IT’S TOO LATE!

  • Take real-time medical and drug use data to see who is getting care, prescriptions and why. Use algorithms to determine who the large claimant may be in the future. This is the data you need to effectively manage the cost of employees, spouses and kids

 

  • Predictive models are now so sophisticated, they can determine the likelihood of an occurrence of a coronary event, neurological event, orthopedic event and even chronic kidney disease. In addition, today’s sophisticated tools can predict hospital length of stay and general likelihood of an ER visit for any member of a patient population

 

  • Employers need accurate data to inform stop-loss/reinsurance decisions. They need to know about potential catastrophic claims so they can understand how best to manage and cover it. As a trusted advisor with the right predictive analytics partner, you can provide this crucial business intelligence; it becomes a powerful value-add

 

Helping customers improve the health of their employees and health plan bottom lines — while positively impacting clinical and financial outcomes — is critical to winning new accounts and retaining your current client roster in today’s competitive health plan landscape. This article is simply a quick synopsis of the many advantages awaiting health insurance brokers, described with further detail in our eBook, “Playing Hard, All Four Quarters.” To receive your own free copy of the eBook, or watch our webinar by the same title, click here. 

 

Poindexter, Advanced Plan for Health’s data analytics risk engine custom-built for population health management, provides dynamic, reliable insight into your population in just a few clicks. Poindexter enables revolutionary predictive modeling by looking at whole individual — as well as group — trends by examining hard data in a practical format and factoring in the impact of rapid changes in healthcare. The result is the ability to predict conditions, trends, gaps in care, admissions and readmissions 6–12 months in advance. 

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