Tag Archives: gen y

Why Mobile Health Must Be a Priority

Mobile has drastically changed the way we shop, travel, pay our bills and even pay each other. But there’s one area of our lives that it hasn’t changed enough: the way we manage our health.

Mobile-focused health represents one of the biggest challenges – and opportunities – facing the healthcare industry. As more consumers connect their homes and lives across devices, particularly their phones, healthcare professionals must harness mobile health technologies and move toward a complete, mobile-optimized user experience. While most insurers already offer mobile apps, they often fail to create an experience that is both functional and intuitive.

As our 2016 Digital Healthcare Survey revealed, digital health resources have been embraced by Americans of all ages, especially by younger Americans, with 82% of Gen Y and 67% of Gen X having accessed at least one digital health resource in the past 12 months. Of the digital resources offered by health insurers, mobile apps have the greatest potential to enhance Gen Y and Gen X member understanding and autonomy, but awareness of the apps and their functionality is low. Many Gen Y and Gen X members consider mobile access to their insurance a key resource, but only one-third (32%) are actually aware of whether their insurer even offers a mobile app.

This represents a significant missed opportunity, for insurers and consumers alike.

See also: A Road Map for Health Insurance  

Fortunately for insurers, creating a mobile app doesn’t need to be overly complicated. The fundamental function of a health plan app is to provide members with access to the resources that are applicable to and useful for the mobile experience. However, many apps present far more than this – plan information, including balances, claims data and ID card information as well as coverage and benefits rates for health services, profile and account management options and customer service centers. For most customers, mobile apps don’t need all the resources and attributes of full sites – customers just want a mobile health experience that is intuitive, functional and fits in with their daily routine.

So, what functionalities should insurers be looking to include in their latest mobile app versions?

Take a page from financial apps, such as PayPal and Venmo, and offer a way for consumers to pay with ease. Incorporating payment features for claims and premiums, as well as push notifications alerting members to coming bills, would likely lead to more timely payments. UnitedHealthcare is one of the few providers that allow members to pay for a claim on its app directly by entering bank account information and then pre-filling most other important information, such as amount and payment recipient.

Create visual representations, such as charts, graphs and progress meters, to help consumers better understand aspects of their plans like deductibles and coinsurance. Presenting plan balances and claims data not only improves the aesthetics of a page, but also provides members with a summary of data that may be easier to process. For example, rather than displaying how much of the plan’s deductible and out-of-pocket maximum the member has met, has remaining and has in total within a list format, use an interactive chart or graph to provide expedient summaries of data without sacrificing any detail – a particularly important feature on a mobile app given the limited space.

Integrate health data from wearables to mobile apps (and vice versa) to encourage consumers to exercise regularly or eat healthy. Health assessments and connecting fitness apps to track movement are the most commonly rewarded activities, currently recognized by a majority of insurance platforms. Some insurers, such as UnitedHealthcare and Humana, are ahead of the curve, offering separate health and wellness reward program apps that employ push notifications to remind members to keep up with goals, such as “remember to get between seven and eight hours of sleep tonight” and “you have 2,000 more steps until you reach your goal for today.”

See also: A Road Map for Health Insurance  

While the healthcare industry overall still has a long way to go, digital health companies and startups have leveraged advancements in technology to enhance the mobile health experience for consumers. As functionality continues to improve and usage increases among younger members, the need for effective member support will become critical. Insurers should take note and make mobile health a priority – including functionalities and resources to help members better manage their health. We’ll all be better off as a result.

Are You on Your Game, or Is Your Game Over?

Weeks ago, Jim and I met for coffee to solve all the world’s problems. We didn’t, but he did hand me an article about Sudoku and said, “There may be a story in here.” He was right. I just didn’t realize how quickly it would appear on my computer screen.

Later that day, when I was driving down Main Street in New Iberia, La., I saw mobs of “geeks” (the politically correct term is “millennials”) playing Pokémon Go. My wife works Sudoku puzzles. I had read about Pokémon Go, but I have never even seen it played before.

See also: Pokémon Go Highlights Disruptive Technology  

I was impressed with the marketplace’s embrace of Pokémon Go. One hundred million devotees in less than a year is a game-changer.

If, like Sudoku, your business is manual, local- and pencil- and paper-dependent, your universe is limited to yesterday. If you are global and virtual like Pokémon Go, there are no boundaries — only opportunities. Your future depends on the choices you make, local or global, manual or virtual.

Now let’s quit playing around and get serious about the insurance industry and your place, if any, in tomorrow’s world.

Whether you prefer the metaphor of revolution or evolution, our world is changing. The change is going to be structural, revolutionary and transformational. The reason is that when one thing is different it’s change; when everything is different it’s chaos.

In terms of natural disasters, think 9/11, Hurricane Katrina and New Orleans, the Japanese tsunami, etc. For economic crises, consider the 2008 economic collapse, the stock market crash, the GM bailout, the demise of AIG, Lehman Brothers, etc. — and then remember the past and current reshuffling of the retail and distribution systems in our world (Amazon, Uber, Airbnb, Expedia, WebMD, Netflix, etc.) I could go on, but I won’t. I can’t remember all the changes, nor can I outrun the pace of change.

These changes from yesterday were triggered by systems, big data, technology, global competition and corruption, the internet and a marketplace that has evolved over time — from the corner store, to Main Street, to strip shopping centers, to malls, to box stores and even to a virtual presence in cyberspace. The big change now and tomorrow is not place but rather people and pace.

See also: Look Up, Look Out, Think New!

Our industry was built for a “father knows best” world. The youngest of the Greatest Generation are now 70 years old. Their progeny are the Boomers, who are 52 and older. Those in Gen X are age 32 and above, and the Gen Y and millennials are somewhere between 12 and 34.

In tomorrow’s market, age doesn’t matter — wiring does. Every preceding generation was born to analog; these Gen Yers/millennials are digital natives. What we “old” folks see as aberrations, they see as the norm — and they and the market ain’t going back ever again. By 2025 (which is nine years away) millennials will be 75% of the working people. The next nine years may bring more technological advances than we’ve seen in our collective lifetimes.

Our options are simple: We can go enjoy a smoke and a Sudoku on the bank of the nearest tar pit and wait for a meteor to end our pain and frustration, or we can shift into high gear and catch up with the roaming hordes of Pokémon Go folks and play in — and with — the world as it’s going to be!

THE MARKET IS CHANGING BECAUSE BUYERS CHANGE!

Change or die! Carpe mañana!

Agents: What’s That Spot on Your Face?

In December 2008, a spot appeared on my face. It looked like a large freckle. I ignored it.

In March 2009, Floyd and I were having breakfast. He asked, “What’s that spot on your face?” I answered, “A freckle.” He then responded, “What are you going to do about it?” My reply, “Not a thing – it’s just a freckle.” We debated the issue for a few minutes longer, but I’ll save you the details.

The next day, Floyd called to announce my appointment with Dr. Patout (a local dermatologist) in a few weeks. He had called another doctor, but she couldn’t see me until August. Dr. Patout had been booked up until August, as well, but Floyd intervened with her husband (Floyd’s tennis partner) and got me in earlier.

I agreed to the appointment more to shut Floyd up than as a concern for my health. The next week, Dr. Patout removed the “freckle” and sent it to the lab to test. I still felt this was much ado about nothing.

At 1:30 p.m. on April 20, I was walking out of the Regions Insurance Office in Baton Rouge. My phone rang, and I heard a statement I’ll never forget. “Mike, this is Dr. Patout. The test results are in; it’s melanoma.” I took a breath and said, “That’s the kind of cancer I don’t want – right?” She answered: “That’s right. Come see me tomorrow.”

Dr. Patout reassured me that we had gotten it early. She sent me to Dr. Walker, who cut a double-quarter-sized hole in my face and sent this specimen off for more tests. Two weeks later, I got the good news I had prayed for – “Mike, we got it all.” Come see me every three months.

Suddenly, my attitude changed. Going to the doctor and listening to her recommendations were now a priority, not a pain in the butt. On the third visit, Dr. Patout explained, “Mike, understand that if we had waited until August, you’d be dead.” This was (and still is) a sobering thought….

Floyd saved my life. He didn’t find the cancer, and he didn’t cure it. Floyd’s role was more important than that – he was the gadfly who motivated me (read: nagged me) to do what needed to be done.

Now I want to ask you two most important questions – “Is there a spot on the face of your organization?” and “What are you going to do about it?”

In March 2009, I felt good. I looked good (except for a little spot on my face). I was one admonition away from a quick and painful death! THANKS, FLOYD!

The good news is that you don’t have to die, either!

The bad news is that to avoid dying you must change. Change is difficult – the excerpts from the article “Change or Die” by Alan Deutschman from Fast Company Magazine (www.fastcompany.com) explain the challenge of change:

“What if you were given that choice? For real. What if it weren’t just the hyperbolic rhetoric that conflates corporate performance with life and death? Not the overblown exhortations of a rabid boss, or a slick motivational speaker, or a self-dramatizing CEO. We’re talking actual life or death now. Your own life or death. What if a well-informed, trusted authority figure said you had to make difficult and enduring changes in the way you think and act? If you didn’t, your time would end soon — a lot sooner than it had to. Could you change when change really mattered? When it mattered most?

Yes, you say?

Try again.

Yes?

You’re probably deluding yourself.

You wouldn’t change.

Don’t believe it? You want odds? Here are the odds, the scientifically studied odds: nine to one. That’s nine to one against you. How do you like those odds?”

I say this in particular for independent agents. What matters with independent agencies is INDEPENDENCE, the entrepreneurial spirit of this group and its members. You as individuals and operating entities have been declared dead or dying by the experts for decades. You’re prospering – so why change now?

The answer is simple – the marketplace you serve is changing. This is all about people and culture – not products and services. If you haven’t noticed, the Gen Y and whatever follows are much different than their older siblings, parents and grandparents. They are taking charge of the market as we are forced to relinquish control.

Address that “freckle” or die.

8 Steps to Beat All 8 CPCU Exams

Now that we got you excited based on earlier articles such as this one, and you’re ready to start CPCU today, here’s some guidance on how to actually get it done and survive the tests. This article is lovingly dedicated to “those poor souls studying for the CPCU designation,”

Please keep in mind that doing CPCU is very much like trying to eat an elephant; there’s only one way to do it, one bite at a time.

I asked my friend and all-around Wonder Woman, Carly Burnham, to share the strategies she used in completing the designation. I met Carly in 2011 when she was at a turning point in her career. She felt stuck in her position as a call center sales agent and wasn’t sure of the next step. She wasn’t even sure whether insurance was an industry she could make a career in. She had an interest in underwriting but had no idea how to get there. We met through the Gen Y Associate Resource Group at Nationwide Insurance.

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I could clearly see she was bright and hard-working and was looking for a challenge, so I asked her if she had heard about the CPCU. Over coffee, I told her all about why CPCU is awesome and convinced her to go for it. To make things even more interesting, I challenged her to do it in a year, while working full time and finishing a part-time MBA program. To my surprise, she took me up on it. Even more impressively, she met the goal and finished all eight tests in just short of 12 months.

When I talked to Carly about this article, she shared the following thought with me, “The CPCU is usually done as a self-study program, and if you haven’t tackled online courses or some other self study program, it can be challenging to know where to start. I was lucky to have your mentorship, and, looking back, I’d say these eight strategies were really what helped me meet the audacious goal that we set.”

  1. Set Your Own Timetable

Decide up front when you are going to finish your CPCU. If you don’t choose an end date, you could stretch the entire process out for YEARS. On average, people take at least two years to finish, but many insurance professionals have been working on their CPCU for longer than that. Decide when you want to be done and commit to the deadline. If you are trying to finish to advance your career, focus on finishing before you begin to apply for new roles. If you want to finish in time to attend the annual meeting in a certain city, set your end date as the last month that you can qualify for that meeting. Having an end date and an understanding of your motivation will help you push through challenges along the way.

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  1. Find an Accountability Partner

Your accountability partner may be a current CPCU or someone who is also pursuing the designation. He or she should be someone with whom you can share the reason for your pursuit of the CPCU. If he or she understands your motivation, it will be easier to push you to stay the course and finish by your goal date.

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  1. Create a Spreadsheet on Google Drive to Share With Your Accountability Partner

On this spreadsheet, you will want to map out the dates that you will take each exam to achieve your goal date. Once you have mapped out exam dates, you can work backward using the chapter summaries at theinstitutes.org to identify when you will read each chapter of the text for the exam and when you will take your practice exams.

  1. Devote Certain Hours of Your Day to Studying

When studying, consistency is key. If you focus best at the beginning of the day, set aside an hour or two in the morning and commit to showing up the same place each day to read the chapters that you laid out in your spreadsheet for this day. Choose the time that works best for you, but aim to make it a routine, so that you don’t have to decide every day that you are going to stay at the office an extra hour or go to the coffee shop before work starts. If it’s part of your daily rituals, you won’t have to use willpower to get your studying done.

  1. Read the Entire Book

First, read The Institutes’ guide to preparing for their exams. As they mentioned, there is no single way to prepare. But I found that reading the entire book first helped me establish a base level of knowledge. Next, I would take a practice exam, as a sort of pre-test. The practice exam would let me know which chapters I was weak on. With this information, I could pinpoint the best way to spend my time. If I needed to, I could re-read chapters and test on those individual chapters until I felt comfortable moving on to the next chapter.

  1. Use the Mobile App

The Institutes have created a mobile app called Smart QuizMe for Apple and Android phones. Using this in any spare time you have will also help you feel confident with the information and the style of questions on the practice exams. You can set the app to run through certain chapters or the whole book depending on what you want to focus on. Because it’s on your phone, you can use it even if you only have five or 10 free minutes. The questions on the app tend to be clustered, so question 100, 101, 102 and 103 might be the same question with only one word changed. This really teaches you how changing a small part of a question can result in a different answer. The app is particularly helpful for the most detail-oriented tests, especially 520. One word of warning: Don’t depend entirely on the app without doing the online practice exams; you could easily fool yourself into thinking you’re ready when there are significant parts you haven’t yet mastered.

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  1. Pass the Practice Exams a Few Times

Leave at least at least four and preferably a full seven days before the real test to take the online practice exams. Passing the exams will give you the confidence you need to take the exam without feeling rushed or unsure of your answers. The practice exams are very similar and sometimes harder than the actual exams. You will also have the opportunity to research any questions you missed and make sure you understand the concept before test day. Nothing beats going into the real test feeling confident, and nothing gets you more confident that the online practice exams. The practice exams are the key to the kingdom!

  1. Get the Proper Support

Make sure your family, close friends and other support systems fully understand that the CPCU is a BIG DEAL and that you will require lots of support while you get through it. Make sure they know this isn’t just another license or minor designation but a serious commitment that only 4% of people in our industry have gotten through.

To help my family understand, I explained that I was pursuing something akin to a master’s degree in insurance, and I was doing it in a year, while working 40 hours a week — most people outside the industry will need the designation explained in a similar way to fully understand the commitment you’ve made. Also, join the CPCU Candidates Facebook Group; they’ll provide you with tons of encouragement and answer your questions. Most importantly, you won’t feel like you’re the only person in the world putting yourself through the challenge of CPCU.

One Bonus Tip:

Know ahead of time that 540 – Finance and Accounting for Insurance Professionals is a special beast of a test (see artist’s rendering below). To ensure proper preparation for this one, allow yourself 50% more time than usual; so if you have given yourself two months for 500, 520 and 530, give yourself three months for 540. Buy a financial calculator (preferably the Texas Instruments BA-II Plus) and learn how to use it. The book won’t teach you how to use it, so you have to get help from someone who knows how to use it – if you have a hard time finding someone, there are decent tutorials on YouTube or at Atomic Learning. Use the calculator for all the practice tests, and then don’t forget to bring it on exam day!

I am passionate about spreading the word about the CPCU, and I was glad to have met Carly at that turning point in her career. Her commitment has paid off, and she has recently became a commercial lines underwriter at Erie Insurance; she’s loving the new job, and she’s fully committed to the industry. She credits her designation with helping her get the interview but says it goes even further than that: “The knowledge that I gained in earning my CPCU gave me the confidence to pursue a true career in the industry, and I now use the knowledge every day in my role as an underwriter. This designation gives you a broad understanding of the industry, but it also gives you practical, technical information that is essential to being a successful insurance professional.”

If you’ve had similar experiences, share them in the comments. If you have questions about the pursuit of your CPCU, message me. There are really no excuses left. Let’s get going and get your CPCU. You will never regret it.

Good job making it to the end of our longest post yet; as a reward, here is another image for the awesome metaphor of eating an elephant one bite at a time.

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Reinventing Life Insurance

Many life insurance executives with whom we have spoken say that their business needs to fundamentally change to be relevant in today’s market. Life insurance does face formidable challenges.

First, let’s take a hard look at some statistics. In 1950, there were approximately 23 million life policies in the U.S., covering a population of 156 million. In 2010, there were approximately 29 million policies covering a population of 311 million. The percentage of families owning life insurance assets has decreased from more than a third in 1992 to less than a quarter in 2007. By contrast, while less than  a third of the population owned mutual funds in 1990, more than two-fifths (or 51 million households and 88 million investors) did by 2009.

A number of socio-demographic, behavioral economic, competitive and technological changes explain the trends — and the need for reinventing life insurance:

  • Changing demography: Around 12% of men and an equal number of women were between the ages of 25 and 40 in 1950. However, only 10% of males and 9.9% of females were in that age cohort in 2010, and the percentage is set to drop to 9.6% and 9.1%, respectively, by 2050. This hurts life insurance in two main ways. First, the segment of the overall population that is in the typical age bracket for purchasing life insurance decreases. Second, as people see their parents and grandparents live longer, they tend to de-value the death benefits associated with life insurance.
  • Increasingly complex products: The life insurance industry initially offered simple products with easily understood death benefits. Over the past 30 years, the advent of universal and variable universal life, the proliferation of various riders to existing products and new types of annuities that highlight living benefits significantly increased product diversity but often have been difficult for customers to understand. Moreover, in the wake of the financial crisis, some complex products had both surprising and unwelcome effects on insurers themselves.
  • Individual decision-making takes the place of institutional decision-making: From the 1930s to the 1980s, the government and employers were providing many people life insurance, disability coverage and pensions. However, since then, individuals increasingly have had to make protection/investment decisions on their own. Unfortunately for insurers, many people have eschewed life insurance and spent their money elsewhere. If they have elected to invest, they often have chosen mutual funds, which often featured high returns from the mid-1980s to early 2000s.
  • Growth of intermediated distribution: The above factors and the need to explain complex new products led to the growth of intermediated distribution. Many insurers now distribute their products through independent brokers, captive agents, broker-dealers, bank channels and aggregators and also directly. It is expensive and difficult to effectively recruit, train and retain such a diffuse workforce, which has led to problems catering to existing customers.
  • Increasingly unfavorable distribution economics: Insurance agents are paid front-loaded commissions, some of which can be as high as the entire first-year premiums, with a small recurring percentage of the premium thereafter. Moreover, each layer adds a percentage commission to the premiums. All of this increases costs for both insurers and consumers. In contrast, mutual fund management fees are only 0.25% for passive funds and 1% to 2% for actively managed funds. In addition, while it is difficult to compare insurance agency fees, it is relatively easy to do so with mutual fund management fees.
  • New and changing customer preferences and expectations: Unlike their more patient forebears, Gens X and Y – who have increasing economic clout – demand simple products, transparent pricing and relationships, quick delivery and the convenience of dealing with insurers when and where they want. Insurers have been slower than other financial service providers in recognizing and reacting to this need.

A vicious cycle has begun (see graphic below). Insurers claim that, in large part because of product complexity, life insurance is “sold and not bought,” which justifies expensive, intermediated distribution. For many customers, product complexity, the need to deal with an agent, the lack of perceived need for death benefits and cost-of-living benefits make life products unappealing. In contrast, the mutual fund industry has grown tremendously by exploiting a more virtuous cycle: It offers many fairly simple products that often are available for direct purchase at a nominal fee.

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Reasons for optimism

Despite the bleak picture we have painted so far, we believe that reinventing life insurance and redesigning its business model are possible. This will require fundamental rethinking of value propositions, product design, distribution and delivery mechanisms and economics. Some of the most prescient insurers are already doing this and focusing on the following to become more attractive to consumers:

  • From living benefits to well-being benefits: There is no incentive built into life policy calculations for better living habits because there traditionally has been very little data for determining the correlation between these behaviors and life expectancy. However, the advent of wearable devices, real-time monitoring of exercise and activity levels and advances in medical sciences have resulted in a large body of behavioral data and some preliminary results. There are now websites that can help people determine their medical age based on their physical, psychological and physiological behaviors and conditions. We refer to all these factors collectively as “well-being behaviors.” Using the notion of a medical age or similar test as part of the life underwriting process, insurers can create an explicit link between “well-being behaviors” and expected mortality. This link can fundamentally alter the relevance and utility of life insurance by helping policyholders live longer and more healthily and by helping insurers understand and price risk better.
  • From death benefits to quality of life: Well-being benefits promise to create a more meaningful connection between insurers and policyholders. Rather than just offering benefits when a policyholder dies, insurers can play a more active role in changing policyholder behaviors to delay or help prevent the onset of certain health conditions, promote a better quality of life and even extend insureds’ life spans. This would give insurers the opportunity to engage with policyholders on a daily (or even more frequent) basis to collect behavioral data on their behalf and educate them on more healthy behaviors and lifestyle changes. To encourage sharing of such personal information, insurers could provide policyholders financial (e.g., lower premiums) and non-financial (e.g., health) benefits.
  • From limited to broad appeal: Life insurance purchases are increasingly limited to the risk-averse, young couples and families with children. Well-being benefits are likely to appeal to additional, typically affluent segments that tend to focus on staying fit and healthy, including both younger and active older customers. For a sector that has had significant challenges attracting young, single, healthy individuals, this represents a great opportunity to expand the life market, as well as attract older customers who may think it is too late to purchase life products.
  • From long-term to short-term renewable contracts: Typical life insurance contracts are for the long term. However, this is a deterrent to most customers today. Moreover, behavioral economics shows us that individuals are not particularly good at making long-term saving decisions, especially when there may be a high cost (i.e., surrender charges) to recover from a mistake. Therefore, individuals tend to delay purchasing or rationalize not having life insurance at all. With well-being benefits, contract durations can be much shorter — even only one year.
  • Toward a disintermediated direct model: Prevailing industry sentiment is that “life insurance is sold, not bought,” and by advisers who can educate and advise customers on complex products. However, well-being benefits offer a value proposition that customers can easily understand (e.g., consuming X calories per day and exercising Y hours a day can lead to a decrease in medical age by Z months), as well as much shorter contract durations. Because of their transparency, these products can be sold to the consumer without intermediaries. More health-conscious segments (e.g., the young, professional and wealthy) also are likely to be more technologically savvy and hence prefer direct online/call center distribution. Over time, this model could bring down distribution costs because there will be fewer commissions for intermediaries and fixed costs that can be amortized over a large group of early adopters.

We realize that life insurers tend to be very conservative and skeptical about wholesale re-engineering. They often demand proof that new value propositions can be successful over the long term. However, there are markets in which life insurers have successfully deployed the well-being value proposition and have consistently demonstrated superior performance over the past decade. Moreover, there are clear similarities to what has happened in the U.S. auto insurance market over the last 20 years. Auto insurance has progressively moved from a face-to-face, agency-driven sale to a real-time, telematics-supported, transparent and direct or multi-channel distribution model. As a result, price transparency has increased, products are more standardized, customer switching has increased and real-time information is increasingly informing product pricing and servicing.

Implications

Significantly changing products and redesigning a long-established business model is no easy task. The company will have to redefine its value proposition, target individuals through different messages and channels, simplify product design, re-engineer distribution and product economics, change the underwriting process to take into account real-time sensor information and make the intake and policy administration process more straight-through and real-time.

So, where should life insurers start? We propose a four step “LITE” (Learn-Insight-Test-Enhance) approach:

  • Learn your target segments’ needs. Life insurers should partner with health insurers, wellness companies and manufacturers of wearable sensors to collect data and understand the exercise and dietary behaviors of different customer segments. Some leading health and life insurers have started doing this with group plans, where employers have an incentive to encourage healthy lifestyles among their employees and therefore reduce claims and premiums.
  • Build the models that can provide insight. Building simulation models of exercise and dietary behavior and their impact on medical age is critical. Collecting data from sensors to calibrate these models and ascertain the efficacy of these models will help insurers determine appropriate underwriting factors.
  • Test initial hypotheses with behavioral pilots. Building and calibrating simulation models will provide insights into the behavioral interventions that need field testing. Running pilots with target individuals or specific employer groups in a group plan will help test concepts and refine the value proposition.
  • Enhance and roll out the new value proposition. Based on the results of pilot programs, insurers can refine and enhance the value proposition for specific segments. Then, redesign of the marketing, distribution, product design, new business, operations and servicing can occur with these changes in mind.