Consumer Segmentation For Health Insurance Programs

Health Insurance

A prominent health insurance provider wanted to identify distinct segments of their customers, recognizing that not all companies have the same health benefit needs.

Business Objective

Key factors impacting the selection of health insurance providers

Key concern areas among current and potential customer segments
of health insurance programs.

BUSINESS OBJECTIVE

The following objectives were to identify:

Uncover unmet needs to find ways to better serve customers.

Develop a segmentation scheme to use when profiling customers and prospects.

OUR APPROACH

Research Premise

Research experts conducted in-depth interviews with key stakeholders within the industry and also identified some additional respondents who could provide qualitative insights specific to the following parameters:

Performed desk research from paid and non-paid sources and mapped out the following information:

Factors influencing consumers' selection of suitable health insurance providers and their policies benefits
Concern factors for potential customer segments for health insurance programs
Central needs for health insurance customers: plans which covers all their requirements
Data analytics as a collect tool for enhancing the insurance operations:
Effectively determine policy premiums, track the customers to predict and calculate risks.
Develop an in-depth customer segmentation based on their specifications.
Anticipate future behavior of the customers and segment the customers accordingly.

Geographic Coverage: Europe-5 (France, Germany, Italy, Spain & UK), Asia (India & Singapore)

Customer segments identification based on data analysis and segmentation modelling
Benchmarks for choosing the suitable customer segment based on insurance policy
Tracked the recent development in customer segmentation, current customers’ needs and concern factors

Value Delivered

Comprehensive report was shared in PDF format.

Key insights were highlighted which assisted the client to restructure their business strategy for achieving high customer satisfaction and to expand its client base.