Health Insurance Market Intelligence Tips – Part 2
Turn Data Into Information
One of the more difficult tasks in gathering health insurance market intelligence is obtaining enough data to formulate useful information. The following questions must be raised when acquiring data:
The internet has opened up a gateway to limitless information. There is a massive quantity of data out there and it is difficult to sift through it all and get only that which is most important to you.
How do I obtain data? Health insurance market intelligence software provides a method of gathering data from specific sources on the internet. It puts large quantities of data into a database which can be used to filter the data into information. Data can be obtained in this manner from yourselves, your competitors, and/or anywhere else that data is available.
What does the data mean? Once you have gathered what you consider to be a useful set of data, (for instance, as a health insurance provider, the rates, deductibles, and coverage of your competitors and what other regions they compete in) it can be reorganized in a fashion that would allow them to be easily compared. From there you can determine where your company stands apart from the competition, how you might be able to improve, and ultimately gain market share and increase value.
How can I use this data? The information gained can be logged for long term analysis. The most valuable of which would be to determine what market fluctuations affect you and your competitors the most. Especially in times like these where the market is changing rapidly, finding out what affects you relative to what affects your competitors will assist you in making more informed decisions later.
The information can be used in a nearly infinite number of ways within your company, and knowing more than your competition is the key to gaining market share. Health insurance market intelligence software is a fairly new concept, and it is one that is certainly going to be a positive game changer for those companies who have the foresight to take advantage of it.
To learn more about obtaining current information and why it is important, please continue on to Part 3 of Health Insurance Market Intelligence Tips.