Business Intelligence Software Gives Insurance Companies Visibility Into the San Francisco Market

Business intelligence software for insurance companies automates the gathering large quantities of data.  The data can be quickly turned into information that would be useful to everyone from intelligence teams through executives.

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Understanding What Health Insurance Actually Is

Health Insurance Plan Rates Simple Truths

Factors That Influence Health Insurance Rates

There are many opinions about why health insurance rates are increasing. Seldom do you hear that insurance costs are directly related to the cost of care, but it is absolutely true. To look at the cost of insurance, we need to consider what factors into the cost of care.

The following are the major factors influencing the cost of health care and are paid for by the party who gains the most benefit, the patient:

• Cost of medication and equipment used
• Development
• Approval
• Manufacturing
• Shipping
• Cost of medical personnel as it relates to the importance and gravity of performing flawlessly in their profession.

Most often these factors are paid through an insurance company or government entity (Medicare/Medicaid). Both of which are programs designed to decrease the volatility of the costs. If the cost of care increases, the cost of insurance or any other medical program must increase.

Understanding the underlying factors of what determines the cost of insurance is the first step to making the overarching healthcare system more efficient and less costly. Placing blame squarely on insurance companies, Medicare and Medicaid as the reason for raising health insurance rates is simply not going to fix the problem.

Normalizing Health Insurance Plan Data

Insurance companies post their health insurance plan data online in order to make the buying experience simpler for their customers.  Allowing the customer to easily navigate a website and find a plan that best suits their needs has become a necessity in the individual health insurance market.

However, insurers often use differing terminology to define similar coverage. This makes apples to apples comparisons difficult. 

If the data is normalized through the application of business rules, plans can be placed side by side for straightforward and meaningful comparisons. 

Better yet, use a data service that provides good clean normalized individual health insurance plan data out of the box and forget about the heavy lifting.

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Health Insurance Market Analysis: Separating Reality From Rhetoric

Health insurance has been a hot topic over the past couple of years. Many opinions have been made about what should be done to reduce the cost of care and insurance alike. But how much do we actually know to be fact?

Conducting a Health Insurance Market Analysis on the industry allows you to look past the rhetoric and find out what is actually driving the cost of services. As the winds of the market shift, how are companies reacting? Is their reaction appropriate? Tracking the data of health insurance companies opens a window into what is driving costs. This knowledge can be obtained by monitoring information like:

• Rates
• Deductibles
• Premiums
• Regions in which a company operates

Observing how those items have changed in conjunction with the changes in the market provides all the insight necessary to determine the reality of what is happening. Rather than speculating based upon theories, using facts to back up your points places you in a more powerful position.

Focusing on pricing and benefit details of insurers will not tell you everything that is driving costs, but it will certainly give you a better idea of what health insurance companies are doing.

We hear far too many talking points about health insurance and not enough facts. Whether you are a consumer or a company, it is important to differentiate between what is being said and what is being done.