Oxlo Relevant Bytes™ For Health Insurance Blog

A rate change typically kicks off an analysis with a goal of identifying the factors that contributed to the change. Benefits analysis is part of that effort.

A number of plan modifications can shift rates. Here are a few:

• Deductible adjustments.
• Changes in any tier of prescription coverage.
• Changes in maternity benefits.

You need the detailed benefits of a plan along with the rate to understand if the plan definition is a key factor driving any rate change.

Learn More About Plan Pricing & Benefits Competitive Intelligence. Visit us at the AHIP Fall Conference in Chicago.

Or just reply to this email to contact Oxlo to discuss competitive plan pricing and benefits information.

Best Regards From
The Oxlo Insight Team
303-285-2408

Plan pricing and benefits competitive intelligence can play an important role in the execution of successful target market strategies. The following types of information are available in plan pricing and benefits data if you have the right normalized data:

• Which competitors that are already in the target market.
• Which compettor owns the low rate advantage for a specific demographic within the target market statistical area.
• Where are the gaps in plan definitions offered to specific target demographics.
• Does a product differentiation strategy compare as desired.

Learn More About Plan Pricing & Benefits Competitive Intelligence. Visit us at the AHIP Fall Conference in Chicago.

Or just reply to this email to contact Oxlo to discuss competitive plan pricing and benefits information.

Best Regards From
The Oxlo Insight Team
303-285-2408

The features that need to be put together to provide effective pricing and benefits competitive intelligence include the following:

• Define and manage subscriber demographics that will be monitored.
• Define and manage target markets or statistical areas that are pertinent to the state(s) for which you provide insurance.
• Fully automated and fault tolerant data aggregation.
• Data cleansing to eliminate human data entry issues.
• Data normalization to allow for head to head plan comparisons.
• Self service competitive intelligence reports online.
• An online collaboraiton portal to tie it all together

Insurers should now be focusing on abstracting their organization from the heavy lifting and redirect their resources to the higher value strategic competitive analysis. Fortunately, the robust plan pricing and benefits information and online services are now available to them.

Learn More About Plan Pricing & Benefits Competitive Intelligence. Visit us at the AHIP Fall Conference in Chicago.

Or just reply to this email to contact Oxlo to discuss competitive plan pricing and benefits information.

Best Regards From
The Oxlo Insight Team
303-285-2408

Plan pricing and benefits competitive intelligence can play an important part in executing a subscriber acquisition campaign. The following information is available from plan pricing and benefits data for inclusion in campaigns that drive higher return on investment with higher conversion rates:

• Which competitors are in the target market.
• Which of your plans have a clear potential price and/or benefit advantage over competitor plans.
• Higher level "you could save $x per year by switching from your competitor name to your name"
• And more...

These strategies and more are proven effective methods for driving higher conversion rates for acquisition campaigns.

Learn More About Plan Pricing & Benefits Competitive Intelligence. Visit us at the AHIP Fall Conference in Chicago.

Or just reply to this email to contact Oxlo to discuss competitive plan pricing and benefits information.

Best Regards From
The Oxlo Insight Team
303-285-2408

We all know that subscriber retention is as critical as subscriber acquisition. Driving higher subscriber retention is a core responsibility of marketing teams.

Plan pricing and benefits competitive intelligence can play an important part in subscriber retention strategies. The following information is available from plan pricing and benefits data for inclusion in retention campaigns that drive higher retention rates:

• Which of your plans have a clear potential benefit and or price advantages over competitor plans.
• Which of your plans have a clear potential price advantage over competitor plans.
• Higher level "Your insurer name continues to provide the right benefits for the right value within your area. You could be paying $x per year more with other insurers."
• "Sticking with your insurer name saves you $x year or more".

By integrating well placed plan price and benefits competitive advantage statements into subscriber retention campaigns you are sure to increase your subscriber loyalty and boost subscriber retention rates.

Learn More About Plan Pricing & Benefits Competitive Intelligence. Visit us at the AHIP Fall Conference in Chicago.

Or just reply to this email to contact Oxlo to discuss competitive plan pricing and benefits information.

Best Regards From
The Oxlo Insight Team
303-285-2408

Monitoring competitor rates involves many actions that include but are not limited to the following.

• Creating and maintaining definitions of subscriber demographics that need to be monitored.
• Creating and maintaining lists of target markets or statistical areas that are pertinent to the state(s) for which you provide insurance.
• Aggregating rates and benefits for each competitor demographic and statistical area and much more.

ALL of this heavy lifting consumes resources that should otherwise be directed at higher value business and competitive intelligence efforts. Data feeds of fully aggregated and prepared data can be provided to you and eliminate the need for your team to perform these efforts.

Learn More About Plan Pricing & Benefits Competitive Intelligence. Visit us at the AHIP Fall Conference in Chicago.

Or just reply to this email to contact Oxlo to discuss competitive plan pricing and benefits information.

Best Regards From
The Oxlo Insight Team
303-285-2408

Rates and benefits vary greatly within and across statistical market areas. Within a statistical area, rates and benefits will vary greatly across demographic profiles. Individuals, couples, single parents and families with multiple children see competitive rates that range wildly across competitors. Many of these potential subscribers search for the lowest rate as part of their shopping experience.

Do you know who has the lowest rates in specific target markets?

Learn More About Plan Pricing & Benefits Competitive Intelligence. Visit us at the AHIP Fall Conference in Chicago.

Or just reply to this email to contact Oxlo to discuss competitive plan pricing and benefits information.

Best Regards From
The Oxlo Insight Team
303-285-2408

Do you or your company engage in researching and pulling quotes and benefit information from rate sheets and quoting engines on a schedule that is anything other than monthly?

Here's a few statistics based on historical data from monitoring select statistical areas across all 50 states.

• 80% of the insurers adjust rates semi-annually.
• 50% additionally adjust rates quarterly.
• 20% additionally adjust rates in an ad-hoc manner.

Rate changes are happening every month. If you are not monitoring rate changes on a monthly basis then your competitors can and will capitalize on windows of opportunity to obtain your subscribers.

Monitoring rates monthly allows you to react to changes in the market that have the potential to result in lost subscribers.

Learn More About Plan Pricing & Benefits Competitive Intelligence. Visit us at the AHIP Fall Conference in Chicago.

Or just reply to this email to contact Oxlo to discuss competitive plan pricing and benefits information.

Best Regards From
The Oxlo Insight Team
303-285-2408