This blog is based on an interview conducted by Bill Hortz, Founder of the Institute for Innovation Development with Steven Lewis, SVP at MarketBridge. In any important endeavor, the proverbial rubber hits the road in its attempted execution. While “execution” per the dictionary has a primary definition of carrying out or putting into effect a plan […]
This blog is based on an interview conducted by Bill Hortz, Founder of the Institute for Innovation Development with Steven Lewis, SVP at MarketBridge Fintech entrants are creating financial services industry disruption by changing the customer value equation and causing a major impact on consumers’ behavior. Fortunately, the history of innovation and the design thinking […]
Access our on-demand webinar to learn how Financial Services incumbents can capitalize on the advantages they already have and execute tactical go-to-market actions to respond to FIntech competition.
Shifting demographics, consumer preferences, and expectations are massively disrupting the once predictable financial services industry. In an effort to identify which incumbent strategies to promote advantage, we analyzed over 100 financial services and fintech companies and surveyed 1,500 consumers across banking and payments, insurance, and investments.
The history of fintech (financial technologies) may be rightfully traced to 1915 with the advent of wire funds transfer via telegraph and Morse code. The ensuing confluence of technology, digitization, and globalization throughout the twentieth century revolutionized all aspects of global financial systems…
Early on in the pandemic, an influential article—The Hammer and the Dance—was published in The Medium attempting to predict the course of society’s response to COVID-19. Whether you agreed with the data science, it was an interesting thought piece that most definitely affected policy. It argued that the initial response to COVID must be a harsh, months-long lockdown to bring R—the virus reproduction rate—below 1…
Health insurance has seen drastic changes unfold due to COVID – record numbers of unemployed consumers mean spikes in enrollment for state health exchanges and declines in employer-tied health insurance; and the increasing need for behavioral health options. Insurers largely have responded to these changes in consumer behaviors by expanding access to affordable (or free) telehealthcare, coverage for COVID-related tests and treatment, and premium rebates for services not rendered. However, what insurers are realizing is many members who are not sick with COVID are avoiding seeking continued preventative care, potentially jeopardizing their health in the near- and long-term.
While there is speculation about how the Medicare and Medicaid industries will look post-COVID, one thing is certain – insurers, agents, providers, and beneficiaries have already made significant changes. With guidance from CMS, insurers expanded telehealth coverage to primary care (outside of COVID), while agents have turned to more digital and phone-based tactics to replace traditional F2F meetings. Although providers made the switch to telehealth options, many are struggling to keep their business afloat with lower revenues. Beneficiaries, meanwhile, are trying to adjust to the impact shelter-in-place orders have on their everyday lives.
Carriers and brokers are struggling with fundamental changes in their roles as the go-to-market landscape transforms around them. As margin compression continues, and competitive encroachment increases, the most critical path to success is to win on Customer Experience. In an effort to identify which Customer Experience strategies are guiding Insurance businesses’ success, we analyzed real customer conversations, competitors, and client insights to uncover strategies we see the most successful companies adopting.
With only one day to go before AEP closes, consumer fatigue with MA advertising appears to have set in. Despite significant advertising and marketing investment, KFF just released a study that shows how few people actually voluntarily switch plans during AEP. Consumers get smarter about Supplemental Plans—and carriers get smarter about targeting. And the issue of social isolation among seniors garners a lot of attention.