Despite the growing popularity of private health insurance exchanges (see last week’s post Private health insurance exchanges: The quietly emerging channel), employees are largely unaware of this up-and-coming model. So, why are employers increasingly turning to private exchanges?
Let’s take a closer look at some of the benefits.
Turning to private exchanges
Accenture research finds that once presented with the concept, 85 percent of those surveyed expressed a neutral to positive outlook. Here’s why:
- Respondents are attracted to choice, flexibility, the personalized product selection and the shopping experience.
- Private exchanges will shift considerable financial responsibility to employees.
Private exchanges create tremendous opportunity for carriers, brokers and employers to take credit for an enhanced experience—but be forewarned, consumers will often blame plan sponsors if they’re dissatisfied. Insurers that address pending demand and support consumer success will be well positioned for high performance.
To learn more, download: To learn more in the meantime, download: Are You Ready? Private Health Insurance Exchanges are Looming (PDF; opens in a new window).