The ROI Of Customer-Centricity: Demonstrating Business Value Beyond Premiums and Claims
In 2024 employers are anticipating the largest increase in health care premiums in more than a decade. That means employer groups are going to start looking for ways to cut their benefits costs – and that includes shopping for different, less expensive providers.
So, what can you do? If your approach to customer support focuses on just premiums and handling claims, you’re operating with a claims-centric model. It’s time to turn that approach on its head and lean into a customer-centric approach that promotes customer engagement, and not just during renewal and enrollment season and when claims arise. Get our newest whitepaper for insurers to learn how you can build a customer-centric approach with the help of the right employer engagement tools.
Why Engagement Matters
Health insurance costs are increasing
Reports indicate that most employers are expecting a rise in health care costs as high as 6% to 8.5% this year, the largest increase in more than a decade. That increase in cost is going to necessitate many employers rethinking their benefits strategy.
Inflation is slowing – but not going away
While inflation isn’t expected to increase at the rate seen in 2022 and 2023, the Federal Open Market Committee’s long term economic projections anticipate core PCE inflation of 2.4% in 2024. Budgets across the board are still going to be pinched as costs continue to rise.
Does the 80/20 rule hold true?
The top, low-risk employee groups often drive the most revenue towards the bottom line, and most significant resources are allocated to address the needs of low-profit, high-claim employers. The result? Your most profitable clients are getting less attention.
Silence is deafening
Employers know when they’re going to hear from their benefits partners – at renewal, during enrollment and for claims. But the rest of the year? Silence. That lack of engagement leaves room for the competition to swoop in and build a potential new relationship.
You can’t do it all alone
Building an effective employer engagement program isn’t easy – that’s why Zywave has done the legwork for you. The Client Engagement Suite was designed to help insurers quickly and effectively stand up a new employer engagement program with tools designed specifically for the insurance industry.
The Zywave difference
Client Engagement Suite customers have an average usage rate of over 65%, compared to 3-5% with standard value-added services and tools.
Get the details
Client Engagement Suite
Discover how Zywave can help you build a comprehensive customer engagement program. Schedule your consultation today.
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