Users of healthcare products who take out health insurance would opt for technology companies and electricity and/or gas companies, according to the II Observatory of Competition in the Insurance Sector conducted by BRAINTRUST.
In turn, it has been found that, among the valuable services not covered by companies in their health insurance policies, the most desired would be care for the elderly, genetic testing and profiling, and sports medical checkups.
BRAINTRUST, in its Second Observatory of Competition in the Insurance Sector: Health Branch, analyzes, among other issues, the characteristics of demand from both health insurance holders and those who do not have it. It has studied in detail the profile of health insurance policyholders, their usage patterns, how the contracting process works, and what their expectations are.
The expectations of health insurance users and non-users are essential for setting future guidelines. In this second observatory study conducted by BRAINTRUST, it was found that if users had to take out health insurance with companies not specializing in this field, they would place their trust mainly in technology companies (Google, Microsoft, Apple, etc.) at 20.5% and in electricity and/or gas companies (Naturgy, Endesa, Iberdrola, etc.) at 18.74%. Further behind would be telecommunications operators (e.g., Movistar, Vodafone, Orange, etc.), department stores (IKEA, Leroy Merlin, Media Markt, etc.), e-commerce companies (e.g., Amazon, Aliexpress, Vente privée, etc.), transport companies (airlines, trains, buses, ferries, etc.), and lastly, social networks (Facebook, Instagram, Twitter, etc.).
It is crucial for companies to understand and be aware of the expectations and needs of health insurance policyholders, as well as the profile and needs of the uninsured. The companies' experience with customers will enable them to define and outline their strategies, as well as identify gaps and deficiencies in order to expand and diversify market segments and increase sales. Understanding the needs of both groups will enable them to attract other age groups and expand the services offered. For example, this study found that among the value-added services most desired by policyholders and not covered by their companies in their health insurance policies are care for the elderly (73%), genetic testing and profiling (72.9%), and sports medical checkups (59.3%).
The demand from users and non-users of healthcare should not go unnoticed by insurers, says the consulting firm. Their needs or preferences will, in most cases, determine the short- and medium-term guidelines and strategies to be followed by health insurers. Knowing how to innovate and adapt to customer demand, combined with their own experience, will be the necessary tools to achieve success and remain at the forefront of the sector. It will be possible to identify new market niches if the preferences of users and non-users are known in advance. Only then will it be possible to offer or improve value-added services that are lacking or not covered by companies.
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