Why Insurance Data Transparency Is More Than a Buzz Word

graphic of how insurance data transparency can boost business growth

Identifying the right healthcare plan is unarguably difficult, but it is absolutely crucial decision to make, whether you are an employer seeking which plans to offer to employees, or a consumer deciding what is the most optimal choice for your entire family. Employee benefits remain a priority in the workplace— they are known as a powerful recruiting tool, as well as a crucial component to driving employee satisfaction and ultimately, establishing employee retention. For this reason, we are focusing on insurance data transparency tools this week.

Because of the weight healthcare-related decisions inherently bare, shopping for the right healthcare insurance is often known as a complicated, confusing and even stressful process. That said, in the “age of information,” the growing availability of data stands to make the process much simpler and more pleasant for all. Therefore, insurance data transparency is an increasingly paramount factor to purchasers.

Currently, however, transparency types tools are all too frequently underutilized.

In the most basic sense, increased insurance data transparency just makes sense– today’s generation has grown up learning to demand price transparency in all assets of their lives. No one would consider buying or selling a car without ample price research (i.e. cue Kelly Bluebook), so why would they make a major decision healthcare without seeing all of the numbers or knowing exactly what they would be paying. This demand for transparency is apparent across the board – purchasers cite increased trust and satisfaction when they see the full picture.

Insurance brokers must fully grasp why much access to data is so valuable. The above graph from Employee Benefits Advisor illustrates that first and foremost – as one might suspect, employers core use of data analytics is to inform better decision-making.

At the top of the chain, benefits brokers are in the optimal position to implement change in the insurance data transparency environment that will then trickle down to the everyday individual, and subsequently, alter the way employers and consumers perceive choosing benefits. The combination of brokers/consultants expertise and the latest technology advancements is exactly what will serve as the driver of real positive change within the industry. (http://bit.ly/2lQXYCC) It will soon be necessary for brokers to be able to demonstrate the highest quality and lowest costs.

Ease offers integrated insurance data transparency tools that allow users to enter information about the services they’re seeking and their health insurance plan and ultimately identify the average cost of relevant doctors that are within their network.

 

Albinus, Phil. “Brokers build trust with data transparency.” Employee Benefit Adviser, 15 Feb. 2017.< http://bit.ly/2lQXYCC>

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