the changing landscape of the health insurance market (2010)
TRANSCRIPT
The Changing Landscape of the Health Insurance MarketAetna AARP Agent Advisory Council
San Antonio, Nov. 8, 2010
By Rey Villar, Norvax/GoHealth
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
Luck is what happens when preparation meets opportunity.
- Seneca
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
The New Landscape
• Turbulence• Fear• Pressure• Powerlessness
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
ACA Isn’t the Real Problem to Fear
What happened to…
• Travel agents?• Mortgage
brokers?• Real estate
agents?
The Internet happened!
Nine out of every 10 individual health insurance plan sold in 2011 will be initiated or completed online.
- Celent Research, 2008
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
US Individual Health Insurance Policies Sold (2007 – 2011)
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
Google Search Volume by Keyword (Avg. US monthly searches, 2010)
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
• “Medicare”: 1,830,000• “Medicare Advantage” and
“Medigap”: 74,000 • “Health Insurance Exchange”:
3,600• “Health Insurance”: 3,350,000• “Health Insurance Quotes”:
201,000• “Affordable Health Insurance”:
135,000
Visits to Health Insurance Sites Declining, but Visits to Insurance Info Sites Increasing
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
Luck is what happens when preparation meets opportunity.
- Seneca
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
Opportunity is here!
Let’s look at some numbers...
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
17 Million
currently in individual health insurance market
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
17 Millioncurrently in individual health insurance market
30 Millionmore once guaranteed issue arrives
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
17 Millioncurrently in individual health insurance market
30 Millionmore once guaranteed issue arrives
15 millionwill qualify for subsidies
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
17 Millioncurrently in individual health insurance market
30 Millionmore once guaranteed issue arrives
15 Millionmore health insurance shoppers will now be looking
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
17 Millioncurrently in individual health insurance market
15 millionmore health insurance shoppers will now be looking
32 Million!Your individual market just doubled
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
32 Millionprevious + new additions to market
51 Million currently in small group market
Estimate 25% leakage into exchanges
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
32 Millionprevious + new additions to market
+13 Millionleakage from group to individual health insurance market
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
45 Million!
Projected market size of individual health insurance market
4 Keys to Survival in the New Health Insurance Landscape
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
• Greater Efficiency
• Higher Productivity
• Diversified Offering
• Online Marketing
Success-Oriented Toolbox
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
• Greater Efficiency• Quoting tool• E-applications
• Higher Productivity• Email autoresponders• Desktop sharing
• Diversified Offering• Ancillary products• Presentation framework
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
Do you want fries with that?
Diversified Offering
LinkedIn: #reynaldovillar | Twitter: @reyvillar | Slideshare: slideshare.net/reyvillar
How will you be helping health insurance shoppers?
• Life insurance• Critical illness• Accident• Annuities• Property and casualty