Quad/Graphics, Inc. (NYSE: QUAD), a global marketing experience company, has developed a specialized attitudinal model that helps health insurers drive deeper connections with consumers while reducing the costs to acquire and serve members.
The model is based on nationally representative, primary research about what consumers value most from their health insurance. The research, which is detailed in Quad’s new report, “Tapping the Power of Consumer Attitudes,” uncovered three distinct segments for consumer attitudes.
– The Utility First group most highly values a plan’s more basic administrative services.
– Those in the Easy Access segment look first for access to information and tools that make information readily available.
– And consumers in the Care Help cluster prioritize guidance and support from a health insurer.
Using the model to predict into which segment consumers fall can illuminate new and powerful insights for more targeted, more effective marketing and care-management campaigns. With insurance companies and others in the healthcare industry expected to spend $19.7 billion in U.S. advertising in 2024 alone1, this approach can boost enrollment and lower both marketing and business costs.
“Marketers know segmentation is critical, but relying solely on traditional inputs like demographics, response or conversion just isn’t enough in today’s oversaturated marketplace,” said Jennifer Hickman, Head of Strategy for Health at Quad.
”Quad’s predictive model adds a new dimension to personalized, health insurance marketing,” Hickman continued “We can now create much more direct consumer connections by precisely aligning health insurance marketing messages – and even customer service scripts and product development – with what consumers have told us matters most to them. Those consumer connections can convert to lower marketing costs for customer acquisition and retention, and they can even lower business costs for providing services and care.”
In a rigorous survey process, Quad Analytics conducted and analyzed primary research among approximately 3,000 adults, ages 22 to 75, across the United States.
The survey asked respondents to rate the features and benefits they most value from their health insurance plans, such as “easy-to-use app to look up in-network providers,” “pay claims quickly” and “access to doctor or nurse via video conference (telemedicine).” They also were asked which features, if eliminated, would cause them to switch plans and to rate their current provider on these same attributes.
“Uncovering data and trends that underpin smart marketing requires excellence in intelligence and analytics,” said Earl Potter, Senior Vice President of Media Analytics at Quad. “In this case, the specialized study we conducted turned up a truly unique way of thinking about marketing, especially for the health vertical. The deeper audience insights that are possible from Quad’s new attitudinal model are a game-changer for driving more engagement, optimizing messaging and improving cost efficiency.”
Quad’s predictive model helps health insurance companies by scoring member or prospect files to determine into which of the three attitudinal segment customers fall. For marketers, messaging and imagery can then be personalized to reflect the plan attributes most highly valued by each customer segment. Quad’s methodology can be repeated for other health subsectors.
For more such updates, follow us on Google News Martech News