U.S. Individual Healthcare Premiums: Time to Transform the Payment Experience

It is incumbent on every health plan to make its digital transformation in payments a success, according to the latest Aite Group report.

Boston, August 29, 2019  — Health plans are well down the path of executing digital transformation strategies that automate processes. But despite growth in the individual market, health plans are not prioritizing their premium payment experience. In this new retail-oriented normal, health plans lacking a consumer-friendly payment process risk mitigating the benefits gained from digitally transforming other pieces of their front and back office. Aite Group’s new report, U.S. Individual Healthcare Premiums: Time to Transform the Payment Experience, offers insights into consumers’ premium payment behaviors and identifies digital payment tools that could improve the overall payment experience.

“What is happening in the individual market should not be drowned out by the noise of uncertain policy decisions on ACA,” states Michael Trilli, research director at Aite Group. “This market is churning and will only get stronger, meaning the time is now for insurers to go on the offensive and digitally transform the premium payment experience,” he explains.

This report provides business-case support for strategy, product, and marketing executives at health plans and payments companies responsible for the healthcare payment experience at their firms. It is based on a Q3 2018 Aite Group online survey of 2,425 U.S. consumers, 777 of which purchased a health insurance plan directly from a health plan and paid a health insurance bill, or premium, directly to that plan. 

To request a press copy of this report or to speak with Michael Trilli about this topic, please contact us at [email protected].

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

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