Private exchanges provide consumers with a retail marketplace where they can research, compare and select insurance products. Private exchanges can increase cost transparency, offer highly flexible plan options and make an increasingly complicated process slightly less daunting for both existing and new insurance consumers.
Payers must integrate private exchange solutions into their approach to market segmentation and channel acquisition. Optimity Advisors advocates that payers approach private exchanges as additional channels to support current business and expand new business, and that payers align their private exchange strategies with their public exchanges and broker strategy. Part III of this series outlines Optimity Advisors’ approach to successfully implement a thoughtfully designed, market leading private exchange strategy.
Part III – Outperform: Outlines essential factors, to convert a strategy from paper to practice, necessary for the establishment of a differentiated and market- leading private exchange.
- Core traits of a market leader
- Defined contribution examined
- Additional operational considerations
- Tangible benefits
