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Members are now more involved in healthcare decision-making and, as a result, expect more from organizations throughout the healthcare industry. The shift in customer expectations presents a great opportunity for payers; payers now have the chance to collect more data than they have before. This data can provide invaluable insights to marketing teams and accelerate the sales cycle, but to do this, payers have to implement data-driven marketing.
According to NewVantage Partners, only 24% of companies have created a data-driven organization. As many payers rely on external vendors to manage their data or are still using legacy architecture, they face significant challenges. These common challenges can be categorized into six key areas, including:
- Manual Account Management: Manual business process management and a lack of automation in managing renewals, group policies, broker incentives, etc. increasing the effort needed for each task and the propensity to make errors.
- Internalized Process Knowledge: Lack of process knowledge management leading to inconsistent processing and performance measurement
- Legacy Application Ecosystem: Lack of connected architecture limiting growth possibilities in the dynamic and competitive marketplace
- Operational Inefficiencies: Siloed processes and data across departments, resulting in inefficiencies in coordination, manual and delayed lead generation, and renewal processing
- Poor Customer Experience: Existing applications and tools do not provide operational efficiencies to set up successful cross-selling or up-selling
- Data Disparity: Data silos, lack of single source of truth, data inconsistencies across systems, and manual data processing causing increased data workload, lack of insights, inaccurate reporting, and inefficient decision-making
Because of these challenges, payers are unable to access insights in real-time to launch targeted marketing campaigns, causing them to miss out on nurture opportunities that can help close future sales.
By building a marketing data store, payers can access the data they need, derive meaningful insights, and launch personalized campaigns that resonate with current and potential members.
Download the white paper to learn:
- Key benefits from implementing a data-driven marketing solution
- What payers can do to ensure success
- How other healthcare organizations are using data and technological advancements to transform their businesses