When the pandemic shutdowns first began, countless businesses scrambled to adapt. Some companies shuttered their doors temporarily, some permanently. Others quickly shifted to adopt new methods of customer engagement, as the restaurant industry did to transition to delivery and pickup services. The health insurance industry was equally impacted, maybe with even more complex concerns than most. And how providers met these new economic, affordability, and health challenges required more comprehensive solutions than the corner pizzeria.
Health plan providers had their “hands” full. Members were now wondering if their plans would cover hospitalizations or treatments for COVID-19. In addition, they were canceling their routine mammograms and annual physicals because of exposure risks in the doctor’s office setting. And with thousands of healthcare providers transitioning to telehealth services, members sought insurance coverages.
One key lesson that health insurance providers learned through these turbulent last two years, it’s that being flexible and dynamic translates to success or failure. As a result, digital upgrades and enhancements to improve various levels of member engagement are paramount. And the need for composable shopping solutions grows. So, looking back at lessons learned and well into the future for better preparedness, here are three reasons to switch your model to a composable shopping solution.
1. Composable Shopping Solutions Are a Natural Digital Progression
The Gartner Board of Directors 2021 survey showed 69 percent of corporate directors want to accelerate their digital strategies. For some, it means facing a digital overhaul altogether. For others who have already begun digital model transitioning, it means scaling what they already have. The composable shopping solution, representing the building blocks of digital advancement, is the natural progression of this virtual movement.
Composable shopping solutions can be broken down into three pillars, as building blocks and almost puzzle pieces that fit together for a better quality service.
Composable Business Architecture
The architecture capabilities provide a business with the necessary mechanisms in building a strong foundation. The architecting process begins with understanding what an organization’s goals are and then determining how best to achieve them while considering the constraints imposed by other architectures in place within an organization. Understanding these factors will help organizations develop a more robust architecture plan which will lead to the successful execution of projects and desired outcomes for all stakeholders involved.
Composable technologies refer to an approach of product design goals that leverage the many benefits and features of changing technology. This approach can be applied to health care, which will enable providers to give patients access to better services at more affordable costs. As seen from this example, composable solutions are an innovative way for healthcare and health insurance companies to get ahead in their industry by adapting quickly with the times while providing quality service.
When you hear about composable thinking, it means design principles. These are the composable guidelines your company uses to approach concepts, development, strategies, and timing implementation. These are the principles your company uses to come up with solutions for better provider service. And it’s the lens company leaders look through when problem-solving.
2. Composable Shopping Solutions Lead to Company Resilience
Your company can only achieve goals, scale, and make a difference if the model itself is healthy. The pandemic demonstrated quickly that thousands of businesses weren’t ready for a digital transition in a touchless environment. Composable shopping solutions represent a better way to face any similar unknown dynamics in terms of the needed stability to sustain changes.
Your CIOs and IT Leaders Need It
Today, many CIOs and IT leaders who use composability will tell you it’s the only way to sustain during economic shifts. Enterprises can remain resilient because digital departments have the components in place to support new tech, upgrades, and improvements.
Composable Shopping Solutions Reduce Vulnerabilities
The pandemic, in a way, was a switch turning on the light in a dark closet. Every business vulnerability, from user experience to customer data management, was in full view. Adopting the composable solution allowed businesses to close those vulnerability gaps in real-time and continue to remain viable when so many were struggling.
Preparing for Multiple Economic Futures
Company leaders understand that good business practices include capitalizing on today’s economy, as well as preparing for future economies. And while some customer preferences or industry trends can be predictable, there will be plenty of unknowns on the road ahead you won’t see coming. The composable shopping solution, complete with its modular foundation, guidelines, and execution, will ensure your company is ready for any future dynamics. The pandemic proves that literally, anything can happen.
3. The Perfect Step for Health Insurance Providers
Health insurance providers felt the pressures of the pandemic like other industries. However, your business model likely faced additional challenges. The composable shopping solution is proving to be the ideal step forward, as the perfect way to handle the provider industry’s most challenging obstacles.
Health Plans Need to Be Able to Change Engagement
Engagement strategies, both with members and healthcare professionals, have to be seamless and friction-free. Having a modular infrastructure for your platform means having the flexibility to make improvements to engagement ongoing and as needed.
Health Plans Require Better Data Management
Interoperability is a priority for the health insurance industry. How you share and manage member data will ultimately determine your ability to grow. In addition, as the interoperability landscape improves, you’ll want to be ready to quickly implement new technologies and systems. All of which will be an efficient transition with a composable model.
Health Plans Aren’t Out of the Pandemic Woods Yet
The public health emergency declarations may be over. However, the pandemic isn’t in the rearview mirror yet for health insurance providers. There are unknown long-term effects to face, continued member affordability constraints, and ever-changing government mandates. The composable shopping solution can help position providers to face these future shifts and challenges without missing a beat.
Composable shopping solutions will allow health insurance providers to remain dynamic and flexible with plan offerings, member engagement, and overall data management. And if you need help transitioning your business model, W3LL can help analyze your current platform and help carve out new strategies that embrace the composable model.
|With nearly two decades in health insurance, Pete English’s diverse experience makes him uniquely qualified to help health plans and brokers leverage innovative technology in partnership with W3LL. From growing sales staff by 126% over 4 years at a large health plan, to building his own health insurance brokerage firm from scratch with over $7.2MM in annualized premium, Pete has done it all.