c2b solutions & PatientBond Presenting at Consumer Experience and Retention Summit
c2b solutions and PatientBond have partnered in a joint presentation at the 7th Annual Insurer’s Consumer Experience and Retention Summit, held by the World Health Care Congress September 17-18, 2015, at the Hilton Boston Logan. The title of this presentation is “Retain Exchange Members and Improve Re-Enrollment by Using Psychographic Segmentation and Personalized Communication.”
Helping Insurers Help Their Members
Health insurance companies are entering into open enrollment season, and those that focus on member engagement, acquisition and loyalty via the health insurance exchanges are adjusting to a stronger sense of healthcare consumerism. Succeeding on the exchanges requires a B2C acumen, something managed care organizations have not historically had to wield when negotiating for populations with employers and other payers.
A one-size-fits-all approach to consumers (current or prospective members) will not produce optimal results for an insurer. Different consumers have unique motivations, priorities and communication preferences, so insurers need to take a page from the playbook of leading retailers and consumer products companies and leverage healthcare consumer insights to guide their strategies and tactics.
c2b solutions will share its healthcare consumer insights regarding health insurance and the differing needs among psychographic segments at the 7th Annual Insurer’s Consumer Experience and Retention Summit. PatientBond will be demonstrating how its automated member outreach software can customize a health insurance company’s messaging and communications vehicles (e.g., email, texts/SMS, voicemail, etc.) to each member’s psychographic profile.
These joint capabilities can help health insurance companies better engage members in ways that are consistent with these consumers’ preferences. In so doing, a health insurance company can help its members understand their benefits and activate them toward better health behaviors.
Psychographic Insights to Action
Psychographics pertain to consumers’ values, attitudes, lifestyles and personalities. Psychographic segmentation groups consumers according to these shared traits. c2b solutions has developed a psychographic segmentation model focused on consumers’ approaches to health and wellness, and is 91.1% predictive as to which segment a consumer belongs. This “4th generation model” is an evolution of three previous models the founders of c2b solutions developed while in their previous careers at P&G.
While psychographic segmentation can tap into consumers’ hardwired motivations, such models can be challenging to develop and implement:
- Psychographic segmentation models are difficult and expensive to develop, and have a relatively high failure rate in terms of predictability – anything over 50% is good and 75% is a gold standard.
- When an organization does develop a psychographic segmentation model, it often becomes an academic exercise when the organization fails to implement it in a practical way.
Targeting consumers from a database is relatively easy when it comes to using demographic or behavioral segmentation; however, two people in the same demographic group may not think alike, and two people may exhibit similar behaviors but the motivations behind such behavior are different. Thus, messaging must be different for each consumer type. This is where psychographic segmentation comes in. The challenge is identifying consumers in a database according to their psychographic segment and tailoring messaging to these preferences.
PatientBond does this. Using c2b solutions’ insights and psychographic model, it engages patients and insurance members in the most persuasive ways across a variety of subjects:
- Appointment reminders
- Medication adherence
- …plus many more applications
PatientBond is highly configurable and can be integrated into most EMR/EHR systems and databases. It can simply and efficiently automate outbound communications across millions of consumers.
Featured on Worldwide Business with kathy ireland®
c2b solutions was recently interviewed on Worldwide Business with kathy ireland® regarding its insights and capabilities, and the founders of c2b solutions described how these insights are used by PatientBond to optimize consumer engagement and activation.
The interview is a nice preface to the joint c2b/PatientBond presentation to be given at the 7th Annual Insurer’s Consumer Experience and Retention Summit, and it can be viewed here:
Download a Brochure for the Summit
For further details on the 7th Annual Insurer’s Consumer Experience and Retention Summit, the following link allows one to download a pdf brochure that provides logistics, speakers and sponsors of the event:
This promises to be a valuable forum for anyone interested in consumer experience and member retention. We hope to see you there!