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BCG: How health insurers can capitalise on a changing global market

Executive summary :

Even before the COVID-19 crisis hit, health insurers worldwide were struggling to keep pace with extremely rapid changes in the industry, including tighter integration into health care value chains, new technologies and geographic markets, and the shift to value-based care.

 The Digital Insurer reviews BCG’s Report on HOW HEALTH INSURERS CAN CAPITALIZE ON A CHANGING GLOBAL MARKET

Healthcare is changing rapidly

Pandemic: disruption and opportunities

The pandemic presents a far more immediate disruption, but one that will ultimately end. Moreover, it could actually present opportunities for insurers that have a strong market position and are willing to be bold.

We believe that success in the current environment requires that insurers understand the key trends reshaping the industry and then make strategic choices about how— and, equally important, where—to operate.

Given the potential for reduced valuations, aggressive M&A could be a means to make faster progress in reshaping the portfolio and building key capabilities. Payers that can keep pace with rapid evolution in the industry will strike the rare balance of increasing revenue as well as customer satisfaction. Those that don’t will see the odds tip against them, possibly for good.

Five key areas

As significant as the changes in the industry have been over the past two decades, the future will see far more changes—and at an accelerating pace. BCG believes there are five areas that will experience large scale shifts to create both challenges and opportunities for insurers.

They are:

  • Changing demographics;
  • Digital, data and analysis;
  • Consumerism;
  • The shift to value based care; and
  • Disruption from new market entrants.

 

See the full report for more…

Link to Full Article:: click here

Link to Source:: click here

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