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SOURCE Array Health
Health plans to gain competitive advantage to win and retain business, better understand consumers and tailor products
SEATTLE, Oct. 22, 2013 /PRNewswire/ -- Array Health, a leading provider of private health insurance exchange technology, today announced the next generation of its Array Spectrum™ Member Marketplace, the consumer-facing module of its private exchange solution.
The new Marketplace features Array SmartFit™ decision support technology designed to simplify and humanize the process of buying benefits. With this solution consumers provide feedback to simple statements to indicate their preferences around financial risk, access to providers, prescription needs and more. The Array SmartFit technology uses proprietary algorithms to suggest plans that best map to each individual's values. In addition to simplifying the decision-making process, health plan details are presented using everyday language, not insurance terms, further facilitating the shopping experience.
"We have completely re-engineered our Member Marketplace to ensure the process of buying health insurance is both simple and personal," said Jonathan Rickert, CEO at Array Health. "With Array SmartFit technology, consumers walk away from the shopping process with a high degree of confidence that they have chosen wisely. This consumer satisfaction directly translates into higher sales and member retention for our health plan customers."
Array's SmartFit decision support tool uses a behavioral analysis approach that contrasts greatly with decision making methodologies used by other private exchange technology providers. One such approach requires consumers to filter health plans by terms that many consumers don't understand, such as "co-insurance" or "out-of-pocket expenses." While another subjects consumers to lengthy questionnaires that in many cases pose irrelevant and impersonal questions. Both of these methodologies can lead to sub-optimal product choice or no choice at all, negatively impacting revenue and customer satisfaction.
Exchanges built with Array Health's next generation retail technology will help health plans differentiate their privately branded online marketplaces from less consumer-friendly offerings and ultimately help them attract and retain more customers.
In addition to providing a breakthrough consumer experience, Array Health's new Member Marketplace provides rich data and analytics capabilities that help insurers understand the needs of different demographic segments. With this insight they can hone product design, optimize their sales process and generate incremental revenue by offering relevant ancillary products.
Highmark Health Services, one of the largest health plans in the U.S., will leverage the next generation Member Marketplace to strengthen its MyBenefits defined contribution health insurance platform.
"We first worked with Array Health to develop MyBenefits because we knew how crucial it was to offer employers more predictability in their health care costs while providing their employees and retirees more options in choosing benefits," said Steven Nelson, senior vice president of strategy, product and marketing at Highmark Health Services. "It is important that MyBenefits continues to evolve so that we can provide the best experience for our members. This next generation Member Marketplace will allow us to continue to ensure that our members are making smart benefit decisions that are right for them."
Highmark Health Services plans to implement the next generation Member Marketplace module before the end of the year.
In a survey report released today by Array Health, survey respondents believe that within the next six months 80 percent of health insurers will participate in private insurance exchanges and more than 70 percent will participate in both private and public exchanges. The survey was conducted in late summer among healthcare executives. For more information about the survey findings read today's press release here.
Follow Array Health on Twitter @ArrayHealth.
About Array Health
Array Health is a leading provider of private insurance exchange technology. Its cloud-based software platform enables health plans of any size to power their own branded online exchanges – a strategic channel that helps them compete and thrive in the post health-reform world. With Array's state-of-the-art member marketplace and support for defined contributions, insurers win and retain business by giving employers a way to control costs and members a better way to buy benefits. A pioneer in this area, Array has enabled major insurers to successfully sell health and ancillary products since 2006. It has solved some of the industry's toughest data integration challenges to ensure that it provides not just a dynamic sales platform, but also a fully functional exchange that works seamlessly with existing insurer systems. For more information, visit www.arrayhealth.com.
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