Large health insurance company improves retention by 50%

Our client's need

A large health insurance company that served individuals and small groups was experiencing steadily declining retention rates. The most attractive customers were not renewing their policies at an increasing rate. The organization needed to find ways to deliver more value to the most desirable market segment without eroding profitability.

Baker Tilly solution

Baker Tilly was engaged to help innovate the insurance company’s retention offerings and define new growth platforms for the organization. To accomplish this, our firm performed extensive consumer research by conducting over 20 focus groups and surveying over 5,000 individual or small group health insurance customers across the country. The consumer research allowed our specialized team to develop a set of personas that represented the most attractive consumer segments the organization wanted to retain. Once the personas were defined, a growth or retention strategy was defined for each. The strategies were based on the needs expressed during the focus groups and confirmed within the survey results. Specifically, Baker Tilly:

  • Conducted over 20 focus groups with 250 participants
  • Conducted primary consumer research with over 5,000 respondents
  • Created 5 key personas based on the research results
  • Conducted innovation workshops to identify remedies that would align to the persona needs
  • Evaluated each of the remedies for further qualitative and quantitative analysis
  • Performed research of the top remedies to understand consumer reaction and propensity
  • Finalized the remedies and developed “Growth and Retention Platforms” for implementation
  • Developed overall platform implementation roadmap
  • Developed project/initiative charters for the implementation of each growth and retention platform
  • Developed the overall organizational change management plan to ensure organization acceptance and rapid implementation

Results achieved

Executives received deep policy-holder insight from the focus groups and survey data. The company noted an improvement in brand perception and willingness to refer a family member or friend to the organization for their health insurance needs. And, most notably, overall retention of the most desirable segment improved by 50%.