New Product Strategy and Implementation

Serving more than 1 million members on the east coast, this insurance company offers health insurance products in every consumer segment as well as providing claims management support for other large payers in the industry. Due to a lack of competitive dental product in the fully insured and self insured markets the organization was limited in its growth potential. Leadership recognized an opportunity to better serve and grow its medical customer base, and looked for options to improve its medical and dental product offerings through; extending ancillary services, simplifying administrative tasks (single bill) and improving member experience (single ID card)

Business Issues:

• The current set of dental products available were not competitive within the market segments they were meant to serve or aligned to the overall organizational goals, did not meet the needs of the various member groups and created confusion both in the marketplace and internally
• An opportunity existed to improve the employer and member experience when engaging with the organization and their physicians, respectively

Actions:

• Lead and execute two critical work streams that set the stage for a successful implementation
• Generate a Pro Forma financial model to understand the revenue potential by division, balanced with the investment required to drive the capture of market share
• Create a master implementation plan that sequences the key activities needed to be in place over the next 90 days

Results:

• Generated momentum to a project that had struggled to gain traction
• Created clarity in Revenue opportunities and investment costs required, to launch a competitive product and gain market share, showing a cumulative net benefit of $13MM in over 5 years
• Enhanced understanding of internal and external growth drivers
• Identified standard process opportunities to streamline the Large Group underwriting functions