Sean Khozin, MD, MPH

Consumers shopping for health insurance today face more choice, complexity, and financial exposure than ever before. In an increasingly uncertain world, what they are really seeking is peace of mind in their choices. Insurers that address the emotional needs and biases embedded in the typical consumer’s behavior will be successful in creating and distributing effective products, earning the consumers’ trust, providing a more satisfying shopping experience, and, ultimately, helping consumers better manage their health. The McKinsey Quarterly

Insurance companies continue to be profitable not because they have extraordinary products but because of how they’ve positioned themselves. Unrivaled as an industry, they’ve enjoyed a comfortable share of a very large market but consumers today are more sophisticated and have evolving needs that must be met. Ignoring these needs can make the health insurance industry unstable and irrelevant as providers begin to come up with innovative ways of connecting directly with patients and the new administration increases efforts to expand its control over the flow of healthcare dollars.