Convergence of health and dental insurance is on the rise, representing a shift for the insurance landscape and a challenge for standalone dental plans. Like all businesses in the insurance sector, dental plans are under immense pressure to innovate, and the accelerated convergence of health and dental plans adds to that pressure. How can dental plans get ahead of convergence and maintain or grow their customer base when competing with much larger, more profitable health plans? For many, the best approach is to join them.
To make themselves attractive candidates for partnering with health plans as convergence accelerates, dental plans need to invest in a solution that meets their customers’ expectations. This holds true whether that customer is a policyholder or a health plan administrator. The integration of health and dental systems needs to be seamless.
Here’s how dental plans can improve their solutions to make themselves more attractive candidates for health plan acquisition and get ahead of convergence:
Design differentiated, digital-first dental plans
Dental plans need to innovate their technology and should consider a technology platform that’s flexible enough to support upgrades or total redesigns of their products. The platform must also integrate with new partners and data sources with ease, without the need for custom coding or workarounds that delay the launch of new products or—worse—fail to function as expected.
Provide a better consumer experience
Health and dental plan members now expect a better, more simplified consumer experience similar to experiences in other industries, like banking or online shopping, with easy-to-use online tools to see their health records or update their coverage. Reimagining consumer experiences by making data more accessible can help dental plans be more attractive candidates for partnering with health plans and get ahead of convergence.
Provide a single-card experience for members with frictionless interactions across quoting, billing and claims
As part of an improved insurance experience, consumers want the convenience of an integrated insurance experience, with medical, dental, vision and related coverage accessed via one portal. Employers and plan administrators want seamless invoicing and billing.
When choosing a partner, health plans will look for dental plans that have already invested in API-first technology. This will enable them to quickly and efficiently collaborate with multiple vendors and data sources. EIS’ cloud-ready and API-first insurance platform frees insurance companies to connect with any partner, anywhere, and reimagine their business models.
Be open and capable of securely sharing customer data to a consolidated customer interface
Consumers and payers aren’t the only ones who benefit from a single-card experience. For clinicians, mobile access to a 360-degree view of the patient—one that captures all healthcare encounters, from diagnostic testing to pharmacy to dental treatment—offers unprecedented opportunities to provide holistic care.
Convergence in insurance will only continue to accelerate. For dental plans, the pressure to innovate, invest and collaborate in the era of convergence has never been stronger. EIS is the first platform to seamlessly support all types of health coverage, including dental, in a single plan. With EIS, you can be prepared for convergence and become the dental plan of the future.
Want to learn more about how EIS can help? Talk to us.