Improving Choice in Health Insurance
Healthcare spending in the United States comprises sixteen percent of gross domestic product. Since 2000, business healthcare premiums have risen at five times the rate of inflation. Healthcare insurers can help control escalating  health insurance costs through faster introduction of effective healthcare options. Using Selectica’s enterprise connectors, marketing, regulatory, actuarial, underwriting data is fed to the Selectica modeler, shortening the product review and approval process.

Efficient Healthcare Administration
Compared to similar countries, the United States spends six times more per capita on healthcare administration. Selectica configurators streamline the complexities of the underwriting process to lower administrative costs and improve speed-to-market. For instance, an insurer can indefinitely preserve domain knowledge through the Selectica rules engine. Ratings and actuarial algorithms developed in Java or Javascript can automatically update risk and premiums. Products are quickly reconfigured simply by updating the underlying data, and without programmer recoding or testing.

Increasing Healthcare Transparency
Through state regulation or trade associations, hospitals in Tennessee, Maryland, Texas and Minnesota are publishing their prices online. This increases pressure on hospitals and their physician contractors to collaborate on providing accurate records of procedures and documentation of the actual costs incurred. Hospital bills are notoriously inaccurate. Pricing and protocols can be better quoted and adhered to through Selectica configurator software and appropriate material and service models.

Opportunity for Responsiveness
Health insurance is a complex product. U.S. healthcare costs are rising due to expensive diagnostic testing and treatment options, but customers are forced to choose based on price, which often differ only by the amount of the deductible.  Selectica configurators expedite modeling of new product bundles for specific groups of policyholders, including generic drug reimbursement, vision care, and standard treatment options that can offer important cost advantages to policyholders and insurers.

If you would like to learn more about Selectica and/or see a demonstration of Selectica’s configuration and pricing software solution for the health insurance industry, please contact one of our configuration and pricing experts by clicking here.