• Insurance coverage concept

    Number of Uninsured Americans Presents New Opportunities for Insurers

    • Vision Sensors Magazine
    • In Vision
    • 3 April 2018

    The number of uninsured people of all ages in the U.S. between January and September 2017 stayed the same compared to 2016, based on a National Center for Health Statistics report.

    Despite a separate study showing that Americans spend significantly on healthcare, the report showed that there were 19.7 million more Americans without any insurance in 2017 than in 2010.

    Marketing strategies

    The unchanged number last year presents opportunities for insurance companies to tap into a market of people without health coverage. However, the challenge of luring new customers often begins with catching their attention. For instance, your insurance prospecting letters’ template should be good enough to convince people to sign up for your offer.

    In some cases, they may even decide to make the switch if what you offer seems a better choice than their existing coverage. If your target market ranges from people between 18 and 64 years old, those who had no public or private insurance comprised almost 13% of this age group in the first nine months of last year.

    Healthcare spending

    Americans’ healthcare spending in 2016 amounted to $9,400 per capita, which gives insurance companies an estimate on just how much people were willing to spend on taking care of their health. Overall, healthcare expenses accounted for 17.8% of the country’s economy in the same year.

    This percentage represented almost twice the average amount spent on healthcare compared to other wealthy counties such as Australia, Canada, and Japan. Aside from insurance, Americans spent more than $1,400 on prescription medicine versus the average of $750 on other developed countries.

    Insurance companies need to be more assertive when planning their marketing strategies to broaden their customer bases. If done right, there is a high chance of enlisting new members under your coverage. How do you promote your services to prospective clients?