Highlights of the Case Study:
|Client||Our client is a leading healthcare insurance partner based in Europe.|
|Business Challenge||Our client wanted to gain visibility and insights into the risk profile of its customers.|
|Impact||Quantzig’s healthcare analytical solutions helped the client access required data such as health history and genetically carried-on diseases. This information helped the client create customer risk profiles and successfully plan risk pooling strategies to reduce premium costs.|
Game-Changing Solutions for Health Insurance Industry
Patient health history is subject to a high level of protection to safeguard patient health data from fraud, loss, or cyberattacks and ensure against privacy violations. Considering this, many healthcare payers in the industry have taken a conservative approach to data usage, avoiding use-cases that might raise privacy issues and thus have missed value-creation opportunities.
Quantzig’s healthcare analytics solutions can enable key players to collect essential data points that may get missed during the limited patient-doctor time. These data points can help service providers gain insights to design better solutions. They will also help pharma companies adapt to changing regulations and thus improve pharmacovigilance.
The Challenges of the Healthcare Partner
Our client, a leading healthcare insurance partner based in Europe, wanted to leverage our advanced data and analytics solutions to gain visibility and insights into the risk profile of customers. Our client was facing difficulty in handling and leveraging customer health data. This resulted in various issues such as the following:
- Poor patient engagement
- Security breached during data access
- Considerable investments in setting up contact centers to interact with patients
- Massive amount of funds invested in targeted marketing strategies
- Lack of analytical solutions to perform patient screening and disease profiling
With Quantzig’s advanced data and analytics solutions in the healthcare industry, the client wanted to not only solve their customer troubles rather also leverage actionable insights from their customer health data.
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Data Analytics Solutions for the Healthcare Industry
Quantzig’s healthcare analytical solutions helped the client access required data such as health history and genetically carried-on disease, which it could not access due to limited client interaction. Our intervention helped the client access essential data and develop strategies accordingly. Our big data intelligence and substantial sample sizes helped identify patterns that provided insights on the likelihood of disease risk in individuals based on multiple factors, including lifestyle, consumption habits, genetics, etc. Thus, the client could derive insights into each patient’s progression along common disease trajectories and could plan their health insurance policies accordingly.
Impact Analysis of Quantzig’s Healthcare Analytics Solution
Quantzig could help our client refine and develop strategies based on current and predicted risk profiles with ready access to an end-to-end patient’s medical history and potential threats. Our client could successfully create risk pooling strategies wherein it pooled the risk and allowed a high premium cost to be charged on elevated-risk individuals to offset the low premium cost charged on healthy individuals. This way, the overall premium cost went down, which became a market-winning strategy for our client.
Furthermore, our pharma analytics team categorized customers based on multiple dimensions, enabling the client to develop and customize marketing strategies for each category.
Our data-driven solutions enabled the client to identify substantial risk customers based on potential health risks within their segmented population. This risk evaluation was based on clinically validated data found within patient records. This helped the client to create customized plans for different segments of customers and thus increase conversions.
Before our data-backed insights, which led to more suitable plans, the client had struggled with high patient evaluation and marketing costs, despite which there were almost negligible conversions. As a result of its partnership with Quantzig, the client could significantly reduce structural costs by automating the entire process of client interaction and eliminating the need for contact centers. This led to a decrease in customer acquisition costs and, at the same time, increased the conversion rate.
Broad Perspective on the role of Big Data Analytics Solutions in the Healthcare Industry:
The advent of big data has influenced every industry, but the healthcare payer industry has seen a more substantial impact than others. This is because life science as an industry has firmly incorporated data right from customer medical history to claims information. This information can be leveraged to identify the risk associated with the patients based on their health records. What has changed in the industrial landscape is that patients have started hiding their clinical history, their genetically transferred diseases, etc., and have begun demanding more transparency in their healthcare decisions. These changes in consumer requirements have created tension in the market, which can significantly affect the revenue that the payers generate.
Quantzig’s analytic solutions can help level the playing field and make it more democratic as these solutions can access and evaluate patient data so that insurance companies can provide customized plans. These plans can be designed to address the needs of specific customer segments while reducing consumer expenditure by risk pooling strategies.
Key Takeaways of Healthcare Analytics Solution:
Quantzig’s healthcare analytics solution enabled the client to achieve the following benefits:
- Accurate patient profiling
- Frame customized strategies for multiple customer groups based on risk analysis.
- Higher client conversion rates
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