Despite ACA Uncertainty, Five-Year Connecture Study Shows Americans Becoming More Confident Healthcare Shoppers
Company Scheduled to Unveil Full Results of Consumer Research During Upcoming Webinar on August 10
BROOKFIELD, Wis.— August 9, 2017 — Connecture, Inc. (NASDAQ: CNXR), a provider of web-based information systems used to create health insurance marketplaces, today shared key findings from their consumer survey of more than 8,000 American adults who get health insurance either on their own, through their employer or have Medicare. Specifically, Connecture’s analysis includes data aggregated from annual consumer surveys the company conducted from 2012 to 2017 – before and after the Affordable Care Act (ACA), also known as Obamacare, went into effect. Among compelling results is the growing confidence in consumers across all generations to shop for health insurance online, which has increased threefold since 2012.
“Despite uncertainty around health reform legislation and the confusion most people face when navigating the healthcare system in general, we’re delighted to see the steady growth in the number of Americans using technology, including decision-support tools, to empower themselves and get the health coverage they need,” said Jeff Surges, president and CEO of Connecture. “This kind of confidence and take-charge attitude underscores the true power of technology and transparency, and sends a strong message to those of us in the health insurance industry to keep innovating on behalf of the consumer.”
Key findings from Connecture’s five-year consumer research include:
- Online Shopping Skyrockets: Between 2012 and 2017, the number of Americans who have shopped online for health insurance increased threefold, from 14 percent in 2012 to 42 percent in 2017.
- Consumers Prefer Self-Service Options: In 2017, 56 percent of Americans said they were comfortable shopping for health insurance by themselves ‘with little or no assistance’ from friends, family and others, versus 37 percent in 2012.
- Employer-Sponsored Coverage Reaches New Milestones: Four times as many Americans in the workforce are leveraging online tools to shop for group or employer-sponsored insurance (38 percent in 2017 versus 9.5 percent in 2012), and more Americans like their benefit options offered by their employers with 34 percent feeling ’extremely satisfied’ in 2017 versus 22 percent in 2012.
- Consumers Still Rushing Their Insurance Decisions: Of those with employer-sponsored insurance, 59 percent indicated they would spend ‘no more than 1 hour’ to research and choose their health plan – a short amount of time given the long-term implications this type of decision can have for an individual and their family.
- Consumers Are Price Shopping: While almost 50 percent of Americans stated they are ‘not sure’ what they pay in healthcare costs each month, 80 percent said they would be willing to talk to their doctors about prescription drug alternatives (e.g., therapeutic alternatives) to save money.
Full Set of Research Findings Unveiled During August 10 Webinar
Connecture will discuss their survey findings, including five megatrends in the health insurance market, during their live webinar, “Voice of the Healthcare Consumer,” on Thursday, August 10, at 1pm ET. Register here: http://info.connecture.com/Voice_of_Consumer_Registration.html
Connecture (NASDAQ: CNXR) is a leading web-based consumer shopping, enrollment and retention platform for health insurance distribution. Connecture offers a personalized health insurance shopping experience that recommends the best fit insurance plan based on an individual’s preferences, health status, preferred providers, medications and expected out-of-pocket costs. Connecture’s customers are health insurance marketplace operators, such as health plans, brokers and exchange operators, who must distribute health insurance in a cost-effective manner to a growing number of insured consumers. Connecture’s solutions automate key functions in the health insurance distribution process, allowing its customers to price and present plan options accurately to consumers and efficiently enroll, renew and manage plan members.
Channel Marketing Director for Connecture