Episode 27: Analytics in the Health Insurance Industry

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Episode 27: Analytics in the Health Insurance Industry

Guest: Ryan McKinney

If you heard that profit margins in the health insurance industry can be as low as 3%, would you be surprised? Much as consumers like to complain about health insurers, let’s also give them their due because they are in a difficult business!

In this week’s podcast, Ryan McKInney educates us on how the health insurance industry works. In the simplest terms, it’s about expanding membership, controlling medical costs and managing cash. Complexity comes from all the things that the insurer has limited control over like regulations, unpredictable claim schedules and the increasing cost of medical care.

The good news is that there is a lot of potential for health insurers to deploy analytics technologies across all areas of their businesses and increase efficiency, improve quality of service, boost preventative care and negotiate better rates with providers. In this wide-ranging conversation, we touch on several valuable use cases for analytics, and finish up with some good advice on how a health insurer (or any other business) can get started on their analytics journey!

This episode is brought to you by QueBIT experts in analytics.