The problem
- To develop its own health advocacy program, a major insurance carrier needed to benchmark competitive programs in the market.
- The market considered the client’s programs strong, but pricey
- The client was not familiar with competitive offerings
- The client required a benchmark of competitive products, pricing, and customer value
![Insurance Finance Competitive Benchmarking Best Practices Figure 1](/imager/assets/Images/Insights/Case-Study-Figures/5310/Insurance-Finance-Competitive-Benchmarking-Best-Practices-Figure-1_09b61439cd4f52dac80d9a976d6c3624.webp 600w, /imager/assets/Images/Insights/Case-Study-Figures/5310/Insurance-Finance-Competitive-Benchmarking-Best-Practices-Figure-1_7ed834ed2237097f2daebe8461e79838.webp 1200w, /imager/assets/Images/Insights/Case-Study-Figures/5310/Insurance-Finance-Competitive-Benchmarking-Best-Practices-Figure-1_7d7c8539f8e856577a75b214bb727609.webp 2400w)
nxtMOVE interviewed consultants, large employer groups, and health insurers to develop benchmarks for the client’s program
The approach
![Insurance Finance Competitive Benchmarking Best Practices Figure 2](/imager/assets/Images/Insights/Case-Study-Figures/5314/Insurance-Finance-Competitive-Benchmarking-Best-Practices-Figure-2_f08159d14c3adc955e0fa822d6a37cda.webp 600w, /imager/assets/Images/Insights/Case-Study-Figures/5314/Insurance-Finance-Competitive-Benchmarking-Best-Practices-Figure-2_177af6285166ac36a993a55188ef3a61.webp 1200w, /imager/assets/Images/Insights/Case-Study-Figures/5314/Insurance-Finance-Competitive-Benchmarking-Best-Practices-Figure-2_52133beee7aad5809bf13c4a3368dbdc.webp 2400w)
The results
![Insurance Finance Competitive Benchmarking Best Practices Figure 3](/imager/assets/Images/Insights/Case-Study-Figures/5319/Insurance-Finance-Competitive-Benchmarking-Best-Practices-Figure-3_87556a98b80e05ebee9b402c850b8952.webp 600w, /imager/assets/Images/Insights/Case-Study-Figures/5319/Insurance-Finance-Competitive-Benchmarking-Best-Practices-Figure-3_959be9b93e080fe9eb89aae589459e23.webp 1200w, /imager/assets/Images/Insights/Case-Study-Figures/5319/Insurance-Finance-Competitive-Benchmarking-Best-Practices-Figure-3_b463a85b3b191f6735a0be44101bbc64.webp 2400w)