Product Market Fit
We learned from our interviews with health insurance professionals that:
The current process for determining premiums for a new client with no insight to health history is limited to 5 segments: Age, Location, Tobacco Use (this is the question they can ask), Individual vs. Family, and type of plan. This doesn't allow for estimation accuracy. The limited amount of information the actuary has to determine a person's premium and actual level of risk is the biggest pain point for insurance companies.
What we learned from our interviews with non-group private health care purchases that:
Insurance premiums are expensive and are projected to increase. Individuals are only eligible for discounts or increased benefits if they are below the poverty line. This leaves many Americans struggling to pay for their health insurance.
The current process for determining premiums for a new client with no insight to health history is limited to 5 segments: Age, Location, Tobacco Use (this is the question they can ask), Individual vs. Family, and type of plan. This doesn't allow for estimation accuracy. The limited amount of information the actuary has to determine a person's premium and actual level of risk is the biggest pain point for insurance companies.
What we learned from our interviews with non-group private health care purchases that:
Insurance premiums are expensive and are projected to increase. Individuals are only eligible for discounts or increased benefits if they are below the poverty line. This leaves many Americans struggling to pay for their health insurance.