Optimizing Open Enrollment Period for MostAdvanced Health Insurance Marketplace Portal
Introduction to the Client:
Our client is a leading insurance marketplace that offers a wide range of ACA health insurance plans to individuals and families across the country. With the Open Enrollment Period (OEP) approaching, the client aimed to streamline its processes, improve customer engagement, and drive higher enrollment numbers.
The Challenge:
The client aimed to identify potential markets based on digital growth, competition, and ROI.
The Strategy:
The strategy was to streamline all the processes involved in creating a multi-marketing campaign that drives more sales during the SEP and OEP. Digital Next created a phased plan:
30-day plan: The goal was to craft brand identity.
60-day plan: Identifying the market based on GDP, Digital Growth, and competition.
90-day plan: Identify critical roles such as hiring and plugging missing key roles like sales.
The Solution:
To address these challenges and optimize the SEP and OEP for the insurance marketplace, our team devised a comprehensive strategy:
- We tested multiple strategies across various platforms and ran campaigns predominantly on popular social media platforms, collaborating with the Affinity marketing team to tap into the offline market.
- We targeted channel mapping, which involved multichannel digital marketing.
- We developed a user-friendly spending and performance monitoring tool that allowed the marketing team to make real-time decisions based on performance projected at the end of the day. It greatly assisted the team in redistributing the budget, pausing/starting campaigns, and making real-time bid adjustments.
- The marketing team is developing an in-house portal that addresses the challenges in the current creative management workflow. This portal includes various features that aim to resolve all the pain points in the current process.
- We enhanced the portal s ability to analyze vendor performance by leveraging historical data. The tool also enables reallocating vendor budgets and optimizing sales and CPA. The underlying model is tailored to optimization needs, focusing on two key parameters: increasing sales volume while concurrently reducing CPA within a specified daily budget.
- We launched a targeted marketing campaign across various channels, including social media, email, and digital advertising. This campaign highlighted the benefits of enrolling during the SEP and OEP, emphasized the ease of use of the new tools, and encouraged customers to act
The Business Outcome:
The implementation of our strategy resulted in significant improvements for the insurance marketplace:
- The streamlined plan comparison tool and personalized recommendations led to 6,791 enrollments, which resulted in a $231 CPA (Cost per acquisition) increase for the SEP period from an increase in enrollment numbers during the initial stage of the team formation.
- In our first OEP, from November 2023 to January 2024, the sales were 43,313, and the CPA was $103
- We created a successful campaign for missed-out customers using various templates, launch timings, and customer segments. We had 754 sales with a CAC (Customer Acquisition Cost) of $9
Conclusion
By partnering with our team and implementing a tailored strategy, the insurance marketplace overcame its OEP challenges and achieved remarkable results. The combination of a user-friendly plan comparison tool, personalized recommendations, enhanced user experience, and targeted marketing campaign proved to be a winning formula. As the marketplace continues to grow and evolve, these improvements have set a strong foundation for future success in the competitive insurance industry
Digital Next: Driving Success in Insurance Marketplace Optimization
Need help optimizing your insurance marketplace for maximum results? Look no further than Digital Next. Our proven strategies, innovative tools, and personalized approach will elevate your OEP and increase enrollment numbers. Contact us today to get started!
