So Many Private Exchange Questions. Finally, Some Answers.
We are pleased to share an excerpt from this article about our Private Exchange Research Council (PERC) initiative, bylined by our CEO and Co-founder Ashok Subramanian, which appears as the lead story in today’s Institute of HealthCare Consumerism’s (IHC) HealthCare Exchange Solutions newsletter:
How do employees shop for benefits in an environment of choice? Are they making smart decisions for themselves?
With the latest statistics pointing to the number of people enrolled on a private exchange for benefits selection having doubled for the past year’s enrollment, the answers to these and other questions are becoming increasingly necessary for the industry to understand.1 That’s why Liazon, as one of the longest-standing private exchange providers in the space, has joined forces with several of our broker partners and other researchers and experts to form a think tank to analyze and share findings that will truly move the industry forward.
Launched last month, the Private Exchange Research Council (PERC) was formed to gather insights from the rich data that we have acquired working with nearly 1,000 employer clients and will develop unique insights about consumer behavior on a private exchange to address such questions as:
- What are people buying when presented with choice in an exchange environment?
- Are people buying enough coverage, and the right types of coverage, to provide themselves with adequate financial protection?
- What factors (demographic, behavioral, geographic) affect these buying patterns?
- How does the amount of employer contribution influence buying behavior?
- How do recommendations and access to educational materials affect buying decisions?
- How do people’s choices in an exchange environment change over time?
The data garnered through PERC promises to have value not just for the benefits industry, but for behavioral scientists, economists and thought leaders in consumer behavior and decision making.