AgileHealthInsurance Report | 2017-05-24
Private health insurance is a "high consideration" purchase for consumers. Monthly premiums have the potential to be expensive, and the wrong coverage can result in uncovered health care expenses or high out-of-pocket costs. Consequently, there is a strong incentive for consumers to shop around for the best available option. In the interest of determining what the public views as adequate comparison shopping, AgileHealthInsurance.com performed a nationwide poll May 15-17, 2017. The survey asked, "When shopping for health insurance online, what is the minimum number of insurance companies you want to compare to be confident that you will make the best selection?" Respondents had the option of selecting one of the following five answers: "One," "Two," "Three" "Four," or "Five or more."
Well over half of respondents (70 percent) desired at least three insurance company options. Combined, only three out of 10 respondents were satisfied with one or two insurance company options.
The most popular answer regarding the minimum number of insurance companies to instill confidence in a selection was three (34.4 percent of respondents selected this answer). The second most popular answer was "Five or more" insurance company options, which attracted 25.4 percent of respondents. For the rest of the answer options, "Four" garnered 10.2 percent of respondents, "Two" attracted 13.7 percent of respondents and "One" captured the remaining 16.2 percent of respondents.
The results of AgileHealthInsurance.com’s nationwide survey shed light on two issues related to health insurance sales. First, consumers have a strong desire for choice when shopping for health insurance. Only 16.2 percent would feel confident they made the best insurance choice if they reviewed only a single health insurer, which is a wake-up call for companies that rely more on brand advertising than competitive product design. Second, for online insurance retailers, a limited online inventory may increase the risk of consumers shopping elsewhere given that the vast majority believe three of more companies are necessary for the best insurance selection.
Results are based on 1,222 responses to a nationwide survey conducted from May 15, 2017, to May 17, 2017. The survey asked respondents, "When shopping for health insurance online, what is the minimum number of insurance companies you want to compare to be confident that you will make the best selection?" Respondents had the option of selecting one of the following five answers: "One," "Two," "Three" "Four," or "Five or more." The answer options were displayed in fixed order across respondents.
The survey was displayed within a network of over 100 different news websites and other content sites. Demographic inferencing and methodology to acquire survey respondents who approximate national statistics on age, gender, income and region was performed by Google-administered technology. Race, education and health insurance status were not examined. Margin of error across survey responses is estimated at +2.6%/-2.5%.