Executive Search Firm News - President's Insurance Agenda Impact

President’s agenda to impact insurance, financial markets

President Bush’s recent State of the Union address outlined three vital themes for the nation’s health care that could have a significant impact on health insurers and financial services firms, management consulting firm DiamondCluster International cautions executives in both industries.

The three areas of concern for insurance executives, health care executives and financial services executives are health insurance portability, health savings accounts and association plans and broader use of electronic health care records, notes DiamondCluster’s “Winners and Losers at Healthcare’s Last Frontier.”

“In 2005 health care spending was 16 percent of U.S. Gross Domestic Product and that percentage will only increase as the Baby Boomer generation ages,” said Patricia O’Brien, M.D., who leads DiamondCluster's health care industry practice. “While the administration’s proposals seek to address that problem by making health care more affordable, they also create challenges and opportunities that insurers ignore at their own risk.”

Aamer Baig, a partner in DiamondCluster's financial services practice added: “Financial services firms are being presented with the opportunity to be in middle of the health care equation by providing services through health savings accounts. But while there’s opportunity there, capturing a profitable position will also require significant upfront investments in technology and process improvements.”

“The President’s proposal implies price controls by forcing insurers to continue to provide coverage, regardless of whether an individual becomes chronically ill,” O’Brien noted in the report. “We would expect the effect of this change to be higher premiums for group policies. Portability may also increase an insurer’s administrative costs by changing the way they manage member records and plan pricing. And it may well require new technology investment to manage relationships with members as they move from job to job, or state to state.”

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