Over the last few years, the government has exerted more control on the insurance industry by controlling premium rates meaning the industry has become less competitive on pricing. In addition to this, through Obamacare, the government has set requirements for healthcare insurers which have significantly reduced their medical loss ratio Dinan 396.
The second factor that affects the degree of competitiveness of the industry is the number of companies operating in the industry. This has been the major reason for the hundreds of mergers in the industry since this is the major driving factor for changes in market share. The last factor is government-provided health insurance. The government provides insurance plans which create significant competition for the private companies Vanness and Wolfe 101()
The productivity measures that can be developed are the number of health insurance consumers, average cost of providing medical cover and price of health insurance premiums. The number of consumers shows the customer base and changes in demand for health insurance while the average cost of providing medical cover shows any cost savings that can be done. The last factor which is pricing shows the evolution of the industry and how it affects profits and the cost of health insurance cover for consumers.
Pricing strategy of competitors
The health care industry in general is based on value-based competition since as earlier discussed pricing does not play a major role in influencing the market share of a company. The quality of premiums provided and any improvements in client processes of claims are the major factors that influence consumer demand and lead to increased consumer satisfaction. Rivers and Glover (634)
argue that each of the consumers in the health insurance industry is not concerned on price only. They are also concerned...
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