Why Companies Need to Innovate on Behalf of the Consumer
by Christian Kunkel March 5, 2021
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Innovation is becoming a key competitive battleground in nearly every business sector. Because consumers expect the next thing to be the next big thing—and when it isn’t, they don’t hide their frustration. In a Deloitte 2020 survey of health and pharma company leaders, respondents ranked “changes in consumer behavior and attitudes” as the top issue that will have the greatest impact on their company in the next year.
For example, American consumers are more likely to use new technology to refill their prescriptions versus an in-person visit at a pharmacy. And in other research done by Deloitte, consumers are even more likely to share their health and financial data if it will improve their overall care.
What these studies and new trends tell us is that in a competitive marketplace like the insurance and healthcare industry, consumer behavior is rapidly changing the way companies are building products.
Consumer behavior is driving strategic planning
Consumers are no longer passive participants when it comes to their health – in fact, they are demanding more transparency, convenience and access to new tools and technology. And when it comes to their insurance benefits, companies must be prepared to deal with a more demanding and sophisticated consumer – one that expects a personalized and transparent buying experience.
Personalization is everywhere (from entertainment to financial products), so it makes sense why consumers want more from their healthcare and benefits. According to Accenture, 71% of consumers say they are for “living profiles” with detailed and personal information if companies use those profiles to improve the buying experience.
Innovation helps companies differentiate themselves
Nearly half of Americans agree that growth in technology has been the biggest improvement to life in the past 50 years, and, as a result, companies that embrace innovation tend to outperform their competition.
At its core, innovation is about doing something differently from everyone else operating in your space – and at the same time, delivering value to your customers.
The potential for growth is likely the reason that, in a survey conducted by The Boston Consulting Group, 79 percent of surveyed executives claimed innovation ranked among their top three business initiatives. These companies continue to grow while staying one step ahead of the competition because they value the positive impact of innovation.
How consumer-driven solutions will help companies bridge the gap
When it comes to their benefits, American workers face an uphill battle – in fact, 1 in 3 workers are confused about the benefits they have selected after enrollment. On top of that, the majority of workers want more support when it comes to understanding their benefits and how they can take advantage of them throughout the year.
At Nayya, the consumer is our north star and is always guiding our efforts as we reinvent the way consumers choose and use their benefits through personalization. Our company’s foundations are built on data science, AI and machine learning – constantly evolving and learning to give consumers a tailored and better benefits experience.
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