1/ Had conversation with a senior exec at publicly traded health insurance company who had some scathing insights about future of the industry from working at his company for the last several years. Bottomline: new-entrant tech-enabled insurers are going to each incumbents' lunch
2/ "No one has any idea of how to do innovation. They have no understanding of tactical care delivery. The closest to innovation is tiering their networks." This isn't generalizable to all publicly traded health insurers, but is consistent w/ my experience with this company.
3/ "I was so fascinated to get there a few years ago because they had [redacted] million lives but was so disappointed with how little they are doing. All I get back is a lot of no's to doing meaningful innovation."
4/ "The other leaders all have SOS (shiny object syndrome) and are focused on a lot of propaganda from digital health rather than substance." I've seen this at this company as well as other large insurers and employers as well. Lack of clinician-leader involvement often to blame.
5/ "Payers' lunches are about to be eaten by @collective @OscarHealth. I'm very bullish on what these younger insurance companies are doing." Tension between product and clinical teams at newcos creates productive tension. Incumbents don't know how to develop product capability.
6/ "I would have never hired a career consultant to do tactical execution of innovation. There are immense empathy and operational requirements. They talk a big game but all they deliver is talks. And yet the board loves them." 💯
7/ "With the newco's moving in to own the provider stack, PPO network arrangements will be extinct in 10 years." I don't think PPOs will be extinct, but I do think traditional insurers are in for a reckoning that they won't necessarily be able to acquire their way out of.
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