In 2013, state exchanges will open for enrollment. Some states are prepared to establish their own exchanges, but many others will look to the federal government to run most−if not all−of their exchange functions.
Within the first seven years of operation, state insurance exchanges are projected to translate into a $205 billion market opportunity for the health sector. After states make people aware of the fact that subsidized insurance exists, companies that want to capture the new business must develop a clear understanding of these future customers and how to forge longer-lasting relationships with them.
Private, employer-focused exchanges have much to gain in this process. Unbound by public exchange requirements, private exchanges will have the flexibility to experiment with different approaches—and adapt rapidly to meet consumer demands. They may lead the way in the quality of customer experience.