What is Picwell?

Simply put, we provide tools to insurers and brokers to help consumers select health insurance coverage that best fits their needs and values. With Picwell, the entire experience of selecting a health plan is now easier, faster and better.

How it Works

Consumers answer just a couple easy questions. Picwell does the rest. Using advanced economic models and data science, Picwell predicts your future health care usage and determines the best plans to meet your needs.

Picwell does this by distilling a complex array of information down to simple, independent and objective health plan scores that consumers can easily understand, allowing them to buy with confidence. By providing elegantly simple, independent and objective plan scores, we help the consumers buy the ideal plan for themselves and their families.

Who We Work With

Picwell works with health insurers, brokers and exchanges in both Commercial and Medicare settings. Our clients use our technology to help their customers make more confident decisions in health insurance.

What is Picwell?

Picwell is the most advanced and revolutionary decision support tool for health plan choice. Picwell objectively ranks health plans that best fit a consumer’s personal needs and values, using technology powered by predictive analytics and behavioral economics.

Things Americans would rather do than buy health insurance…

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%

Have a tooth filled

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%

Get the middle seat on an airplane

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%

Prepare own taxes

Making a good decision in health insurance is darn near impossible.

Health insurance plans are complex
Consumers face a particularly daunting task purchasing insurance these days. The drive to contain healthcare costs has yielded insurance plans with complex features such as high-deductibles, narrow-networks and multi-tier formularies, all of which are not particularly intuitive to consumers.

Understanding one’s needs isn’t easy
Smart consumers of health insurance attempt to forecast their healthcare needs for the next year to avoid paying too much. However, research shows that most consumers do a bad job forecasting their needs accurately. And while useful, past expenses in healthcare don’t always correlate with future expenses.

Personal preferences are important
Many consumers of healthcare have strong personal preferences over the doctors, pharmacies and hospitals. Consumers also have varying levels of tolerance for financial risk. These are important factors that need to be considered in the selection of a health insurance plan, and ought to be contemplated alongside price and total cost.

How it Works

Picwell distills a complex array of information down to simple, independent and objective health plan scores that consumers can easily understand, allowing them to buy with confidence.

1. We gather data by asking consumers a few simple questions

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data-funnel

2. Data is distilled and synthesized and matched with thousands of people to predict healthcare needs.

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insuranceplan1

$1000: Cigna

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$5000: Humana

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$7000: United Healthcare

Unlocking value in the insurance ecosystem

Picwell’s enterprise technology platform can drive value across the health plan purchasing ecosystem.

Discover how we can help you.

Carriers

Picwell helps your members find the right product in your portfolio faster. In the absence of decision support technology, consumer confusion drives members to shop on price alone leading to a variety of downstream challenges. Picwell can also help:

Drive comprehensive coverage
Picwell decision support directs people to more comprehensive coverage, leaving fewer people underinsured. Picwell recommendations evaluate several sources of value – including cost, risk protection, and provider networks – that members would miss if they picked plans based on cost alone.

BENEFIT: Sell policies on more than price

Reduce competitive churn
Research shows that consumers who experienced “health spending shocks” are twice as likely to switch plans. Picwell’s sophisticated prediction algorithms and behavioral models substantially reduce your members’ exposure to high OOP costs that lead to switching.

BENEFIT: Increase retention

Add stability to enrollee mix
Picwell decision support promotes a better mix of enrollees within plan types. Cost-based shopping leads to more adverse selection, where low-cost members select high-deductible plans and high-cost people select comprehensive coverage. Picwell recommendations lead more low-cost members who value risk protection and broader networks to enroll in comprehensive plans. This promotes more cross subsidization and more stable enrollment within plan types.

BENEFIT: More consistency and predictability in book of business

Reduce cost
Picwell decision support helps consumers select the most appropriate plan without becoming an expert on insurance. As a result, agents and call center representatives spend less time with each member.

BENEFIT: Lower call center costs

Agents & Brokers

Picwell helps agents sell better, faster and cheaper to consumers.

Lower Costs
Picwell’s technology contemplates multiple, complex elements of health plan choice including – estimated future out-of-pocket costs, risk tolerance levels, network value and personal preferences – and distills this all down into easy-to-understand scores that help differentiate products. It is impossible for any agent to fully account for these elements, but with Picwell, you don’t have to. As a sales support tool, Picwell takes the burden of becoming insurance experts off of sales agents, which means less training, and higher consistency in results between online channels and the call-center agents.

BENEFIT: Lower transaction costs and higher effectiveness for each writing agent

Improve Trust
Because Picwell’s platform generates scores that are independent and objective, it increases consumers’ trust and thereby improves close rates. By helping consumers buy plans that are better suited to them, you create high satisfaction levels and grow your business base.

BENEFIT: Improvement to consumer trust

Exchanges, Marketplaces & Benefit Platforms

Picwell helps consumers select their ideal health insurance plan faster. For a multi-carrier exchange, this means your products are no longer competing on price alone, but by personalized fit for each and every customer.

Improve Trust
Because Picwell’s platform generates scores that are independent and objective, it increases consumers’ trust and thereby improves close rates. By helping consumers buy plans that are better suited to them, you create high satisfaction levels and grow your business base.

BENEFIT: Improvement to consumer trust

Reduced cost
Picwell decision support helps consumers select the most appropriate plan without becoming an expert on insurance. As a result, agents and call center representatives spend less time with each member.

BENEFIT: Lower call center costs

Drive comprehensive coverage
Picwell decision support directs people to more comprehensive coverage, leaving fewer people underinsured. Picwell recommendations evaluate several sources of value – including cost, risk protection, and provider networks – that members would miss if they picked plans based on cost alone.

BENEFIT: Sell policies on more than price

Employers

Despite the efforts of employers to prepare employees for open enrollment, employees still lack confidence plan choice decisions.

Improved employee satisfaction
Picwell streamlines the open enrollment process for you and your employees, easing the burden of plan selection support from HR, allowing employees to choose plans with confidence

BENEFIT: Greater employee satisfaction