A global health insurer sought a solution to easily share news, internal and external documents, and field intelligence across the enterprise - with Knowledge360® they found a “one-stop-shop” for their CI needs.
Unlike other industries, health insurers face a variation of competitors based on the market, lines of business, and products offered. These variations can make gathering competitor, market, and product information seem daunting, especially with a small or decentralized CI team. This client needed to identify a “single source” to both collect and maintain information and empower their globally-dispersed teams to focus on more value added initiatives such as analysis and strategy development.
Each CI team focused on different areas of the health insurance business and worked in different time zones - making it challenging to collaborate around projects and share insights. To add another layer of complexity, some competitors were relevant across the CI teams, others just to specific units. Due to the introduction of the Affordable Care Act (ACA), new entrants were flooding the space at an alarming rate with more consumer-friendly and technologically-driven solutions. New models of care focused on value-based solutions and network configurations.
To collect news, each business unit worked with a different vendor, creating the need to manage multiple relationships and contracts. SharePoint housed their important internal and external documents and individual business units maintained a portal to share them more broadly. Field intelligence collected by a few business units was reported through email and then lost or forgotten as time went on.
In partnership with our Customer Success Team, the client developed a plan of action to ensure the rapid implementation and expansion of Knowledge360® across their organization.
The client started using Knowledge360® on a small scale with a single business unit implementing the tool. Setting up and sharing dashboards was quick and easy using Knowledge360®’s out of the box features including, news, social media, job postings, SEC filings, patents, and more. Dashboards were developed to track competitors, as well as topics relevant to this particular business unit.
Next, internal and external documents were uploaded into the system. During this stage, Knowledge360®’s Natural Language Processing (NLP) and Semantic Analysis capabilities provided an opportunity for analysis and trend monitoring across all of these files that had not been possible previously.
Saved searches and alerts were also set up and shared across the unit so that everyone would receive the same information at the same time.
Finally, a process for submitting intelligence was established with the field-based teams. These teams were able to upload images, reports, and more on the go and in real-time for analysts back at the office to review.
Having a single source for news, internal and external documents, and field intelligence has enabled this client to be more effective in their monitoring of competitors and trends. Knowledge360® serves as a “one-stop-shop” for intelligence across the organization that hadn’t existed previously.
The client was also able to discontinue contracts with external news providers, thereby eliminating the need to manage multiple relationships and contracts.
Companies in high-stakes industries have been using competitive intelligence for decades to find and maintain a competitive edge. The CI industry's best tool, Knowledge360®, makes it easy to aggregate and visualize competitive information to share with your Sales, Marketing, and Executive teams so that you can always stay one step ahead of your competition.Demo Knowledge360®