How do I get my product to be deductible by Insurance Companies?

January 18th, 2009 | by Rick |
James D asked:


I’ve got a great new product that will save the insurance companies a lot of money each year. How do I go about getting the insurance companies to have discount on consumers insurance policy if they buy this product?

GENE
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  1. 2 Responses to “How do I get my product to be deductible by Insurance Companies?”

  2. By RICKIE on Jan 20, 2009 | Reply

    CODY

    Insurance companies don’t give discounts that aren’t actuarily sound. The insurance departments of each state require justification (numerically) for their rates.

    You’re going to need to get together a focus group, a rather LARGE focus group, so you can show the insurance companies exactly how much money in claims this is going to save them, in any given year, in any given locality.

    You’re probably better off selling directly to the homeowner - you’ll have more luck.

  3. By BRYANT on Jan 21, 2009 | Reply

    FREDERICK

    I work at an outpatient surgery center and recently we had a product like yours come into use. The rep was a very knowledgable RN and was able to produce studies and clinical trials that convinced some of our Dr’s to use her product. The was they worked it was the pt would fill out a consent form and be guaranteed that they would have no out of pocket costs for the device. The insurance would be billed a set amount and regular deductibles could apply for the pt. The company had a third party billing company that then would fight it out with the insurance company proving medical necessity with the help of the Dr’s and eventually would accept whatever the insurance company would allow for their product. By word of mouth the company has spread and I believe is doing qiute well now. Good luck with your product. Money is the only language the insurance companies understand, so think about how you present studies to them.

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