Serving the Hispanic Market

Many health insurance and healthcare provider organizations operate in rapidly growing and diverse Hispanic markets. Effectively extending your brand into these segments requires much more than translating your materials and hiring bilingual staff. The following are things to consider when developing your strategies.

  1. Start with developing a deep understanding of the market. The level of acculturation, the countries of origin, the predominant insurance market segment servicing the market, and many other factors are important inputs into your strategy.
  2. Determine the business opportunity the segment represents for your company. Understanding the business case is important to rationalize the investments required to win in this segment on a sustainable basis.
  3. Develop a strong and relevant value proposition across the value chain. Core issues like your service model, product and network design, distribution channels and brand positioning must be examined.
  4. Build a strong relationship with the local community. Hiring local Hispanic leadership, implementing grass-roots marketing and service programs, and establishing relationships with Hispanic organizations will be helpful to you in understanding the market and gaining trust.
  5. Establish strategic relationships with organizations that serve this segment. For example, a quality primary care group that serves this segment can be a critical component for differentiation and sustainable success.
  6. Ensure that your company is truly aligned to winning in this segment. A multi-cultural customer experience or marketing group can’t get the job done by themselves.

The Hispanic market is very large, growing and diverse. Although many of the critical success factors for serving this segment are the same as the general market, there are opportunities to develop unique offers that will help position your organization as a leader committed to meeting the unique needs of this market. Achieving this position requires a focused and sustained effort. Successful execution of this strategy can lead to significant business results for your organization.