Segment 2 - The Persona Blog by ExperienceLab

Segment 2 – Confident, Independent, Sophisticated & Healthy

I am educated and know how to manage my finances, but I don’t have enough money to feel completely secure. I’m disciplined and I understand investment risk, but I don’t always have enough money to make spending lots of time on finances worthwhile. This financial insecurity makes me moderately price sensitive, and I frequently price shop for health care. I am not always sure if I’m making the right decision about health care, or if I’m choosing the right type of health insurance. For this reason I do substantial research (often web-based) on doctors and hospitals, and I’m quick to get a second opinion. I’m in decent health and tend to exercise at least weekly. I’m interested in HDHP and the opportunity to save money, but I’m also wary that I will end up spending more.

Demographics	#	Financial	#
Age	48	% preparing own taxes	62%
HH Income (Index)	110	% with retirement plan	92%
% Male	56%	% pays cc balance ea. mo.	73%
% Married	68%	% with any credit card debt	51%
% College Graduate	71%	% owns stocks/mutual funds	57%
With Kids	31%	% in company w 500+ workers	55%

Health Ins. Characteristics	#	Health Behavior	#
% HMO	24%	% in very good to excellent health	75%
% PPO	50%	% very/extremely satisfied with plan	34%
% with HSA	40%	% actively managing weight	57%
Single coverage	38%	% used uncovered health care	48%
Av Deductible	$2,528	% smoke cigarettes	8%
Total Health Spending	$1,753	% exercising weekly	77%

Financial Confidence & Knowledge	Looking to lower income taxes, familiar with tax deferral Willing and competent in dealing with financial matters but doesn’t enjoy process Often feel stress about aspects of finance they do not understand Only sometimes worth their time to move funds around for higher return
Health Confidence & Knowledge	Informed but not confident in choosing health insurance, making health decisions Largest % researching doctors/hospitals on web & searching insurance company website 32% always get second opinions, moderately choosy about doctors & health care
Financial Discipline & Control	Over half stick to a budget and usually pays credit card balance monthly Fairly regular user of financial websites and typically has a long-term plan Usually prepares own tax return
Health Discipline & Control	Mostly chooses plan with care but about a third simply choose out of convenience Tries to eat healthy Thinks about & saves for future health care costs
Perceived Financial Security	Mostly secure, but 20% of segment lives paycheck to paycheck Feels no better and no worse off than friends Some worries about finances but generally feels secure in job
Perceived Health Security	Moderately secure, 33% worried about losing insurance due to chronic illness About 25% worry about health care expenses more than peers, stay in job for insurance Moderately anxious about coverage, costs, and choice in future
HDHP Interest & Knowledge	Interested w/ 49% very to extremely interested, 40% very or extremely familiar Interested in HSA but about 20% don’t think it’s worth managing another financial account 38% think they’d spend more with an HSA
Risk Management	Moderate risk-taker, 52% accept risk in exchange for higher return 35% want higher pay/lower benefits, about the same (29%) would take lower premiums/lower coverage
Price/Premium Sensitivity	Moderately price sensitive, shops for prices 35% would cut dosage to reduce costs 42% think diagnostics not worth cost 37% compare costs of medical services/drugs 51% delay purchases to cut expenses
Plan Satisfaction	Not very satisfied: 18% report being unsatisfied, only 34% satisfied. OOP expenses & cost of premium have greatest impact on satisfaction If could lower one aspect would lower: premium cost (44%)
Decision Making	Somewhat independent: 50% handle investments w/o advisor 40% would use benefits manager 50% have preferred financial supplier Not as attached to provider: 46% won’t switch plan if requires switching primary provider
Engagement Preference	After Dr. and Health website, most preferred sources: Health plan portal (30%), Info from health plan (23%), friends / relatives (26%) About half would want to receive alerts from financial institutions

Segment 2 in brief
Financially savvy and in generally good health, Segment 2 is a prime prospect for HSAs and up-selling to investment accounts.

What if you could:
Cost effectively target and personalize communications to
change the minds of “non-engagers”

Investment interest indicators from Segment 2:
>92% of segment 2s pursue opportunities to reduce taxes.
>88% of segment 2s have a long term financial plan.
>87% of segment 2s understand something about tax planning.

Read next
New ideas to sell more HSA investment accounts

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