Tech companies fight for their share of the emerging insurance exchange market

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Health Insurance ExchangesAs the U.S. government continues to push insurance exchanges, a growing number of tech companies are beginning to compete for their share of the infrastructure that will make up the new insurance programs. Exchanges are to be constructed as electronic marketplaces where consumers can find a trove of affordable health care policies. Doctors will be able to use the system as an electronic storage for medical records, allowing other health care professionals, and insurance companies with appropriate authorization, access to a patient’s medical history. Technology firms are now vying for a number of lucrative contracts to help lay the foundation of the exchanges.

Each state is responsible for setting up their own exchange programs. Depending on the size of the state and how they decide to go about building the exchange means that the contracts could range in value from $5 million to $100 million. Even the most simplistic of systems will require time to build, meaning that IT specialists could be working for a year before the exchange can be considered operational.

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Insurers are to play a part in picking the technology firms that will work on the exchanges as they play an integral role to the project overall. Insurance companies are keen to be well versed in the operations of the exchanges so they can compete within the new system and stay viable as the market is inundated with inexpensive policies.

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