BC well ahead of competitors in market share
9/26/2007 9:14:28 AM
Source: Blue Cross well ahead of competitors in market share
Blue Cross and Blue Shield of North Carolina® accurately can be described as the 800-pound gorilla of the North Carolina Health Insurance market. The Chapel Hill company owned 38 percent of the industry's market share in 2004 and is likely to top that when updated numbers for 2005 are released later this spring.
According to filings with the North Carolina Department of Insurance, BCBSNC® in 2005 grew its total revenue to $3.2 billion, representing an 11 percent increase over 2004 and a staggering 91 percent increase over 2001. Net income for 2005 was $119.3 million, down 21 percent from 2004. The company insures 1.25 million individuals, according to filings with DOI.
Blue Cross and Blue Shield of North Carolina® (BCBSNC®) announced greater availability of eInfoNOWSM, an online reporting tool that allows employer groups to track claims utilization data and to perform data analysis. Having this capability allows BCBSNC® and the employer to tailor insurance plans to meet the specific health needs of each employer group. The eInfoNOW tool is available to all local and national self-insured employer groups. “This strategic communications tool is all about relationship management - between BCBSNC® and our employer groups, and between our employer groups and their employees,” said John Friesen, BCBSNC®'s vice president and chief actuary of Actuarial and Underwriting.
