Humana Insurance Anaylsis
Executive Summary
As a Fortune 150 company with a 45-year history in the health industry and more than eleven million members under its wings, Humana has become one of the largest health benefit company in the U.S. With its slogan, “Guidance when you need it most”, Humana has gain their success through their diverse business units, outstanding wellness program and reliable customer service. The company is basically operates through two business division: government and commercial. The government division serves everyone who is enrolled in government-sponsored program such as Medicare, Medicaid and TRICARE. On the other hand, the commercial division handles employers groups and individuals under fully insured medical or specialty medical.
During the last decade, Humana has undergone many major changes, all of which have boosted the overall company’s performance. Humana current strong market position has much to do with their massive acquisitions and strategic alliances that took place within the last years. Their strategic alliances with big companies such as State Farm and PGA Tour and not to forget their partnership with the government have certainly widened their market scope as well as their products and services. Currently, Humana is actively conquering U.S. and Canadian market; however, they have also started to go global through their subsidiary in Puerto Rico where they provide military personnel serving in Puerto Rico with healthcare services for themselves and their eligible family members. In addition, Humana also have been innovating their product and services in order to better serve customers’ needs. In 2006, they quickly took advantage of the rising technology and internet use and established online based self-services called MyHumana and SmartSuite. This innovation received very positive feedbacks from the customer and again, pushed Humana position in the market even higher. On the intangible side, Humana’s strong leadership contributes to this
As a Fortune 150 company with a 45-year history in the health industry and more than eleven million members under its wings, Humana has become one of the largest health benefit company in the U.S. With its slogan, “Guidance when you need it most”, Humana has gain their success through their diverse business units, outstanding wellness program and reliable customer service. The company is basically operates through two business division: government and commercial. The government division serves everyone who is enrolled in government-sponsored program such as Medicare, Medicaid and TRICARE. On the other hand, the commercial division handles employers groups and individuals under fully insured medical or specialty medical.
During the last decade, Humana has undergone many major changes, all of which have boosted the overall company’s performance. Humana current strong market position has much to do with their massive acquisitions and strategic alliances that took place within the last years. Their strategic alliances with big companies such as State Farm and PGA Tour and not to forget their partnership with the government have certainly widened their market scope as well as their products and services. Currently, Humana is actively conquering U.S. and Canadian market; however, they have also started to go global through their subsidiary in Puerto Rico where they provide military personnel serving in Puerto Rico with healthcare services for themselves and their eligible family members. In addition, Humana also have been innovating their product and services in order to better serve customers’ needs. In 2006, they quickly took advantage of the rising technology and internet use and established online based self-services called MyHumana and SmartSuite. This innovation received very positive feedbacks from the customer and again, pushed Humana position in the market even higher. On the intangible side, Humana’s strong leadership contributes to this
Cited: Aetna. 2008. 28 February 2008 <www.aetna.com>. Humana. 2008. 14 February 2008 <http://humana.com/>. "Humana, State Farm Join Forces to Offer Medicare Prescription Drug Plan." Senior Journal (2005). Michael A Hitt, R. Duane Ireland, Robert E. Hoskinsson. Strategic Management: Concepts and Cases. South-Western College Pub, 2006.