Wellpoint to create Hispanic market insurance product

Going beyond the communication-only approach most insurers are taking in addressing the needs of the Hispanic market, Wellpoint announced it is creating a separate brand name and products of the Hispanic market, Hispanic Business Magazine reports.

After researching the market for 2 years, the article states, a southern California office team in creating new products under the name "Nuestro Bien" (Our well-being) along with a new website and some "grass-roots techniques to reach Hispanics." Early 2008 is the launch time frame.

Specifically, according to the article, Wellpoint is:

-- Developing insurance policies that offer low co-pays for clinic care, but also give customers incentives to have a regular doctor-instead of using the emergency room.
-- Broadening its marketing efforts to reach all Hispanics.
-- Building up a network of insurance agents for more face-to-face interactions.
-- Setting up Nuestro Bien booths at Hispanic cultural and business fairs, where it conducts educational seminars and passes out marketing materials.
-- Going to churches to give talks about health topics.

Certainly an interesting approach. While I question why it took them 2 years of study to determine Hispanics prefer face-to-face interactions and prefer tangible v. intangible things (I could have told them that in 2 minutes) their approach is novel in the area of new insurance policies. The other areas are areas they (and all insurers) should be doing anyway.

Now, the proof is in the execution. This will be the tough part and will require a serious effort with serious resources behind it. Will Hispanics view a Wellpoint as "their" insurance company? If not, the "Nuestro Bien" will only be perceived as Wellpoint's "Bien."