How to Answer: At Company ABC, we have many health insurance competitors that we need to have a pulse on. In your current role, how do you stay up to date with competitors?
Advice and answer examples written specifically for a Health Insurance job interview.
28. At Company ABC, we have many health insurance competitors that we need to have a pulse on. In your current role, how do you stay up to date with competitors?
How to Answer
All private health insurance companies are vying for the business. If a competitor has a product that could impact the business, you need to know. Likewise, if a competitor is struggling, you might be able to create an advantage for Company ABC.
1st Answer Example
"I set up Google alerts for all the major competitors so I can follow them. I read something in an obscure business journal about one of our competitors having some financial trouble, so I reached out to several of their clients the next day to see what the pulse was. They were also nervous and uncertain about the future of their current provider, so were much more willing to have conversations with me about our product. I'm still in the middle of the contract process, but it looks promising so far."
2nd Answer Example
For example: "I have relationships wit all of the sale team members at our major competitors. I find it easier to have friends versus enemies because I know what is going on at their companies before it hits the news. Often times, because I've built a solid relationship with that sales team, they give me leads that could be a good fit for our business and don't fit their product offerings. I try to help them when I can as well, when it makes sense."