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The product I am focusing on is Health Insurance. Assessing Aetna health insurance in terms of price elasticity of demand, it leans towards inelastic. Health insurance is often considered a necessity rather than a luxury, meaning that changes in its price typically have a limited impact on the quantity demanded. In our lecture notes this week, we learned that sellers of inelastic products can increase prices without so

much impact ontheir revenuesince most consumers will still purchase the product (1). People are generally willing to pay for health insurance regardless of price fluctuations due to the critical nature of healthcare coverage. Additionally, the lack of close substitutes further contributes to its inelastic nature. Even if premiums rise, consumers are often reluctant to forgo coverage due to the potential financial risk associated with unexpected medical expenses.

Regarding the emotional experience of using Aetna health insurance, the predominant emotion it may elicit from users is a feeling of security. Health insurance gives individuals a sense of security, knowing they have coverage in case of medical emergencies or health-related expenses. Health insurance can also bring up frustration, for example, when coverage is not fully understood.

To evaluate and improve the emotional impact of Aetna health insurance, it's essential to prioritize transparency and communication. Clear and concise information about coverage, benefits, and costs can help alleviate anxiety and uncertainty for users. Additionally, offering personalized support and assistance, such as dedicated customer service representatives or online resources, can enhance the overall experience and foster a sense of trust and confidence among users.

In "The Last Mile," Soman highlights the importance of understanding consumer decisions, emphasizing the critical role of the customer experience. In listening to consumer stories, you recognize that the small things matter (2). For Aetna health insurance, the customer experience involves various touchpoints, including enrollment, claims processing, accessing healthcare services, and interacting with customer support.

To evaluate and improve the customer experience, Aetna should focus on streamlining processes and enhancing user convenience. This could involve investing in user-friendly digital platforms for managing insurance policies, simplifying the claims submission process, and providing timely and accurate information to members. Additionally, gathering user feedback through surveys or focus groups can offer valuable insights into areas for improvement and help tailor services to meet customer needs and preferences better.