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How Digital TPAs Deliver Faster Growth for Insurance Companies Through “No Regret” Product Launches

Blog: Capgemini CTO Blog

Gone are the days when a handful of insurance products could satisfy the insurance needs of many. In this world of hyper-customization and micro-segmentation, insurance companies are constantly looking for new ways to attract consumers—and this means the ability to design customized market and service products that appeal to these niches.

Herein, lies the challenge. How do insurance companies launch new products faster, cheaper and better than anyone else when they are beset with legacy IT systems that, at worst, don’t support these products, and at best, need significant resources and time to do so? This is further compounded by the fact that despite well-thought strategies and best-laid plans, not all products will succeed. While some products are destined to reap rich reward for insurers, others will fail miserably and slowly be forgotten about.

What is clear, however, is that both scenarios require insurance companies to be agile in supporting failed products that absorb valuable resource, , as well as in scaling up operations quickly to support policy servicing. In some product launches, sales of actual policies exceed forecasts by 300%, offering little time to scale up operations.

What to look for when choosing a Digital TPA

Given the economic and operational challenges associated with new product launches, insurance companies need to rely on partners to augment their capabilities. This is where a Digital TPA can step in to provide a sophisticated technology platform that support newer, feature-rich products and the necessary scale and size to support such strategic initiatives.

With the choice of Digital TPA service providers on the rise, there are a number of features you should look for when choosing a Digital TPA:

To summarize, Digital TPAs enable insurers to launch new insurance products quickly and at a significantly lower cost, offering flexible engagement models that deliver the necessary risk protection.

Insurance companies need not be burdened alone in their quest for growth. They should reach out and engage Digital TPAs through a carefully designed evaluation process that meets their specific requirements and helps them achieve genuine “no regret” product launches.

To find out more about how our IBAS solution can increase policyholder engagement and satisfaction, while reducing time-to-market for new product launches and lowering administration costs, contact:

Click here to learn more about how Capgemini’s Integrated Business Administration Services (IBAS) provides an integrated technology and operations platform for Life and Health insurers in the North American market.

Click the links to read the other blogs in this series:

Six Reasons Why Digital TPAs Will Disrupt the Traditional TPA Industry

How Digital TPAs Can Enhance Your Digital Customer Engagement

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