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Why choose a digital TPA to administer discontinued insurance products and lines of business?

Blog: Capgemini CTO Blog

The management of your insurance company decides to exit a product or line of business. Your boss appears in the doorway and informs you that you have been “chosen” to manage the run-off policies. Your initial thought is “why am I being punished?”

When an insurance company decides to exit a certain line of business or discontinue a product, it does so for a number of different reasons. However, the company will likely reassign resources from the discontinued product to other newer products or services, it isn’t abandoning its policyholders.

Despite diminished resources, as the manager of the run-off business, you will be expected to maintain certain service levels and conform to the company’s customer engagement strategies, many of which will include the incorporation of digital technology. If the expectations are high, the challenges will be even greater:

As a result of these challenges, business leaders are constantly on the lookout for solutions to manage these challenges, with many insurers turning to third-party administrators (TPA) to overcome the operational and administrative hurdles. TPAs provide greater expense certainty as the services are typically obtained on a variable or semi-variable basis, allowing expenditures to be proportional to the work performed.

However, not every TPA is created equally. Most administrators can handle basic administrative functions, but only a digital TPA can provide the customer service, flexibility, and automation that most insurers expect for their run-off business. When looking for a digital TPA, an insurer should focus on the following:

Leaders of discontinued business face many challenges and an abundance of difficult decisions. Partnering with an experienced and qualified digital TPA can relieve much of the uncertainty that accompanies managing a run-off product or line of business.

To find out more about how our IBAS solution can help administer your discontinued insurance products and lines of business, contact: 

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

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