Digital TPAs offer a flexible approach to executing conversions, converting policy blocks three times faster and taking a technical wrapper-based approach to legacy administration platforms to drive efficiency. Digital TPAs also leverage a consulting approach to identify the most optimal solution that fits the characteristics of the insurance block in question.
While we all agree that the goal of Digital TPAs is to deliver an exceptional customer experience, drive down cost and build scalable processes, getting there is not always easy and can be costly from a time, money and risk perspective. How do we deliver an improved digital experience when our administration is on a legacy platform or multiple platforms? And can we give our legacy platform/s a Digital facelift?
You’ll be pleased to know that the answer to these challenges is a definitive “yes.” Digital TPAs can deliver an enhanced digital customer experience by creating a universal customer interface layer and building connective tissue that performs the necessary actions in the legacy world, as well as triggering additional final actions in other applications within the ecosystem.
Digital TPAs enable insurance companies to communicate via text message and email, as well as receive policy updates via member portals. They can also provide chat support that enables customers to initiate changes to their policies on completion on the channel of their choice.
However, this approach depends on two critical components:
From the customer’s perspective, their request was carried out quickly and accurately, and they were able to communicate in their preferred channel. From the insurance company’s perspective, they’ve made significant improvements to the experience, which has become faster and much less costly.
However, technical wrappers won’t solve all an insurer’s issues. For example, they won’t reduce heavy licensing and maintenance costs, or significant system or IT resource issues. But they can provide welcome relief while a conversion plan is created and the systems for conversion and their order of conversion are determined.
Digital TPAs provide the universal customer interaction layer, the integration tools such as robotics, automation and web services, and the domain knowledge—both operationally and technical—to enable insurance companies to accelerate their digital journey and deliver an enhanced digital experience to their customers before, during and after transformation.
To find out more about how our IBAS solution delivers an enhanced digital customer experience by taking a technical wrapper-based approach to your legacy administration platforms, contact: email@example.com
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
How Digital TPAs Deliver Faster Growth for Insurance Companies Through “No Regret” Product Launches
Leveraging a Digital TPA to Eliminate Paper Delivers Benefits across Your Insurance Company