Eastbridge’s 2017 TPA and Outsource Provider Snapshot: A Look at Some Leading Providers in the Voluntary Market Spotlight™ Report found that, of the TPAs surveyed, all expect their opportunity in the voluntary market to continue to grow. To meet the opportunity, carriers can expect to see TPAs focusing on a few key areas to better serve the voluntary market.
To begin, the TPAs see voluntary administration services becoming increasingly price sensitive. As carriers look for ways to cut enrollment expenses and use digital services and technology, TPAs are responding by developing robotics process automation, applying a stricter focus on reducing implementation costs, and offering specialized services like combined billing to help carriers save money and deliver excellent service. Carriers will be seeing more focus on digital services, solutions for faster product design and implementation, more self-service features and immediate access to information, and the ability to support non-insurance benefits from a billing, claims and administration perspective.
TPAs also see the need for helping carriers better address the administrative challenges and growing expectations associated with voluntary business. In Eastbridge’s 2017 Voluntary/Worksite Marketing: An Executive Perspective study, administration and billing was cited by the largest number of executives as one of the three most formidable obstacles they currently face. Further, the majority of executives agree that employers are expecting better administrative solutions and processes.
To best address these challenges, carriers may find focusing on their core competency of managing risk and partnering with TPAs that specialize in technology and operational efficiency may give them the greatest advantage in a competitive voluntary marketplace.
The objective of the TPA and Outsource Provider Snapshot: A Look at Some Leading Providers in the Voluntary Market Spotlight™ Report is to provide carriers with detailed information on select leading TPAs and outsource providers with voluntary market experience. The report also presents recommendations for factors carriers may want to consider when thinking of outsourcing to a TPA.
TPA and Outsource Provider Snapshot: A Look at Some Leading Providers in the Voluntary Market, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.