Personalising policies to fit the needs of insureds’ can be challenging for insurers with a broad customer demographic. Gallagher Bassett’s chief client officer, John Fearn, highlights how a third party administrator can help
In the years gone by, taking out an insurance policy was a safeguard against life’s unknowns – an answer to the hidden inclusions on a hospital bill, for example, or to help tackle out of pocket expenses, such as unavoidable property damage.
Anyone who has been affected by these kinds of costs know that insurance is a necessity. However, in a world currently impacted by the rising cost of living, many consumers are choosing to forgo their insurance policy, overlooking the long-term value in favour of retaining extra cash.
Partner sourcing - a long-term commercial framework and relationship - opens the door to the tools, tactics and experience insurance firms’ need to personalise policies and deliver superior claims management that helps to retain insureds.
Here are three key ways that partnering with a third party administrator (TPA) will allow you to deliver personalised value to your insureds.
1. Leverage technology and analytics
Data, technology and analytics can be used to predict consumer and industry trends. Predicting trends allows insurers to be better prepared for what is to come, reducing risk and the resultant impact while also identifying key opportunities.
The right partner will personalise their use of innovative technology and analytics to fit the needs of your business and the demands of your insureds.
2. Create ease
Aligning with a partner that not only drives the personalisation of your offerings, but has the capabilities to personalise their approach to your business will allow for the strengthening of systems, procedures and policy offerings.
Clear lines of services and internal operations will see claims adjusters able to offer more time and personalised expertise to insureds.
Insureds who understand their policies and the steps that need to be taken when they submit a claim are more likely to understand the value of their policy and the importance of building a long-term relationship with their insurer.
3. Evaluate current and future capabilities
Partner sourcing is a key strategic decision for any business, as your partner will become integral to your operations and client relationships.
Partnering with a TPA that has the capabilities to assess your past operations and consider your business’ trajectory will help unlock access to innovative solutions.
For us, the first and most important step to delivering personalisation to insurers is to understand the claims lifecycle and broader market conditions. As an extension of an insurer’s team, TPA experts will assess their books, review the current state of play and analyse the opportunities.
This leads to the delivery of recommendations, tools and expertise that will inform a relevant approach to personalisation that fits the insurer’s long-term vision.
A personalised approach to internal operations will see your business enhance its offerings, services and its unique point of difference.
