Insurance-in-a-box, the key to simplifying change in the life insurance industry
In an ever-evolving industry, insurance carriers are familiar with the value a third-party administrator can offer. But for some carriers, the typical TPA doesn’t address the new challenges they face.
LIDP partnered with Sutherland, a global digital-first business process as a service (BPaaS) provider, to introduce an innovative, comprehensive solution that addresses more than technology and operations. Digital tools and AI drive middle-office and back-office digitization, customer experience (CX), and provide clearer insight into the carrier business and growth.
Their unique approach empowers carriers to fast-track life insurance and annuity product launches, enhance distribution, and improve the customer experience.
We recently had a conversation with Kimberly Duke, CMO and VP of sales at LIDP, about the potential of this carrier solution.
Identifying an unmet need in the market
The life insurance industry is at an inflection point, grappling with a significant talent shortage and the difficult task of overhauling core systems that drive business operations. Notably, carriers struggle to find employees who can straddle both the insurance and technology realms.
And they are experiencing difficulty shifting legacy mindsets to a more future-oriented, digital perspective.
To solve these challenges, LIDP joined forces with Sutherland to offer a next-gen digital TPA solution.
Sutherland’s vision is to be the premier and preferred provider of digitally enabled services for the insurance industry and help carriers maximize their customer lifetime value and increase their competitive advantage. Over the past decade, Sutherland has invested in and built 144 digital solutions, enabling insurers with integrated digital capabilities and driving ease of doing business.
With this new vision for a digital TPA, carriers will have more clarity regarding their everyday business and the power to launch products and accelerate growth. With control in the hands of the carrier, they don’t have to rely on the TPA to configure products. But the TPA will be there if needed, keeping the environments and technology up to date and core back-office operations running smoothly.
Read the complete interview at insurancenewsnet.com.