In years past, taking out an insurance policy was a safeguard against life’s unknowns. Seen as a cost-competitive answer to the hidden inclusions on a hospital bill or the astronomical out-of-pocket expense of unavoidable property damage, many Australians held coverage for almost anything they could insure.

You need only talk to someone who has had emergency surgery or someone who’s home was hit by a natural disaster to know that insurance is a necessity. Although today, in a world impacted by the rising cost of living, many Australians are choosing to forgo their insurance policy, overlooking the long-term value in favour of retaining the extra dollars. 

In 2020, the Insurance Council of Australia declared COVID-19 an insurance catastrophe. Within months, the Australian Prudential Regulations Authority announced that thousands of Australians, primarily those under thirty, had cancelled their coverage.  

The perception of insurance as an unnecessary overhead, and the resulting exodus of many policy holders, causes worry to both insurers and the Federal Government. Even two years on from the start of the pandemic, subsidies and policy incentives aren’t enough to combat the issue of some Australians being priced out or disinterested in maintaining a policy.  

Today, insurers are tasked with the tough job of re-educating Australians on the importance of insurance. Just how will insurers do this? By making insurance work for the consumer. 

Personalising policies to fit the needs of insureds can be challenging for insurers with a broad demographic membership base. One of the best ways to combat this challenge is to partner with a third-party administrator, such as Gallagher Bassett, who tailors their expertise to the needs of your business.  

Partner sourcing will open the door to the tools, tactics and experience your team needs to personalise policies and deliver superior claims management that draws back your once lost insureds.  

Here are three key ways partnering with a TPA will allow you to deliver personalised value to your insureds.  

1. Leverage Technology and Analytics 

Leveraging 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 impact while also spotting key opportunities. For example, through technology and consumer trend mapping, Gallagher Bassett was able to determine the revival of Parametric Insurance, thereby opening up opportunities for insurers to take advantage of non-traditional lines of coverage and capture a different consumer set.  

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.  
At Gallagher Bassett, all insights produced by our analytics or decision support tools are delivered with efficiency to our partners, ensuring that relevant trend-led opportunities can be capitalised on.  

2. Create Ease 

Aligning with a partner who 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 case managers able to offer more time and personalised expertise to insureds. Insureds who understand the inclusion of their policies, and steps to be taken when they need to 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 who has the capabilities to assess your past operations and consider your business’s trajectory will unlock access to innovative solutions. The first and most important step to delivering personalisation to insurers is to understand your claims lifecycle and the broader market conditions. As an extension of your team, our experts will assess your books, review the current state of play and analyse the opportunities. The upshot? Delivery of recommendations, tools and expertise that will inform a relevant approach to personalisation that fits your organisation’s long-term vision.  

A personalised approach to internal operations will see your business enhance its offerings, services and unique point of difference. Ensuring you are putting your best self forward for your team and your members.  

Backed by more than 40 years of industry experience and know-how, Gallagher Bassett’s approach to the Partnered Claims Model comes not just from the efficiency of our systems, people, and processes, but the way we apply them to individualise support to each insurer. Our approach is designed to give customers a consistent experience – with the flexibility to scale support to suit your business needs - that makes our team feel like a natural extension of your own. 

Find out more 

Are you ready redefine the value of insurance through personalisation?  

Connect with me today to find out how we can tailor the support your team needs.  

Blog Author

John White

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