Consumer Direct Acceleration (CDA): this strategy effectively combined on-line services
with physical experiences offered through store concepts such as Nike Live. This helped
Nike create a seamless brand experience wherever their customers shopped.
The third party administration (TPA) market is expected to grow at an
annual rate of 6.3%, culminating in a market value projected at $515
billion by the year 2030. That compares to the $281 billion the industry
realized in 2020.
TPAs are an essential part of the insurance ecosystem, handling business processes such as
claims, employee benefits and payroll. With the changing market dynamics created by the
pandemic, many insurance and healthcare companies looked to outsource these processes
to reduce costs and increase efficiencies. By leveraging business process outsourcing (BPO),
insurers quickly found they could focus on more strategic issues and let the TPAs handle the
more day-to-day administrative activities.
There are 130,984 TPAs and Insurance Claims Adjustors in the United States alone (in 2022).
Many of these companies have begun adopting new digital technologies to help support their
customers. Take Crawford for example. With over 9,000 employees, Crawford is the largest
publicly listed independent provider of claims management and outsourcing solutions.
Crawford recently utilized their robotic process automation technologies to introduce
automatic triaging into their claims process. This enabled the TPA to handle many low-level
claims without the need for human intervention.
Crawford also relies on remote claims handling
functionality to assist their adjustor teams. After one
major catastrophic event, the company was able to
handle -- remotely -- over 60% of the claims
stemming from that event.
Lastly, in the (outer) world of space, the National
Aeronautics and Space Administration (NASA) has
been making great strides in the one area that has
been missing in its digital transformation efforts --
agency-wide coordination and collaboration. NASA is
pushing to share its best practices across all its
stakeholders to ensure interoperability and avoid
duplication and gaps in its ongoing operations.
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