The US Department of Health and Human Services and US Department of Labor have projected that by 2030 the population of the elderly will double in size. For insurers dealing with long-term care products, this is a great opportunity for growth. However, insurers also need to be aware of their product pricing and ability to provide service around these products.
Our client's long-term care products focused on providing the best benefits in the market. Nevertheless, the cost of servicing these products challenged profitability targets. To prepare for this anticipated increase in volume, the client engaged Virtusa to improve systems and processes to handle this spike.