Spring has been at the forefront of insurance innovation since our inception. We have worked with many Fortune 500 insurance and financial institutions on national and global market strategies. Our vast experience in developing turnkey solutions, coupled with a well tried results-focused approach, serves as a powerful tool to enhance your process infrastructure, overall market position, and capabilities.
Our service areas include:
Market Evaluation-Entry/Exit Strategies
We know the markets and have the experience and knowledge to provide you with solutions whether you’re looking to enter a new market or evolve your current product or service for a specific target market. Our consultants will work with your team to develop a detailed road map to be a successful and competitive player. Spring has the ability to provide the client with a high level business case or a detailed tactical plan to drive an efficient implementation.
Partnership, Joint Ventures, Acquisitions
Often times it may make strategic and financial sense for your organization to seek out best-in-class providers to partner with instead of trying to develop these in-house. We can help you identify and evaluate potential partnership opportunities and assist in implementing them. New strategies in insurance and financial services require our clients to break down old silos and develop comprehensive services to meet the needs of sophisticated buyers. Our strategies start with a broad based prospective; focusing on the clients’ needs and stays ahead of the competitors. This may include evaluating partnerships, joint ventures or acquisition strategies as an alternative to in-house developments. We consider many factors, including speed to market, cost, branding, and service differentiation.
Determining the right partner or acquisition target can be a major obstacle, we can help shortlist potential organizations with our broad industry knowledge. Spring has the ability to identify critical success factors for an effective end-result or serve as an implementation resource.
The employee benefits and risk management markets continually transform, driven by customer demand, vendor consolidation, technological advancements, and regulatory revisions; product development has in turn evolved from a heuristic exercise to a multifaceted process demanding experience, expertise and creativity.
Spring’s eclectic consulting resume and industry knowledge uniquely position us at the forefront of insurance innovation. We assist in all stages of product development, from market research to product design, testing, and implementation.
We have helped a number of insurance and financial services organizations improve their current market position, enter new/niche markets and gain additional market share. Spring works closely with all specialty providers and appropriately considers partnership opportunities to benefit our clients as well as their customers.
Marketing and Distributing Programs
When entering into a new market sector there are many different distribution roles that an organization can fulfill. Spring can help determine the best-in-class marketing and distribution channel given your organizations unique and specific circumstances, while continuing to satisfy your existing cliental. Our process includes reviewing historical financial data and projecting future growth opportunities to determine if your organization would succeed by playing one of the following roles: Sponsor, Broker, General Agent or Administrator.
Your role in the market will need to change and evolve in order to remain aligned with the goals and objectives of the company. Our consultants are industry experts with the ability to review your internal marketing and distribution capabilities and recommend the best solution to help your organization be successful
Competitive Bidding Strategies
Designing and drafting a Request for Proposal (RFP) or a Request for Information (RFI) can be a long and complicated process, especially if you are uncertain on the exact questions and amount of information your project requires. Spring has the industry expertise to help you draft a professional and detailed document that addresses the company’s needs in terms of programs, services, partnership parameters, performance guarantees, pricing options and various other categories.
Our consultants can manage the entire RFP or RFI process to include creating, distribution, analysis of responses and conduct the necessary follow-up. Spring understands the effort and time it takes to review the responses. Spring provides our clients with an in-depth analysis of the respondent’s capabilities, advantages, and disadvantages and our overall recommendation
Health and welfare benefits are guided by numerous regulations related to general benefit structures, as well as practical application. Each product’s compliance considerations must be understood and addressed correctly at all times. Although great attention is placed on compliance when new products and services are implemented or revised, ongoing compliance audits and remaining up-to-date on regulatory changes is imperative. The risks of non-compliance are often overlooked until companies are faced with litigation or negative public attention.
Insurance companies, third party administrators, specialty vendors, and other carriers are generally compliance experts for their current offerings; however, entering a new market or expanding a product line may present additional regulatory concerns. It is also imperative that service firms understand how regulations are being applied at peer firms to ensure their competitive position is not being compromised based on legal interpretation.
Spring’s deep industry knowledge and understanding of modern compliance issues uniquely position us to help clients better understand and honor any applicable regulatory requirements. We work closely with our clients’ internal legal team and reach for additional independent resources when necessary until all compliance issues are resolved. Spring is an expert on all regulations affecting our industry to include ADAA, COBRA, ERISA, FASB, FMLA, GASB, HIPPA, Medicare, PPACA and statutory regulations related to captive funding and disability plans.