The 2024 Target Markets Program Administrators Association Annual Summit was a bustling event with a record 1,600 registered attendees. Sproutr had the opportunity to engage in meetings with various industry stakeholders. Several common themes emerged from our discussions.
Increased Demand: There is more interest in specialty program business than ever before.
Resource Shortage: Many carriers are struggling to meet the demand due to a shortage of resources.
System Challenges: The variety of policy administration and claims systems creates difficulties in data ingestion and reporting.
Transition Issues: Moving programs between carriers is often challenging and time-sensitive, especially for admitted products.
Start-Up Hesitancy: Carriers and reinsurance brokers are hesitant to engage with start-ups due to uncertainty around production and incubation time.
Although certain themes may pose challenges, they can be overcome. Sproutr can help program administrators and carriers in navigating the different phases of a program's lifecycle, from onboarding to transitioning between carriers.