Introduction
In today’s rapidly evolving healthcare landscape, where technology meets patient care, Ericson TPA has made its mark as an innovator and leader. We sat down with Dr. Krishna Jaiswal, Founder of Ericson TPA, to discuss his journey from a practising physician to an entrepreneur, the challenges of entering the TPA (Third-Party Administrator) market, and the ways technology is reshaping the industry. From implementing new systems to managing risks, Dr. Jaiswal shares his thoughts on innovation and long-term growth.
Q: Can you share a bit about your journey from medicine to founding Ericson TPA?
Dr. Krishna Jaiswal: My transition from practising medicine to starting Ericson TPA was driven by the gaps I noticed in the healthcare system. While working as a doctor in Chembur, I saw how existing TPA services lacked efficiency. That led me to create a 24/7 TPA service, one that was constantly available for claims. I initially had success with overseas recruitment and health investigations, but it wasn’t until I secured a TPA license in 2012 that I truly began this journey. Ericson TPA officially launched in 2013, and from there, we focused on filling the gaps we’d identified.
Q: What were the biggest challenges you faced entering such a competitive market?
Dr. Krishna Jaiswal: The TPA industry is competitive, no doubt. I often compare it to running a marathon—it’s not about speed, but about maintaining a steady pace. I faced early challenges, but patience and long-term strategic planning helped me establish a foothold in the market. Growing up in a business-oriented family also taught me the importance of timing and not rushing growth. These elements, combined with a clear vision, were key to navigating the market.
Q: Innovation seems central to your success. How has Ericson TPA leveraged technology to stand out?
Dr. Krishna Jaiswal: Yes, technology has been integral to our success. We were one of the first TPAs to use WhatsApp for claim notifications and we introduced cardless cashless transactions—both of which have made processes more efficient. Another significant innovation was switching to numeric claim numbers, which simplified and secured the claims process. These innovations differentiated us from competitors and allowed us to provide a smoother, faster experience for our clients.
Q: The insurance industry has seen many changes recently. How do you see these affecting the TPA space?
Dr. Krishna Jaiswal: The insurance sector has indeed evolved, especially with the decrease in the number of TPAs. Population growth, lifestyle changes, and the pandemic have all played a role in this. People are more aware of their health and the rising cost of healthcare, leading to greater demand for health insurance. As awareness grows, so does the need for efficient TPA services, and we’ve seen an increase in our role within this ecosystem.
Q: How is Ericson TPA utilizing technology to streamline insurance processes?
Dr. Krishna Jaiswal: Technology allows us to offer quicker and more efficient services. For example, we’ve developed advanced systems that enable us to give cashless approvals in as little as 30 minutes, thanks to our vast hospital network and real-time data analytics. These tools also help us identify fraudulent claims, ensuring transparency and maintaining client trust.
Q: What are your growth strategies moving forward, and what expansion plans do you have?
Dr. Krishna Jaiswal: Our growth has been methodical. Before entering any new market, we build strong relationships with Public Sector Undertakings (PSUs) and private insurers, ensuring a steady foundation. This approach has allowed us to maintain consistency and visibility. During the COVID-19 pandemic, our adaptability was put to the test, but our innovative mindset helped us manage the crisis effectively. Looking ahead, we’re aiming for steady growth over the next five to ten years.
Q: Where do you see the TPA industry heading in the future?
Dr. Krishna Jaiswal: I believe the TPA industry will continue to grow, much like how mobile phones became a necessity. Health insurance is no longer a luxury—it’s essential. However, with growing competition, profit margins are thinner. Even so, TPAs are becoming more integrated into the healthcare sector, which will ensure their relevance and demand.
Q: You’ve mentioned entrepreneurship and risk-taking in past interviews. How do you approach risk management?
Dr. Krishna Jaiswal: Risk management is all about doing your research. Before entering any new venture, I always conduct thorough research and ensure there’s a balance between innovation and financial stability. Opportunities are everywhere, but success depends on making calculated risks and maintaining mental well-being.
Dr. Krishna Jaiswal’s entrepreneurial journey exemplifies the importance of innovation, strategic planning, and resilience. Under his leadership, Ericson TPA has emerged as a leader in the TPA sector, leveraging technology to optimize processes and stay ahead of the competition. With a clear vision for the future, Ericson TPA is set to continue its growth, shaping the future of healthcare and insurance in India.
