A Third Party Administrator (TPA's) is more of a UK term and is used to describe an organistaion that processes insurance claims, and in many instances issues insurance policies having been given a delegated authority from its principal insurance carrier to do so.
With the advances in technology most TPA's deploy robust systems that capture customer information at point of sale, issue policies that are compliant in accordance with local regulatory requirements, and provide a claims solution which is also automated.
Having captured data and through the deployment of its Systems the TPA is well positioned to furnish reports to its insurer principal that enables the later to monitor and manage the scheme performance.
Because of the highly technical aspects involved in the administration it does, it becomes very cost effective for an insurance company to use a TPA to effectively manage both the claims and the policy issue processes.
TPA's are prominent players in both the managed care industry and the Retail, Finance, Banking and Automotive Sectors.
When an insurance company provides a delegated authority it is generally on the basis that the Third Party Administrator will be able to manage a large grouping of customers with insurance products or defined benefit protection that are solicited through a particular distribution channel which may be an Automotive Dealer, Bank, IFA, Retail Outlet, Affinity Group or Call Centre.
Should you have an enquiry to deal with a TPA or indeed if you are a TPA that requires the support of an alternative insurance carrier we would be happy to discuss the matter with you in greater detail.
We currently work with TPA's and or MGA's in North America, Eastern Europe, South East Asia and Australasia.