ALM PROPERTYCASUALTY360: AI: The key to innovative collaboration with TPAs
The relationship between an insurance carrier and a third-party administrator can be complex and multifaceted.
Third-party administrators (TPAs) can offer a cost-effective means to assist in claims management, particularly for those types of claims that fall outside of an insurer’s standard capabilities. That said, the relationship between an insurance carrier and a TPA can be complex and multifaceted, as both companies may have varying incentives and success measures. As such, a foundation of trust is integral to a successful partnership. Open communication, transparency and regular reviews for validation are a must for effective collaboration.
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