Here’s why TPAs matter to the insurance industry

Third-party administrators (TPAs) provide a variety of services to the insurance industry. For some companies, they help expedite claims while providing timely customer service and helping to maximize a customer’s assets. They may also provide risk management, billing services, data and analytics, and in some cases subrogation expertise. The types of claims they handle may include general liability, water damage, restoration, construction defect, automobile, property and casualty, product liability, professional liability and employment practices to name a few.

Some clients view them as an extension of their claims departments, providing valuable manpower at a time when resources may be tight, but the need to provide excellent customer service is higher than ever. Whatever their role, as the industry has changed, so has that of the TPA.