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.
We spoke to Mark Bernstein, vice president and director of national accounts for Carl Warren & Company, a national company that offers a range of claims management and third-party administrator solutions. He shared with us the role of the TPA, what to look for when hiring them and how to work with them effectively.
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