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Hiring an independent appraiser? Here's what to look for

Insurers may choose to work with TPAs to reduce expenses and maximize resources

By Ken Loose | Updated on July 10, 2017
Insurers are looking for ways to maximize resources and improve customer service. (Photo: Shutterstock)

Third-party administrators (TPAs) play an important role in the claims process. While insurance companies have traditionally handled claims, there is a growing trend as more insurers are utilizing TPAs to manage claims on their behalf in an effort to reduce expenses and increase profitability.

TPAs can assist with ensuring that damage appraisals are completed accurately and on time, provide expertise on federal and local regulations, and help streamline processes for insurers and policyholders. Many TPAs utilize independent appraisers throughout the claims process to complete insurance estimates on their behalf. A recent study found that TPAs are twice as likely to outsource all of their appraisals to independent appraisers when compared to insurance companies, fleet owners/operators, leasing companies, remarketing companies and self-insured companies.

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