The Importance of Knowing your Clients’ Business Philosophy & Risk Appetite and Why
Third party administrators (TPAs) offer services to the insurance industry to expedite claims and provide efficient and personable customer service. Our team handles claims involving personal and bodily injuries that can stem from negligence or a faulty product or service, as well as casualty and property damage. We also manage legal professional liability insurance, workers’ compensation and auto or product liability. Think of our claims service professionals as an extension of your claims department, offering valuable manpower that costs less than an in-house employee.
What Does a TPA Do?
A hired third party administrator wears many hats. We are investigators, litigation managers and strategists in addition to being a key piece of your claims department. We are the go-between for you and your customers, insulating you from tedious everyday communication and compiling the evidence that you need to effectively handle a claim. We can help you reduce costs by managing responsibilities that a defense attorney would charge extra for. We’ll work with your lawyer on professional liability claims, passing on all of our investigative information so they can concentrate on the legal aspects of the case.
What Should Your Company Look for in a TPA?
Good claims service professionals are honest and have integrity and good values. We’ll listen to you and your customers and provide service based on your company’s litigation management and claims handling philosophy. We should not be biased towards one party or the other and communicate effectively, provide information, make recommendations and then step back and let you make the final determination in how to handle the matter. Everything should be in the interest of all involved parties.
You also want a responsible TPA with up-to-date technology. They should be fluid and change with the industry and the growth of your company. With many years of experience and professional training – we are enabled to execute the job at the highest level every time. We change with the times, whether that means storing or reporting data differently or changing the scope or type of collected data. We move with our clients.
Lastly, a TPA needs to show that they are consistent. They can do this by providing metrics and analysis on quality assurance and costs, proving that their service is cost effective and professional.
What Are the Advantages of Hiring a TPA Instead of Handling Claims Yourself?
One of the best advantages of hiring out for a TPA is the financial aspect. You’ll find that the best TPAs are more cost effective to retain than an in-house claims department. We offer calm assurance and easy communication to assist your clients when they need it most. We’ll promote your company in a positive light while giving the distance needed to build a rapport and improve the experience of professional liability claims handling.
If you’re looking to cut costs while offering your customers the outstanding service they need, talk to claims service professionals at Action Claim Service and Action Claims Administrators. We can be the liaison between you and your consumer, listening to the needs of all parties and finding a fair settlement.
Contact Us today to partner with the most professional and efficient claims management and TPA company in the industry!
855-284-5931 | info@actionclaimsadministrators.com
Related posts
