Selecting the Best Claims Administrator

There's no such thing as too much information when risk managers are picking a third-party administrator.

Hiring the right third-party administrator (TPA) to handle an organization’s claims, and then working with the vendor in a productive partnership are two of the most critical responsibilities many risk managers face.

The first step in any successful TPA relationship is for risk managers to do some serious due diligence in order to ensure they’re contracting with a reliable partner. That begins with a thorough self-assessment of the organization’s own needs.

Be Specific on Service, Pricing Expectations

Being as specific as possible with the services required of the TPA—and what the organization is prepared to pay for them—helps greatly in weeding out some prospective partners.

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Originally published on PropertyCasualty360. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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