Today, artificial intelligence (AI) and advanced analytics are making it possible to dig deep into narrative content, parse natural language, interpret its meaning and draw conclusions that can assist human actors in performing their jobs more effectively. (Credit: NicoElNino/Adobe Stock)
Third-party administrators (TPAs) can offer a cost-effective means to assist in claims management, particularly for those types of claims that fall outside of an insurer's standard capabilities. That said, the relationship between an insurance carrier and a TPA can be complex and multifaceted, as both companies may have varying incentives and success measures. As such, a foundation of trust is integral to a successful partnership. Open communication, transparency and regular reviews for validation are a must for effective collaboration.
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