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Artificial intelligence offers the insurance industry exciting new services and solutions. The burgeoning technology also carries new risks.
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.
At QBE, we are fortunate to work with some of the best TPAs in the business. Those relationships work well largely because we are consistently mindful of what’s working and what’s not, and we’re always looking for ways to collaborate more effectively in a spirit of continuous improvement.
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