Benchmarking Metrics for PEOs and TPAs The most precious asset across all insurance claims management is time. Time changes everything. The more time passes, the more complex the claim can become, this is particularly true for Commercial Property claims, Workers’ Compensation claims, and Health Insurance claims. Claims are time-sensitive because the nature of the issuesRead more
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The adage “Time is money” proves more truthful for the insurance industry than most industries. When a claim takes time, it tends to become more expensive. It brings up the question, how much faster can you process claims? When an insured files a claim, they need to attend to an occurrence. Whether it’s a carRead more
What Is Benchmarking? “Benchmarking is the practice of measuring a system’s performance against a standard.” – International Risk Management Institute, 2022 Benchmarking is a term used in various industries to set the precedent of how good (or bad) a company is performing against industry standards. Benchmarking allows industries to set guidelines to track goals, paceRead more
Many businesses turn to third-party administrators (TPAs) streamline insurance operations. Hiring TPAs is a way to outsource claim processing for more effective results, saving time and money on insurance operations. Let us discuss how TPA’s enhances insurance operations – but first things first, what does a TPA do? What is a TPA? There is no one-size-fits-all TPA for every business, so it is important to understand why a company needs a third-party administrator. TPA’s process insurance claims and employee benefit plans on behalf of another organization. Third Party Administrators take partRead more
Business Interruption insurance is a type of coverage that a business owner turns to when they are forced to close their business for a period. The reasons behind this “non-voluntary” closure could be internal or external factors that make owners lose their ability to generate sales and income. Internals: such as a gas leak, a fallen tree, a broken water pipe, etc. Scenarios that force a company to stop businessRead more
Improve claims processing experience can make or break a customer’s retain. Here you have 10 ways to improve satisfaction while bringing new customers in! The cost of gaining a new customer is six to seven times higher than keeping an existing one. Why does the claims experience matter so much? In the insurance world, theRead more
