Partnering with a claims management third party administrator (TPA) can help organisations manage the pressures that come from frequent regulatory changes, according to Gallagher Bassett.
The firm, one of Australia’s largest claims TPA, outlined several benefits of partnering with a TPA in a recent release.
“With specialised services and the industry know-how, partnering with a claims management TPA is increasingly becoming a logical option, allowing insurers to focus on other key strategies within their business,” the firm said in its release.
And according to Morgan Drysdale, national risk audit and compliance manager at Gallagher Bassett, one of the key benefits of partnering with a TPA is better oversight of regulatory changes.
“Monitoring of the regulatory landscape can often feel like a full-time undertaking, however it is pivotal for businesses to prioritise this,” said Drysdale. “A TPA has the advantage of offering a claims management-focused approach to risk and regulatory change, which can result in efficiency gains when contrasted with an insurer's internal team.”
Drysdale also noted that a TPA will allow organisations to develop a successful risk and compliance-focused culture and framework, which is crucial to the success of adapting to new regulatory requirements.
“Implementing strategies to adapt to regulatory changes like these is most successfully executed if the existing culture is appropriately positioned to embrace them,” said Drysdale.
Finally, Drysdale said that utilising TPA expertise will “provide your company with confidence – allowing you to focus on optimising and growing your business.”
“At the highest level, regulatory changes are implemented to provide better outcomes for customers, however the opportunity for insurers lies with appropriately embedding and then leveraging these changes to provide enhanced customer experiences,” he added.
