Third Party Administration (TPA) services are services rendered by an independent provider in connection with the management of incoming FNOL (First Notification Of Loss) and adjustment of third party claims for insurance companies and corporate clients.
TPA is one of the fastest growing lines of business in the world. Jointly with our colleagues from Crawford & Company, rendering TPA services under the “BroadspireSM” brand, we offer this type of services to leading insurance companies operating on the Russian market and large corporate clients forming special insurance (indemnification) funds, for settling of the losses (claims) occurring in the course of their activities (self-insurance without direct participation of insurers).
We provide services to financial and industrial companies, logistic providers and modern advanced-technology products manufacturers.
Why do Insurers and large companies choose a Third Party Administrator?
- We save costs for our clients, as they do not need to employ qualified staff on a permanent basis;
- We process incoming applications on an independent basis and make fair decisions;
- We hold discussions and collect documents required for a “turnkey” payment of settlement (receipt of FNOL, adjustment consulting and instructions, collection and execution of documents and their analysis, getting approval for a settlement decision from the client, submission of the package of documents to the client);
- We engage specialists of the Crawford & Company and their partners throughout the world in claims handling.
The type of insurance for which we offer TPA services:
- Travel insurance
- Accident insurance
- Property Damage Insurance for legal entities and individuals
- Third party liability insurance
- Products (services) liability insurance
- Portable electronic equipment insurance
At present risk managers of large corporations often make decisions to purchase insurance cover only against large and catastrophic losses with high deductibles stipulated in the policies. In such situations RusSurvey® can provide the required support for insured parties in the administration of events resulting in losses being within the applicable deductibles.
The major part of banking, insurance and combined financial products is sold through retail channels (branches of banks and insurance companies; retail chains selling products to broad segments of the population, filling station chains, etc.) and requires a 24/7 support to customers when events attributable to an insured loss occurrence happen. Jointly with renowned assistance companies, RusSurvey® arranges informational and advisory support to customers, monitors the collection of necessary documents and interaction between the selected dedicated providers of medical and other services.
The main flow of incoming calls related to travel insurance are processed by RusSurvey® employees for holders of premium bank cards (gold ones and above) under the policies issued by insurance companies to banks for the benefit of their customers (cardholders). Extensive experience in the corporate business segment enables us to find effective practical solutions for demanding premium and VIP bank clients. Using modern technical solutions of our Western partners (the Crawford System of Claims SolutionsSM) and own IT solutions, we constantly track the actual statuses of FNOLs and timely response to enquiries of the insured and other parties involved regarding each individual case.
The process of claims handling is based on the modern principle of desktop handling implying the minimum physical presence (involvement) of the claimant in the claims handling process, and the exchange of documents is arranged in electronic format via a dedicated web portal (https://myclaimsagent.com) for the analysis of all loss details and making of a principal decision. In most cases, the clients (the insured or their legal representatives) must provide originals of supporting documents after receiving the decision in their case.
The specialists of the International Programmes Department have considerable experience in handling of the claims related lo possible manufacturing defects in home appliances manufactured by world’s leading producers in the sector.
For more than five (5) years our specialists have been maintaining the claims administration programme of voluntary recall of healthcare products and ensuring effective interaction between patients, medical institutions, medical supplies sellers and manufacturers to resolve any issues in connection with the compensation for reasonable expenses incurred by the parties concerned. This project is a typical example of the work of an outsourced claims administrator in the cases that are not covered by insurance.
Our successful TPA work started in 2012 with the claims related to unintentional damage to portable electronic equipment is constantly developing owning to the increase in demand for the purchase of extended warranty by Russian buyers of electronic devices (mobile phones, smartphones, laptops, etc.). In case of damage to the device or its theft (robbery), the insured applies to our specialists who will promptly arrange the diagnostics and subsequent repair or replacement of the damaged or lost device through the network of service centres authorized by the insurance company.
Since mid-2015, a separate subdivision for domestic property loss appraisal has been operating at RusSurvey®; this subdivision is engaged in adjusting the losses related to damage to domestic property.
If you require help of highly qualified outsourced claims administrators, we are ready to provide you with our assistance at a modern professional level.