( MENAFN - Straits Research) Third-party administrators (TPAs) are used by businesses to manage their claims. Many cater to medium- to large-sized companies that have decided to self-insure a portion of their liability, commercial property, or workers' compensation risks. They are also responsible for handling claims for businesses that have self-funded their health, dental, and other benefit plans.
TPAs generally range in size from small to medium. Third-party administrators are commonly referred to as TPAs, but they are also referred to as "administrative services only" occasionally (ASO). As it expands into new geographies, value chain segments, client types, and product lines, the TPA industry must align its services and operating models with shifting demand patterns.
As a result, they must stay current with other sectors. Market Dynamics Burgeoning Technology and Higher Healthcare Cost to Propel the Market TPAs have adopted several technologies to stay in line with market trends. The risen adoption of advanced technologies such as IoT, artificial intelligence, machine learning, and robotics process automation has resulted in the expansion of the insurance third-party administrator industry.
TPAs also use these technologies to ensure efficient processes that provide excellent service while lowering costs. Corvel Corporation, for example, has introduced CogencyIQ, artificial intelligence and predictive analytics tool designed to address complex claims. Furthermore, by cons.
