Delegate claims reinvented | Advent Claims

Global Claims TPA

Once carriers in the delegated authority market chose third party claims administrators solely based on their expertise in a particular area. Over the years, though, numerous additional requirements were added, as insurers rightly attempted to gain a competitive edge or meet an imposed requirement. TPAs began to be measured by factors including their skills in areas such as customer service, loss fund management, regulatory compliance and management reporting.

Today, with rates stagnant or falling and claims and compliance costs continuing to rise, the pressure on insurers’ operating costs has reached a critical point. The cost of reviewing, approving, managing and auditing TPAs and undertaking required due diligence, has ballooned. Insurers now need to find TPAs that can not only deliver quality technical handling, customer service, compliance and reporting, but can do so in multiple classes of business and territories. They must do so transparently, to let the carrier manage an effective yet cost-efficient panel.

Advent.Claims understands these pressures and has developed a next-generation TPA service that delivers to these new standards. We provide:

  • A truly international TPA network focused exclusively on the delegated authority market
  • A single global contract and service-level agreement covering all territories and classes of business
  • A single data-entry and straight-through processing which meets all stakeholders’ needs
  • A unique, purpose-built delegated claims IT platform (Advantage) which validates all claims at source and eliminates the need for subsequent processing and reconciliation
  • On-line access by all participants to the binder or programme with reporting tools that deliver all the bordereaux and compliance reporting required in London (including above-authority escalation)
  • Advantage allows carriers in the delegated authority market to enjoy the best of both worlds: all the benefits of working with the global delegated authority market, without the onerous complexities and reporting demands.