Third Party Administration Services – TPA
We make the complex simple
Our Third Party Administration unit provides integral handling services for high loss-ratio accounts, such as Tollroads, Railways, Supermarkets and Shopping Malls, Public Service Providers, Professional Associations, among others, and to deal with their particular features, including:
High frequency of incidents / losses;
Risk of IBNR and
High administrative workload on Brokers, Insurers and Reinsurers.
We detail below our years of experience in the administration of the different types of high-loss ratio accounts:
YEARS IN TOLLROADS
YEARS IN RAILWAYS
YEARS IN PROFESSIONAL SERVICES
YEARS IN PUBLIC UTILITIES
YEARS IN SUPERMARKETS AND SHOPPING MALLS
Over the years, we have accumulated considerable added value, including:
20+ years of experience in the design of comprehensive handling programmes for these types of accounts, with consideration for the needs of all parties involved;
An interdisciplinary team of professionals (including adjusters, in-house experts, an administrative team, correspondents, etc.) with specific know-how on each of these types of accounts;
A tailor-made sophisticated software to manage these accounts efficiently;
Extensive knowledge on the applicable law, regulations and court precedent.
Objectives of our TPA services
MINIMISE ADMINISTRATIVE WORKLOAD
Manage incident notifications and each account comprehensively, aiming to minimise the administrative workload on our clients at the best possible cost.
REPORT ON LOSS-RATIO VIA BORDEREAUX
Register and notify all incidents via bordereaux.
IDENTIFY POTENTIALLY SERIOUS INCIDENTS
Identify potentially serious incidents to avoid the risk of IBNR claims.
INVESTIGATION AND ADJUSTMENT
Investigate and report individually on potentially serious incidents, per procedure previously agreed with each client. Subject to the outcome of the investigation, recommend reserves and case-handling strategy.
REDUCE INSURERS’ EXPOSURE
Handle potentially serious cases proactively to avoid mediations and trials.
STATISTICS FOR UNDERWRITERS
Provide clear incident/loss statistics for Underwriters.
Stages of our service
The versatility of our administration service allows our clients to hire one, two or all stages.
1. Initial processing and triaging to identify potentially serious losses.
– Analyse coverage and issue recommendations to apply policy conditions;
-Identify potentially serious incidents;
-Issue monthly updated bordereaux.
2. Investigation and handling of potentially serious incidents.
– Investigation (site inspections, analyse information / documents, experts’ reports, criminal files, etc.);
– Analyse coverage, liability and potential quantum;
– Make recommendations on reserve and claim handling strategy;
– Coordinate independent injury/damage assessments and implement out-of-court negotiations with third parties;
– Claim handling, adjusting and reporting.
3. Follow-up of claims and loss adjustment
– Monitor mediations and trials;
– Issue periodic reports;
– Adjust losses.
We are fully available to meet and jointly design the most convenient scheme according to each account/clients´ needs.