Third party administrators (TP As) have always recognized the value of data and the \u2028importance in effective data management. Today, in the era of Big Data, TPAs are becoming \u2028even more skilled at using data to gain greater customer insights and deliver greater value. As the \u2028trusted stewards of their customers’ claims administration, TP As are in possession of massive \u2028amounts of data. By organizing and analyzing this data, they can support their customers’ better \u2028decision making on matters ranging from insurance product offerings and cost factors to \u2028utilization management. Self-funded plans, in particular, benefit from the TPA’s proactive role in \u2028data management and intelligence garnered from this data.<\/p>\n
Health insurance claims are at the center of the TPA’s data management. These claims \u2028contain a wealth of data (i.e., medical, demographic, financial, etc.) which can be integrated and \u2028analyzed to guide plan sponsors’ strategic decision-making leading to new plan strategies, better \u2028risk management and lower costs. Robust reports to customers and their brokers provide a bird’s \u2028eye view of plan activity, trends and new opportunities. The TPA’s emphasis on quality control \u2028and performance monitoring is also enhanced by its better leveraging of data to measure key \u2028performance indicators such as how efficiently claims are being handled. Additionally, data \u2028analytics serve as a valuable tool in providing meaningful insights regarding potential risks \u2028including legal claims.<\/p>\n
Insurance carriers too derive benefit stemming from the TP A’s harnessing of data. The \u2028TP A’s data management assists in the area of cyber security and the heightened regulations \u2028imposed on carriers to protect sensitive data from cyber breaches and identity theft. The \u2028actionable data insights shared by TP As also enable carriers to strengthen their strategic business planning and compete more effectively. Predictive analytics can lead to decisions relating to new products, services and\/or risk mitigation strategies. As a result, carriers look to TPAs as important partners in key operational areas including underwriting and customer relationship management.<\/p>\n
Leveraging Big Data, TP As are on the frontline in helping all stakeholders (i.e., plan \u2028sponsors and carriers) gain a heightened level of value defined as better risk and cost \u2028management, heightened awareness and enhanced customer relations.<\/p>\n","protected":false},"excerpt":{"rendered":"
Third party administrators (TP As) have always recognized the value of data and the \u2028importance in effective data management. Today, in the era of Big Data, TPAs are becoming \u2028even more skilled at using data to gain greater customer insights and deliver greater value. As the \u2028trusted stewards of their customers’ claims administration, TP As… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts\/1583"}],"collection":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/comments?post=1583"}],"version-history":[{"count":0,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts\/1583\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/media?parent=1583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/categories?post=1583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/tags?post=1583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}