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(TPA) Third Party Administration Solutions

 

 
Solutions that work, Results that Last


Property and Casualty claims administration services are available for a broad range of clients and programs covering an extensive variety of risks. Cost savings are a top priority for our clients and other responsible parties. IMA’s objective is to provide thorough, consistent and conscientious management and administration from the first report of a claim through its successful resolution. Services are available for Insurers, self insureds, self insured retention organizations, captives, MGAs, Lloyds syndicates, public and private entities and associations.

The IMA team develops customized programs for each client to ensure their particular needs and goals are met. These programs consist of short and long term objectives with a supporting program structure, including specific claims handling procedures, resource allocation and performance measures. The result of this process is a planned method that ensures strategies are turned into actions, accountabilities and positive results. IMA combines high value risk administration and management services with proven solutions to deliver superior results.

Effective claims handling is critical to ensure cost control over both indemnity payments and loss adjusting expenses. Our experienced staff is committed to the successful and intelligent resolution of claims. Most claims can be handled in house, however, we also utilize only the best performing experts in their field when the need arises. We actively manage and review the performance of our approved professionals and vendors to guarantee first rate service and work product. We have developed litigation and vendor management guidelines which set clear expectations for the standards and performance we seek, while helping to control costs.

As a member of your team we understand the importance of maintaining effective channels of communication. We always keep you and other interested parties advised of new developments as they occur. We pride ourselves in providing timely and accurate notification of claims and meeting scheduled reporting requirements. Internal Claim audits are performed regularly and in conjunction with clients, carriers, defense counsel and other interested parties to ensure open lines of communication, strategic claim handling and accurate reserving. 

Decision trees are utilized to asses volatile claims and large exposures. By estimating low, medium and high damages and specials coupled with liability analysis projections, defense and loss adjusting expense costs, we are able to forecast a range of potential costs that assist us in setting accurate reserves. This ultimately leads to recommendations involving resolution strategies and whether to deny, settle or litigate a claim.  Reserves are reviewed monthly and updated as new developments present themselves. Each claim is unique and our reserves are based on a series of variables unique to each claim. Reserving is as much an art as it is a science, objective variables are considered including dynamic damage formulas combined with historical experiences, published settlements, jurisdictional trends, future wage impact and are coupled with the judgments of the claimant, adjuster, counsel and carriers.

Fraudulent and/or questionable claims are analyzed and vigorously defended using proven procedures, strategies and technologies including background investigations and online research tools such as ISO Claim Search (Index Bureau), FC&S, West Law and Lexis Nexis legal research services.  Legitimate claims are handled promptly and efficiently. Our staff is experienced in  identifying innovative ways to mitigate claims utilizing proven negotiating techniques and through structured settlements arrangements which ensure smooth cash flows and maximization of present/future time values of your assets.

Our investigations always seek to identify other potentially liable parties. This is crucial to reducing or avoiding liability expenses and for maximizing subrogation and recovery efforts. We manage the litigation that is so crucial to achieving success in these areas .

IMA is a strong proponent of technology and has invested in the latest leading edge software, systems, services and training to effectively and efficiently manage the claims lifecycle. Claims handling is only the beginning of a successful administration program. The information that is gathered contributes to a vast warehouse of data and creation of an extremely valuable knowledge base. When properly mined through the use of sophisticated reporting tools and then analyzed, this information can assist you with the development of proactive loss prevention and control techniques and allows us to assist you, your broker and/or the carrier in the creation of alternative risk programs and/or a better suited policy structure.

Any number of IMA specialists may work on a claim, however, control of the claim file remains with one file handler. Clients have immediate access to real-time claim information through any member of the claim team or directly through the internet.


Services include:

Centralized claim set up, bordereau and loss run reporting, claim acknowledgments, immediate claim contact, field investigation, formal file reporting, scheduled claim reviews, review of first reports for problematic claims, escrow fund management, maintenance of check registers, procedural set-up, customized management reports, management of outside claims investigations, litigation management and other administrative services customized for each client.

In addition, IMA provides consulting for the analytical needs of clients in the areas of claims management, claims administration, reserve review, auditing and risk program purchasing.

 

 
  • Claims Activity Monitoring
  • Claims Decision Cost Impact Analysis
  • Claims Trend Analysis
  • Claims Reporting Consulting
  • Closed-file Reviews
  • Litigation Management
  • Loss Prevention Consulting
  • Third Party Administration
  • Run Off Programs
  • Recovery Services