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TPA in Insurance | Role & How It Works

A third party administrator or TPA is an organisation that works as a middleman between an insurance company and its policyholders. A TPA is not a party to the insurance contract between the insurer and the policyholder. Hence, the name, third party administrator. 

Insurance companies engage TPAs to manage tasks like claim settlement, customer support or record keeping. A single TPA can work with multiple insurers and manage their processes. 

A third party administrator is an IRDAI regulated entity. Third party administrators must follow the rules, regulations and guidelines given by IRDAI. 

Instead of relying on TPAs, some insurers have now set up their in-house teams to manage claim processing and other tasks. 

 

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