Understanding Third Party Administrator Software

Dedicated software for third party administrators (TPA) can help streamline processes and improve business results. Traditional legacy claims and benefits administration systems require significant manual work and prevent TPAs from realizing the benefits of automation and real-time efficiencies.

However, tapping into the power of a modern TPA software system can help third party administrators and their insurance company clients to take advantage of advanced risk management and automation to boost their bottom lines.

What Does Zinnia’s Third Party Administrator Software Do for You?

While traditional third party administrator software was typically tailored to health insurance or property and casualty insurance, Zinnia provides TPA software that is geared specifically to life insurance and annuities. That means the software handles typical TPA services such as processing applications, paying claims, rejecting policies, and administering and managing policies.

But that’s not all. Zinnia’s third party administrator software for life insurance and annuities also provides a broad range of other benefits, which allow insurers to stay on top of a rapidly changing industry. Those benefits include the following.

Speeds up time-to-market for new products

When market changes present new opportunities for insurance products and services, traditional systems required significant time and manpower to respond. As a cloud-based TPA software solution, Zinnia can quickly build new products and services by scaling its solutions and partnering with other cloud-based providers. Rather than waiting months or years to properly respond to consumer needs, Zinnia’s third party administration software allows insurers to roll out new products or services in days or weeks.

Delivers cost-effective conversions

Converting prospects to customers can be an expensive process when it involves direct mail and staff time to reach out and communicate with each prospect. But Zinnia’s TPA solution allows insurers to take advantage of cloud-based outreach and digital buying, meeting consumers where they are and significantly driving down the cost of each conversion.

Enhances productivity with automation

By automating processes such as conversion, administration and claims, Zinnia’s TPA software solution boosts an insurer’s productivity. For example, automation can reduce the cost of a claims journey by as much as 30%, according to McKinsey. 

Enables better reporting

One of the advantages of digital transformation is the automatic collection and categorization of data. At any time, insurers can access data and reporting about current policies, expired policies, claims and other details. When a carrier partners with Zinnia as a TPA software provider, they have access to a wide array of digital products and processes. As a result, insurers get better data and insights about their products and customers, while consumers get an improved insurance experience.

Ensures compliance

Insurance companies must comply with frequently changing regulations. Zinnia’s TPA software helps insurance companies meet compliance regulations efficiently and effectively by regularly updating with new regulations, establishing compliance processes, and maintaining strict records for compliance officers.

Improves customer experience and satisfaction

Today’s insurance customer wants to purchase insurance the hassle-free way they can purchase anything else—through an intuitive digital process. Zinnia’s third party administrator software makes it easy to transform the traditional insurance process to accommodate the future of life insurance, allowing consumers to handle everything digitally, including conduct research, apply for insurance, get a quick underwriting decision, access policy documents, pay premiums, and initiate claims.

Configures easily to your business

Because Zinnia’s TPA solution is completely cloud-based, it can be configured easily to any life insurance or annuity business systems. Built with an open insurance perspective, Zinnia operates with a fundamentally different approach to insurance, in which information flows freely to the parties who need it, when they need it, resulting in a more intuitive, collaborative and enjoyable journey. Zinnia’s end-to-end life insurance services and solutions have a foundation of open insurance, which makes it easy for our products and services to connect seamlessly and deliver meaningful outcomes and experiences for life insurers. 

Future-proof your operations

Top global consulting firms such as McKinsey and Deloitte have forecasted the need for reimagining and reinventing the life insurance industry to find success in the future. By harnessing the power of digital technology and automation, insurers can provide improved customer experiences and be prepared to evolve into the future.

What Can You Outsource to Our Third Party Administrator Software?

Zinnia offers comprehensive, end-to-end third party administer services, powered by our proprietary software solution. Insurers can outsource a variety of services, such as:

• Digital purchasing
• Engagement and loyalty
• New business
• Mail operations
• Call center
• Post issue
• Finance operations, pricing and trading
• Business controls and regulatory support
• Correspondence print

Making Insurance Efficient With Zinnia’s TPA Services

The world—and the life insurance industry—may be changing quickly, but there’s no need to panic. Savvy insurance companies can keep up with the changes, stay on top of the trends, and boost efficiency by partnering with cloud-based, industry-focused solutions such as Zinnia’s third party administration services.

Learn more about Zinnia’s life insurance solutions.