Best third-party administrators offer partnerships, expert advises
Transparency is a key to finding the best third-party administrator for your company, suggests Fred Weber.
The vice president for account management at Specialty Risk Services says some TPAs are further along in the industry drive toward openness.
Weber says it's reasonable for a client to expect a TPA to share its results.
"A TPA ought to be willing to communicate its strengths and deficiencies before it gets to the point where the client is doing that," he said. "The best partnerships are where the TPA presents strengths and opportunities and owns them and comes prepared to do something about the deficiencies. It's a partnership as opposed to a confrontational relationship."
January 10, 2011
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