Five public sector general insurers in India recently formed a common in-house health insurance Third Party Administrator (TPA), which is expected to come into action by April 2014. These general insurance companies, include National Insurance Company, Oriental Insurance Company, New India Assurance Company and United India Insurance Company. Previously, they used to avail services of external TPAs.
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The formation of a common TPA will help them gain more transparency and control over the claim processing. It will also make it easier for the insurers to catch fraudulent claims. For the policyholders too, this initiative is beneficial as it will make the claim settlement process faster and easier.
In the beginning, formation of TPA is going to be a financial load for these insurers, but over a long term, the administrative cost will come down leading to big savings. At present, these insurers pay a substantial fraction of the premiums collected to external TPAs for their services.
The common health insurance TPA is intended to handle the claims filed with any of these five insurers. For its initial set up, TPA is funded with paid up capital of Rs 10 crore and authorized capital of Rs 300 crore from government owned general insurers.
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