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Traditionally, processing of transactions, insurance claims and other aspects of consumer-based plans have been handled internally. However, in an era of increased emphasis on financial management and cost cutting, this has shifted. Many credit unions are discovering that outsourcing these functions to third-party administrators (TPAs) can provide significant cost-savings, improve member service, enhance flexibility and ensure that the process meets all current standards.

For a start, individual insurance plans often have highly technical aspects and difficult administration standards that require specific and up-to-date knowledge that can be difficult and expensive to maintain in-house. And, from a management point of view, a partner can often provide more accountability than is available when using an internal department that is, by necessity, serving multiple masters and determining its own priorities.

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Peter Westerman


Credit Union Times

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