Third-party administrators are key health benefits industry players that have grown in size and influence but are relatively unknown and sometimes misunderstood. The Third-Party Administrators’ Association of Canada represents the majority of TPAs in Canada, which together manage benefits plans for more than 5.3 million Canadians through 70,000 employers, says Mike McClenahan, the TPAAC’s president […]
The Empire Life Insurance Co. is partnering with Rimouski, Que.-based insurtech company Magik-Net to build a real-time platform for third-party administrators. The platform aims to help TPAs handle tasks related to the administration of employers’ group benefits plans. It’s also designed to reduce the time insurers spend processing files and confirming successful transactions. Read: The value-added proposition of group […]
People Corp. has acquired Sirius Benefit Plans Inc. for $15 million. Winnipeg-based Sirius Benefits administers the employee benefit programs for several thousand small- and medium-sized companies across Canada and has relationships with more than 250 third-party brokers. Read: People Corporation makes acquisition “The opportunity to add a ‘home-grown’ Winnipeg-based firm to the People Corporation family, […]
Although the term “third-party administrator” (TPA) seems pretty clear, the services that these companies provide and how they operate can vary significantly from organization to organization. While TPAs can help improve processes, find efficiencies and save plan sponsors money, there is no regulating body or official guidelines that TPAs need to adhere to, creating a […]
Third-party administrators (TPAs) have been around for decades. In terms of numbers, the Third Party Administrators’ Association of Canada (TPAAC) estimates that its members oversee billions of dollars in premiums, claims and pension funds. TPAs range in size from a single advisor to companies with boards of directors. Their product offerings are just as diverse—from […]