SOP Manual for Third Party Administration of Insurance and Pension Funds


This article discusses “Third Party Administration of Insurance and Pension Funds and its SOP Manual”. This U.S. industry comprises establishments primarily engaged in providing third party administration services of insurance and pension funds, such as claims processing and other administrative services to insurance carriers, employee-benefit plans, and self-insurance funds. The total revenue and annual payroll are $189,895,977,000 and $16,102,082,000 respectively in 2017.

Standard Operating Procedure
SOP ToolBox: If you are reading these lines, I am sure you are looking for Standard Operating Procedure guidelines or SOPs itself. In both the cases, searching in internet will not be yielding any great help. Because no company shares their SOP Development Process and certainly don’t share their SOP Documents. The best way to develop an SOP is creating one for yourself. At Fhyzics, we write SOPs day-in and day-out for companies across the globe including some of the Fortune 500 organisations. Our charge ranges from USD 5000 to USD 50000 depending upon the number of processes to be covered. Certainly, this is not affordable to small and mid-size organisations. Hence, we decided to create this SOP ToolBox to disseminate our 8-Step SOP Development Life-Cycle and best practices at an unbelievably low price.

I always say, writing an SOP is somewhere between art and science. So far you may be clueless on where to start and how to progress on an SOP? This will not be the case after you diligently go through this SOP ToolBox. We have summarised all our secrets here to get you started and to deliver a stunning SOP to your management.

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A Third-Party Administrator (TPA) is an organization that processes insurance claims or certain aspects of employee benefit plans for a separate entity. An insurance company may also use a TPA to manage its claims processing, provider networks, utilization review, or membership functions.

The North American Industry Classification Systems (NAICS) has grouped services and activities associated with Third Party Administration of Insurance and Pension Funds under the NAICS industry code 524292. The following list shows some activities that are associated with industry 524292,

  • Claims processing services, insurance, third party
  •  Employee benefit plans, third party administrative processing services
  •  Insurance claims processing services, third party
  •  Insurance fund, third party administrative services (except claims adjusting only)
  •  Insurance plan administrative services (except claims adjusting only), third party
  •  Pension fund, third party administrative services
Some of the international association of Third Party Administration of Insurance and Pension Funds:

  •  Associated Third Party Administrators (ATPA).
  •  The Third Party Administrator Association of Canada (TPAAC).
  •  Health Care Administrator Association (HCAA).
  •  Voluntary Employee Benefit Association (VEBA).
  •  Mutual Benefit Association (MBA).
  •  Contribution Institutional Investment Association (CIIA).
International Standard related to this industry:

  •  ISO 9001: 2015
  •  ISO 9001: 2000
  •  ISO 27001L: 2013
  •  ISO 9001: 2008
Few of the World best Companies in this industry are,
Some of the magazines and journals that will keep you track on:

You Tube:
https://www.youtube.com/watch?v=xZcAECrNB6Q  |

Written by SOP Team

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