Third Party Administrators Becoming the Third Wheel
Look out! Big payroll companies are calling on your current clients and much to your chagrin they are attracted to what they have to say. Third Party Administrators are quickly finding themselves a third wheel at a table meant for two. What do you do now?
Your specialty is benefits and insurance processing. A hefty slice of the HCM pie, but a single slice nonetheless. Naturally, your clients supplement services with other vendors such as payroll providers. The risk of losing your stature to a payroll company was small, until now.
As more payroll partners offer full HR management features, including benefits outsourcing and complete data integration, a TPAs slice of market share is slowly diminishing.
History tells us that to survive we must adapt. After all, once upon a time, mighty dinosaurs dominated the earth; yet a series of natural, progressive occurrences resulted in their demise. Much like these prehistoric powerhouses, TPAs were once untouchable experts thought to be indispensable to companies. But not anymore.
Enter the dawn of a new age – the age of innovation – where single-source HCM platforms, big-data and analytics, and artificial intelligence is causing the extinction of the Third Party Administrator. The only way to shield yourself from impending technological annihilation is to maintain clientele by evolving with the industry.
While the pessimist would say easier said than done, we just say, easy.
Netchex provides Third Party Administrators with an advantageous partnership that delivers supplemental services to a TPA’s clients without jeopardizing their relationship. We’ve perfected a way for Third Party Administrators to benefit from the same innovation that threatened their own existence.
- Close Integration Loops – Custom API integration and data sharing secures company information and passes benefits and insurance data seamlessly from one system to the next
- Increase Client Solution – Offer deeper analytics across benefits and HR functions including time & labor for complete transparency
- Grow Revenue – Additional services increase your value which can result in higher compensation, and you participate in revenue sharing opportunities
- Competitive Edge – Minimize the risk of HCM platforms encroaching on your clients, and benefit from joint marketing and sales with Netchex support
Netchex offers multiple TPA Partnership opportunities. Our channel partners have access to client communication, promotional materials, and co-sponsorship trade show presence to better service your clients and your community.
The Netchex TPA Partnership serves as a catalyst for your own business. Take advantage of the innovative HCM technology Netchex has to offer. Talk to us to learn how we help you expand accounts and offer more to your customer base.