Auckland, May 22, 2023
Sentro, the operating system for group insurance, today announce the availability of Sentro Third Party Administrator Services in New Zealand.
Group insurers, brokers, benefit providers and large employers looking to outsource their group insurance and benefits administration now have a new option in the New Zealand market.
"Our team have been working in the New Zealand group insurance and employee benefits market for a decade" said Sentro CEO Rob Ellis. "Market participants have told us that the outsourcing options for group insurance and benefits administration in New Zealand are very limited.
We have the best group insurance and benefits administration technology on the market in the Sentro SaaS Platform. We also have a decade's worth of operational experience supporting group insurers, brokers, benefit providers and employers in the New Zealand market. So offering Third Party Administrator (TPA) Services in the New Zealand market is an absolutely natural and sensible next step for us to take".
Sentro TPA Services offer competitive advantages to customers looking to outsource their group administration, said Ellis.
"In addition to the usual services offered by TPAs such as producing policy and member insurance documentation and group and member invoicing services, Sentro TPA clients can also offer their customers branded online employer and employee portals. Large group insurance customers are now specifying a requirement for their insurer or broker to provide an online self-service employee portal as part of their quotation requests."
"Increasingly, insurers, brokers and benefit providers who cannot offer online service to employers and employees will lose business to those who can. Sentro TPA lets clients get into the online services game right away, without a expensive and risky multi-year internal IT project" said Ellis.
The Sentro TPA business compliments the existing Sentro SaaS Platform business. "We recognize that every insurer's and broker's situation and needs are different" said Ellis.
"Some insurers and brokers want to completely outsource their group administration to a trusted partner. They don't want to operate a software platform themselves, don't want to employ admin staff internally, but they still need to service their group customers professionally. Sentro TPA is perfect for these insurers. We can get clients operational quickly, and let them focus on sales and distribution while we take care of plan administration".
"Other insurers and brokers want to have full administrative control themselves, and are looking for a software platform that can give them a competitive edge in the market. They will administer plans themselves, and want a platform that will let them easily create differentiated products and service. The Sentro SaaS Platform is perfect for these customers. They license their own instance of the Sentro SaaS Platform, and have complete control to create new products, differentiate services and offer an end to end digital service to their customers".
Sentro TPA does not offer claims administration services. "In the New Zealand market, most life and health insurers have well-established claims management systems and practices" said Ellis. "Rather than duplicate those claims admin services, we will enable insured members and their brokers to have the easiest possible access to the insurer's existing claims management systems and processes."
Sentro is a New Zealand based business, with New Zealand customers and business partners including Partners Life, Pinnacle Life, nib, Tower, CSC Buying Group and Belong.