The Restoration Industry Association released its Third Party-Administrator (TPA) scorecard through its Advocacy and Government Affairs Committee. The scorecard is based on several important metrics that rate the quantity and quality of service from leading TPAs in the insurance industry.
Hancock Claims Consultants’ Preferred Repair Network, a relative newcomer to the system, was ranked first in the scoring. At Hancock Claims, we are proud of the hard work and success in the Preferred Repair Network segment of our business and are proud of everyone on our team.
Criteria for Scoring
The criteria are designed to analyze TPAs based on performance alongside several other factors deemed important by contractors using the services. Contractors completed a survey to rate their TPA experiences based on the following criteria:
- Value and ROI – Rating is based on the return on their time and financial investment in fees, admin, and more.
- Scoring – This value is based on clarity in the TPA scoring system.
- Guidelines – Based on management guidelines and ease of the overall system.
- Claims Process – Rated on fairness, efficiency, and competence in the claims handling process.
- Contractor Support – Rated on contractor advocacy and grievance process.
- Credentialing – How easy were activation, renewal, information updating, and general compliance?
- Claim Volume – Based on the number of opportunities for contractors.
- Geographical Representation – Based on the geographical footprint.
The latter criteria are the most impactful things for contractors servicing claims. The TPA – Contractor relationship is critical, especially during high-volume claims cycles after catastrophic events. The scoring reveals how each TPA performed in the given year and the value they delivered to contractors.
Hancock Claim’s Preferred Repair Network Ranks First with High Marks
Hancock’s Preferred Repair Network swept the field, ranking first overall compared to eleven TPAs.
- Value – Scored the highest with a 3.5 out of 5.
- Scoring – Again, scored higher than all other TPAs with a 3.5.
- Guidelines – Was one of only two TPAs with a leading 3.5 score.
- Claims Process – Tied again for the highest ratings with a 3.5 score.
- Contractor Support – Tied for first place with a 3.5 score.
- Credentialing – Dominated this field with a 4.0 score.
- Claim Volume – Led the field with a 3.0 score.
- Geographic Coverage – Was among four TPAs leading with a 3.5.
The high marks across every category left Hancock’s Preferred Repair Network as the clear leader in the industry. Winning the categories of contractor support, claims process, and credentialing demonstrate our network’s dedication to delivering the highest levels of service to both contractors and the insurance companies they serve.
Contractor Support – Of all the categories, this is a high-value metric. It demonstrated the TPA’s dedication to contractors. Hancock’s network scored high because our team maintains open lines of communication on every project.
Claims Process – Bridging the gap between contractors and insurance companies is tricky. At Hancock Claims Consultants, we combine the right technology with highly experienced professionals who come from both sides of the industry. The result is an efficient and smooth claims process.
Credentialing – Compliance is critical in the claims process. Our Preferred Repair Network makes it easy for contractors to load new documents, add services, and house all of their critical information in one place. This also serves adjusters who are time-crunched and need to source contractors quickly. They can save time on due diligence and find the right services quickly.
We’re Here to Find Contractors for Insurance Claims
The latest scorecards are only the beginning for Hancock’s network. The momentum is great and Hancock Claims is dedicated to continuing the trend of delivering industry-leading customer service moving forward.
After adding the Preferred Repair Network and Preferred Expert Services, Hancock Claims has been better serving carriers and adjusters with Full Claims Lifecycle Support – all Under One Roof. Our goal is to reduce insurance claims cycle times. These two business units help us do just that.
We are proud of the work the entire team is doing and are grateful for the contractors and carriers we represent. Looking ahead, expect to continue seeing PRN leading the TPA field in every category.
Take control of your insurance claims process with industry-leading experts and technology that build efficiency and quality into every claims cycle. Get in touch to schedule a service today.
Are you looking for a steady stream of valuable work?
Join one of the nation’s premier repair networks with deep relationships with hundreds of insurance carriers.
