Cosignia Moves Into Third Party Administration

Cosignia Moves Into Third Party Administration Services; Withdraws from Group Risk Insurance Broking

Financial services provider Cosignia is launching the provision of third party administration services to the financial services market, with administration support being provided to insurers, reinsurers, broking organisations, employers and groups.

Cosignia CEO Craig Furness says, “This is a logical next step in the evolution of our business. Over the past three years we have developed capability in all aspects of the administrative function – from billing and claims management to employer support – that is second to none.

“This capability has grown with our strong service offer relating to employee benefit programmes incorporating health insurance, life insurance, disability insurances and trauma insurance. Our ongoing provision of third party administration services will continue to focus on this employee benefit market.”

Mr Furness says the decision to move into third party administration services follows a review of Cosignia’s strategic direction to take advantage of current market opportunities and the unique capability that exists within the Cosignia business.

“This new business focus also relates to broking services, which we previously provided to clients. As a result of the review we saw that the ongoing provision of broking services is inconsistent with a true third party administration operation, so we have withdrawn from group risk insurance broking and will refer all future broking opportunities to organisations that specialise in that type of advice.”

Cosignia’s administration services are backed by the excellence and experience of its people, supported by the exclusive rights to the OMNI Insurance Administration software platform. This software is the most advanced administration platform available in the Asia Pacific region and allows Cosignia to introduce administrative efficiency and cost reduction across all aspects of the administrative function.

Mr Furness says, “The New Zealand financial services market is undergoing rapid and significant change in many areas. These environmental changes support our view that a professional administration service supported by web-based technology and experienced people can add significant value to insurers, suppliers, brokers and clients.”

ENDS

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