Survey Identifies Improvement Opportunities for TPAs

Communication is a leading driver of plan sponsor satisfaction with third-party administrators (TPAs), according to a report published by Transamerica Retirement Services.

“Increasing Client Satisfaction in a Low-Margin World” includes findings of the 2012 Gregory Group Plan Sponsor Survey, which shows that among all factors influencing survey respondents’ perceptions of value delivered by their TPA, frequency of communication proved to be one of the most important. In general, plan sponsors who indicated they received more regular contact from their TPA gave a higher rating for the quality of service they received.   

Additionally, the survey finds that frequency of communication can impact satisfaction with a TPA both positively and negatively. Plan sponsors who indicated they are contacted quarterly by their TPA were most satisfied.   

“The survey shows that plan sponsors want face-to-face interaction for both an annual visit and during problem resolutions. This face-to-face communication is a significant benefit for plan sponsors who utilize the services of a local TPA,” said Deb Rubin, vice president and national director of TPA Services for Transamerica Retirement Services. The TPA, in turn, has a dynamic opportunity to be aware of the client’s business situation and to proactively help the client, resulting in higher satisfaction among plan sponsors.” 

The report also offers action items and best practices to help enhance TPAs’ business.   

More information about the survey is available to third party administrators by calling Transamerica at (877) 398-7526, Monday through Friday, 9 a.m. 8 p.m. Eastern Time.