How a Broker and Third-Party Administrator Can Work Together
The government contracting space is brimming over with opportunity! So why are so many brokers giving the industry a wide berth? Boon is a partner to the broker community and, as a third-party administrator, brings unique perspective and expertise that can be a benefit to brokers. Read on to learn more about how a third-party administrator and brokers can work better together!
What is a Third-Party Administrator?
A third-party administrator is a multi-tool in a broker’s arsenal! A TPA is a company that provides operational or administrative services under contract for another company. As a TPA service, Boon performs many different business functions on the front and back end for our clients. Examples of what a TPA service can do include:
- Obtaining carrier quotes and creating proposals
- Implementation and enrollment capabilities
- Tracking and distributing premium payments
What Value Does a TPA Service Provide to Contractors?
In the current environment, contractors are taking a hard look at their flexibility and efficiency. Still reeling from the effects of the COVID-19 pandemic and facing the challenges of inflation has many employers looking for cost-saving strategies. In particular, there’s a tremendous amount of administrative and compliance burden that contractors are responsible for — such as responding to recent executive orders, tracking multiple fringe benefit rates, and engaging with insurance carriers. A TPA service can respond to any number of these concerns.
The top priority of any contractor is to be a competitive. Competitive in terms of attracting and retaining talent. Competitive in terms of securing winning bids. Working with a third-party administrator places the burden of administration in the hands of the professionals, freeing the contractor up to focus their energy on presenting strong bids.
How Can a Broker Benefit from Working with a Third-Party Administrator?
Brokers are committed to finding the best solution for their clients — the solution that provides the best value. The government contracting space is a massive opportunity, but is still considered by many to be a niche space. A third-party administrator with expertise in the government contracting industry offers the value of education and the ability to connect brokers to better contractor solutions. The market and the industry are constantly shifting and a third-party administrator can be a huge advantage in helping brokers navigate the space and seek out better solutions.
Boon’s Solutions for the Broker Community
Boon offers our broker partners an expert in their corner. Our partnership philosophy is built on a foundation of education and expertise. Boon is always looking forward and responding to the most pressing needs of the government contracting space with innovative solutions. Customized and creative solutions, delivered with a consultative approach, are what sets us apart. That’s the value we bring.
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