COSIGNIA provides Third Party Administration services to the financial services industry, focusing on group business opportunities.
Our philosophy is simple. We utilise the experience, skill and enthusiasm of our people to create and deliver an administration service that helps our clients derive maximum ‘value’ from their business.
The key administration functions are similar within the various administrative elements of the financial services industry, and include:
- Product set-up – the ability to quickly establish a tailored administration set-up on our systems to match our clients’ products. Our systems and processes are configured to offer extensive flexibility in the area of product establishment.
- Group set-up – the ability to cater for the broad and growing variety of scheme designs across the various groups that we administer for clients. Our systems have the flexibility to match any group set-up.
- New member – processing of new member applications including:
- Assessment of eligibility
- Management of underwriting on behalf of insurers
- Issue of policy documents (where applicable)
- Production of new member communications and certificates
- Provision of induction material for employers / brokers
- Billing – management of the billing, receipting and arrears processes. Our billing and payment processes allow for multiple payment methods and billing frequencies. Our receipting and arrears processes can be tailored to meet the unique credit control requirements of each client.
- Renewal – the heart of group administration. Our approach allows for annual or continuous renewal, real-time or annual adjustments, billing based on dates of actual movements or use of bulk adjustment techniques, and all other common renewal variables. Our renewal communications can be tailored at any level to provide a variety of printed and online information.
- Claims management – OMNI contains an electronic claims adjudication module for the assessment and payment of health claims, using the ICD10 coding systems as the basis for analysis. Our claims service can be tailored to meet specific client and policy conditions.
Our clients are reinsurers, insurers, brokers, employers and employees. The Third Party Administration model allows all parties to receive administration services from Cosignia without duplication of effort or resource.
Who do we work with?
Our business model is built on the premise that multiple parties can provide distinct services to the same employer or employee without replication of data or effort. We allow each party to access the information they need from a single point, avoiding duplication of effort and reducing cost.
We have working relationships with most major New Zealand insurers and brokers, and with the major Australasian reinsurers.
We currently provide administration services to approximately 50,000 New Zealanders.
Other Services and Advice
We choose to focus solely on our area of expertise – the delivery of Third Party Administration solutions to the financial services industry.
While we have in the past provided advice and broking services to employers and employees, we have withdrawn from this market permanently in favour of focusing on administration services.