Business Profile

Cosignia provides Third Party Administration services for insurance products used in the employee benefit market, particularly risk (life) and health.

Our business provides administration services relating to employee benefit programmes incorporating health insurance, life insurance, disability insurances and trauma insurance. Our capability in all aspects of the administrative function, from billing to claims management and employer support, is second to none. Our provision of Third Party Administration services focuses on the employee benefit market, with administration support given to insurers, reinsurers, broking organisations, employers and groups.

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

The New Zealand financial services market is undergoing rapid and significant change. These environmental changes support our view that a professional administration service – supported by experienced people and web-based technology, and directed at both employer and employee levels – can add significant value to insurers, suppliers, brokers and clients.

Our services include:

• Full administration of health insurance products across multiple insurers;
• Full administration of life and disability insurance products across multiple insurers;
• Management of all aspects of billing, receipting and cash management for employee benefits products;
• Completion of the new member process, including coordination of underwriting (if required), provision of new member material and assistance with induction;
• Complete management of claims, including electronic assessment of claims and pre- approvals on behalf of the insurer. Claims-related services include the management of medical provider relationships and liaison with the insurer, employer and claimant as required;
• Management of the annual renewal process, including all member and employer communication;
• Provision of enquiry services for the insurer, employer and members;
• Calculation and management of reinsurance payments, as required, on behalf of the insurer;
• Maintenance of web-based reporting and self-service for the insurer, employer and member (under secure, password-protected logins);
• Tailored reporting as required;
• All other administration services as required to effectively manage the employee benefit programme.

Our service offering, supported by the powerful OMNI software solution, provides a number of unique benefits:

• Cosignia allows insurers to design and price group product in the health, life and disability markets, with the knowledge that we can provide the complete range of associated administration services. Deployment of new product solutions, from design to implementation, can be completed within very short timeframes with unparalleled flexibility;
• The Cosignia system facilitates the delivery of a multi-product solution through a single point. This capability allows insurers, brokers and employers to significantly reduce their own resource requirements in the administration and reconciliation of their employee benefits programmes;
• The Cosignia software is entirely web-based. Accordingly, the business model anticipates direct access to client records by the employer and the employee (subject to strict security criteria), and ensures that member records are up-to-date in real time;
• Cosignia’s position as a third party provider of administration services allows complete flexibility, ensuring that the cost to all parties accurately reflects the cost of the risk and administration support for each group;
• The automation provided by the Cosignia administration system achieves levels of accuracy and consistency that New Zealand employers have not traditionally enjoyed;
• Clients of Cosignia can access world-class technology and systems on a variable cost basis without having to invest the capital required to build equivalent technology platforms themselves;
• Cosignia is able to legitimately reduce an employer’s FBT liability by approximately 33% on some aspects of the employee benefit programme. This represents significant savings to an employer.

Cosignia currently provides Third Party Administration services to approximately 50,000 people. These services are provided through contracts with eight leading New Zealand insurers and financial service providers.

For further information please contact:

Craig Furness CEO,
Cosignia Limited