Special Section sponsored by TMPAA

FARA

Key services provided include: third-party administration/claims management; loss prevention/risk control consulting and audits; healthcare management; catastrophe claims management; insurance IT solutions; and general agency services

Louisiana-based F.A. Richard & Associates (FARA) was formed 30 years ago as an independent adjusting agency, focusing first on energy and oil firms. Building on its expertise and client base, the firm quickly grew to offer third-party administration services, loss prevention and audits, risk control consulting, healthcare management, fraud investigation, catastrophe management, insurance IT solutions, and a general agency.

“The formation of our ancillary service divisions has always focused on complementing our core claims administration services, and has helped to bolster our position in the marketplace,” says M. Todd Richard, company president. “We recognized early-on the emerging program arena. In the 1990s, we were among the first insurance services providers to enter that niche.”

FARA’s risk control consulting operation provides risk services and technology nationwide, and represents a significant part of FARA’s revenue. Key to the unit’s success is its technology-based solution, iAuditExpert. This Web-based system combines artificial intelligence and best practices to ensure program business is underwritten according to administrators’ specific guidelines.

“Market acceptance of our services, especially iAuditExpert, has been strong among all of our clients—from our large base of self-insured clients to our fellow TMPAA [Target Markets Program Administrators Association] members,” says David Sturgis, president of FARA Risk Control Services.

By using unique data capturing techniques, the system delivers next generation risk control surveys and more. An interactive database allows for unique reporting by exception, instant business auditing, and practical distribution and tracking tools. “Clients find the risk profiling capabilities to be particularly valuable as they build their business,” Sturgis adds. “iAuditExpert provides complete management and reporting of all aspects of an administrator’s business.”

FARA’s iClaimsExpert Web-based system brings to the claims arena the same robustness found in iAuditExpert. “We brought our years of experience in sophisticated claims management to a 21st century technology that’s powerful, yet easy to use,” Richard says.

The iClaimsExpert system provides a range of Web-based solutions, which customers access using a fast, secure, easy-to-navigate user interface. Highlights include 24/7 claim reporting, with immediate confirmation and assignment; Web access to progress notes, reserves, payments and digital images; business intelligence to manage claims to low cost, high satisfaction results; and loss data served directly to users in Excel, for end-user analysis and decision-making.

“Our TMPAA involvement has focused, in large part, on our risk control business,” says Todd Higley, FARA vice president of sales and marketing. “Today, more than 80 program administrators and carriers rely on iAuditExpert to improve their business.” More and more, Target Markets members are tapping FARA for other services, too.

“We welcome the opportunity to showcase our core claims administration services to these professionals who have found success using our risk control services,” Higley adds. FARA has attended Target Markets summit and mid-year meetings regularly for years. “Program administrators who take part represent the top tier organizations in the business,” says Higley. “We’re honored to count them among our growing client base.”

The meetings provide FARA executives a chance to share knowledge and expertise and to zero in on administrator challenges. This helps FARA align product offerings to market needs and tailor services to meet program administrator objectives. “Each time we attend, we come away with ideas that help us better serve program administrators,” says Sturgis.

“Our understanding of the program market lets us develop enhanced products and services,” he adds. “This results in improved portfolio knowledge for our clients. For instance, our latest innovation, Predictive Profiler, offers partners the ability to combine survey results with claims and premium audit data so they can develop profiles of the best performing segments in a book of business. It’s how FARA provides more value for services you’re already paying for.”

“As we continue to grow, we’ll work closely with existing clients and TMPAA members who aren’t yet clients to deliver practical, useful and robust solutions that help program administrators better serve their own clients,” Richard concludes. *