Insurance Administrative Solutions (IAS) Continues To Set High Standards Among Administrative Service Providers

LARGO, Fla., Dec. 4, 2013 /PRNewswire-iReach/ -- Insurance Administrative Solutions, a nationally recognized Third Party Administrator (TPA) providing companies in the life and health insurance industry with innovative solutions for the individual, group, voluntary, and worksite insurance markets, has achieved an unblemished completion of  the Type 2 SSAE 16 examination as part of its demonstrated commitment to a higher level of industry assurance and operational visibility. 

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The SSAE 16 examination, formerly known as a Report on Controls at a Service Organization (SOC 1), has replaced the SAS 70 audit standard and is currently the adopted version of the International Standards for Assurance Engagements (ISAE) NO. 3402, Assurance Reports on Controls at a Service Organization.  Performed by an independent CPA firm, the examination is designed to help service organizations that operate information systems and provide information system services to other entities, build trust and confidence in their service delivery processes and controls.  IAS has successfully completed the examination annually for eight consecutive years, and considers doing so  a critical business requirement.    

"The transition from the SAS 70 to SSAE 16 over the past few years has been a real eye opener for many organizations," Lane Kent, IAS President, says.  "Many organizations have discovered through this transition that what they once considered solid operational controls, are now insufficient in meeting today's stricter and ever-rising standards."  "Not only has IAS made a successful transition, but with zero exceptions found in 2013 we have achieved extraordinary exam results, making this a major accomplishment considering the complexity of the  business we manage."   

Many insurance companies today are a network of accumulated systems, technologies, and businesses acquired over the past decades, which has made the task of managing those technologies and systems with the highest operating control standards increasingly complex.  As more companies look to third party administrators for business process outsourcing (BPO), examinations like the SSAE 16 are ensuring standards are being upheld to support best practices as clients rely on administrative services to manage their business with the strictest standards for privacy, security, and control of premiums and claims.  

"The results of this year's exam is a testament to the IAS management team who has instilled throughout the organization a true culture of ownership and control, treating the highly sensitive information they manage every day as if it were their own, and feeling personally responsible for the information that passes through their fingers," says Kent.  "To emerge from this exam process with an unqualified and zero exceptions report not only sets the bar high, but is worth celebrating."  

About IAS

IAS is a privately held third party administrators in the U.S., providing highly customized end-to-end administrative services for the life, health, and annuity insurance industry.   

For additional information about IAS, visit www.IASadmin.com.

Media Contact: Victor Castellanos, Insurance Administrative Solutions, L.L.C., 407-472-3905, [email protected]

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SOURCE Insurance Administrative Solutions, L.L.C.