Dear Aishwarya,
The efficiency of the TPA is a function of, amongst others, the insurer that you decide on. Quite often, two issues work simultaneously:
(a) The insurers' internal processes for releasing claim funds to the TPA after the processing is done. Few insurers have an electronic transfer of funds directly to the TPA, such as United India Insurance, while others conduct an audit and manual clearance of funds before they reach the TPA and then the employee.
(b) The efficiency of the TPA. Some of the better TPAs that I know are regional in nature. When I say this, I mean that while they may be present across the country in terms of offices, the centralized/decentralized mode of operations, the quality of manpower, etc., you will observe wide variations.
Another equally important factor when opting for Mediclaim/health insurance is the quality of the Broker/Intermediary that you choose. Their job is not only to get you good quotes from insurance companies but also to ensure that the claims servicing is smooth. Health insurance policies may have many grey areas where the claim may be processed against the interests of the employee, while there can be another way within the policy terms. It is the job of the intermediary (consultant/Broker) to ensure that the interpretation is presented/done in favor of the employee. Moreover, you should select a partner who provides great value addition in terms of technology that extends to your employee.
Broadly, you can check PHS and Medi Assist as prospective partners; they are considered quite strong in servicing group health insurance covers.
Do let me know if you need any further assistance.
Regards,
Deepak