Subrogation may be the final step in the claims process but certainly not of least importance due to its powerful impact on the financial health of an insurer. A highly successful recovery process keeps premiums and insurance costs affordable as responsible parties are held accountable. Recovery results for 2017 will soon be tallied and those charged with handling or managing the subrogation process will be held accountable for the outcome.
As the new year approaches it has become customary to make a promise to perform acts of self-improvement to achieve a personal goal. It’s a time to reflect on the past years’ accomplishments and make an effort to improve in the upcoming year. For everyone involved in the subrogation process it is a good time to develop and implement a personal strategy that will lead to success.
Start with a solid understanding of the company’s recovery goal for 2018, how results are calculated and how individual accomplishments contribute to the overall success of the company. As you prepare for the upcoming year, consider these ‘subro resolutions’ which may lead to improved results in 2018:
- Recognize subro potential early...time is money
- Work closely with the claim professionals responsible for conducting the investigation. First contact should be conducted with the end result being a successful recovery. Ask questions!
- Investigate allegations of product malfunctions. The U.S. Consumer Product Safety Commission provides valuable information on recalls
- Develop a reliable and trustworthy panel of experts
- Keep updated on jurisdictional changes that can impact recovery efforts
Be subro minded and have a Happy New Year!