Pursuing subrogation against an uninsured party can be a daunting task, even for the most experienced Recovery Specialist. Challenges are quite different than pursuing recovery from an adverse carrier where the person negotiating the claim has insurance, liability, and investigative experience and understands subrogation. On claims with adverse carriers if an impasse is reached due […]
As a new year approaches it has become customary to make a promise to perform acts of self-improvement to achieve a personal or professional goal. It’s a time to reflect on the past years’ accomplishments, create new goals and make an effort to improve in the upcoming year. For everyone involved in the subrogation process […]
The Challenge: Client insured HO Rental policy pertained to her renting an apartment in son’s home. A fire ensued which unfortunately was caused by the son improperly discarding incense. The apartment was a total loss and client paid out the maximum contents’ limits of policy (Renters) of $15,000 and Loss of Use ($3,000), $18,000 to […]
The Challenge: Spartan was assigned to recover damages to cargo while in transit ; damages totaled $12,975.22. Client purchased wood from a supplier who then contracted out to a vendor who then hired a trucker to ship the product from Arkansas to Iowa; a one-day ship. The Bill of Lading stated the “Product must be […]
How many Workers’ Compensation adjusters, in addition to focusing on the loss evaluation and adjustment process are able to also focus on the recovery aspects of the claims assigned to them? Subrogation and Third-Party recovery is definitely an area often missed by over-burdened Workers’ Compensation claim handlers working tirelessly to make sure statutory medical bills […]
Approximately 15% of claims are closed without identifying subrogation opportunities. Read More
Occasionally, even the most arduous efforts may still reach an impasse when claims adjusters are negotiating a settlement of an automobile claim when there is a dispute over damages and/or liability. Fortunately, an effective low-cost remedy is to submit the matter to Arbitration for review and decision by an unbiased Arbiter. Success in arbitrating automobile […]
Achieving subrogation success requires a team that understands the concept and the financial impact a good subrogation program can have on the organization. Read more here http://www.rmmagazine.com/2016/03/14/the-benefits-of-a-subrogation-program/
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 […]
Imagine you are the person accountable for subrogation results within your organization. You believe you have a good subrogation program in place. The claims team is a good mix of seasoned and new adjusters with varying degrees of “subro awareness”. It is the end of the year and the last recovery dollar has been posted. […]
Many companies and self-insureds frequently leave large quantities of revenue unrecovered each year by failing to properly pursue subrogation interests. read more here
Very often an insurance carrier or self-insured may not have the resources to develop a top-notch internal subrogation team and thus outsources the recovery process to a vendor specializing in subrogation recoveries. In other instances the subrogation vendor acts in the capacity of support to an internal subrogation team by handling overflow or providing special […]
Most subrogation professionals will agree property losses can pose unique challenges for a successful recovery. Very often, expeditious claims handling can have a negative impact on a subrogation opportunity if the adjuster is moving quickly to bring the loss to a conclusion and forgetting about potential recovery opportunities. read more here
Most insurance carriers have long ago recognized the importance of subrogation. Some have developed dedicated departments staffed with highly trained specialists who may work in conjunction with the claims department to handle this function. Others are supported by outside resources to reach their recovery goals. But oftentimes the subrogation process is underutilized or neglected entirely […]
Subrogation on property losses can present a number of challenges for the Property Adjuster who has to balance expeditious claims handling with a thorough investigation in to the cause of the loss. Here are 5 practices that can lead to success in the pursuit of a recovery: Have an Eye for Recovery – Make it a point to […]
The use of technology can help an insurer select the claims with the greatest recovery potential. read more here
In a recent posting we discussed missed subrogation revenue waiting to be discovered in your closed claim files. Hopefully you have begun to implement some of the practices suggested, such as forensic file reviews and subro awareness training which will ultimately lead to the early identification of claims with recovery potential. The prospect of a […]
A key function of a claims executive’s role is to ensure that the claims department is adequately staffed and trained not only to investigate and negotiate incoming losses, but to reclaim monies paid by pursuing responsible third parties. The executive’s challenge is to maintain a high level of quality in the technical claims process, monitoring […]
Experienced subrogation professionals are usually quite adept at pursuing subrogation opportunities. Most property and casualty claims with recovery potential involve automobile accidents with vehicle damage or more challenging homeowner losses involving a faulty product, improper installations or vehicle damage to a structure. Here are 5 recovery opportunities that should not be missed. read more here