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
Subrogation maybe 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 2018 will soon be tallied and those charged with handling or managing the subrogation process will be held accountable for the outcome.
The best way to develop your subrogation success resolution is to start with a solid understanding of the company’s recovery goal for 2019, how results will be calculated and how individual accomplishments contribute to the overall success of the company. Develop monthly benchmarks to keep you focused onyour year-end goal.
As you prepare for the upcoming year, consider these 5 tips which may lead to improved results in 2019:
- Recognize subro potential early…the recovery process requires early intervention
- Work closely with the claim professionals responsible for conducting the claims investigation. The first contact with the insured 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 product 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 and productive New Year!