bursement from the negligent party.
Once a claim has been banished to storage (whether physically or electronically)
only a Closed File Review will re-awaken
the file and capture a missed subro opportunity. These reviews, when conducted
by the insurer, are often time-consuming
and tedious tasks. One of the challenges
for the carrier is in choosing the most appropriate personnel for the task. The best
persons, however qualified, may also be
needed to manage the day-to-day loss
adjustment process inclusive of investigating, negotiating and settling claims,
monitoring and overseeing cases on trial.
Technology can greatly facilitate the
identification of recovery opportunities
with programming that captures loss
data and produces a regressive analysis
of subro likely cases that dramatically
lightens the burden and drudgery of reviewing every closed claim looking for a
recovery opportunity. This technology is
widely employed by progressive subrogation recovery vendors using data analytics, document image processing and data
parsing to enhance the process.
The right analytical tools can also assist in managing the subrogation process
and minimizing the amount of clerical
tasks performed by subro specialists. In
some instances automation can facilitate
the assembly of the demand letter and
support package. With just the touch of a
key the subro specialist can quickly send
the package off to the adverse party or
insurance carrier for review, enabling the
specialist to focus on negotiating and settling claims.
The use of technology can help an insurer select the claims with the greatest
recovery potential. Once sorted, the files
can be assigned to internal specialists or
outside vendors based on jurisdiction,
skill level, claim value and likelihood of
recovery. Automation can make it easy
for the subro manager to evenly spread
the workload across internal team members and external resources, capitalizing
on available skills, knowledge and time
A good subrogation platform should
be able to address these issues:
• Help identify recovery opportunities
and rate the likelihood of success.
•;Improve;the;subro;management;pro-cess and track the workload of subro
•;Offer;customization;to;incorporate;in-ternal best practices.
performance of external vendors.
Kathleen Smith, CSRP, is the
managing director for Spartan
Recoveries LLC. Donna Geraghty
is the business development
manager. For more information visit
Automated Customer Engagement Solutions
#Data #Cloud #IVR
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