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Some estimates claim that subrogation opportunities missed by insurers amount to $15 billion annually in the US alone . What's more, stakeholders and policyholders are keenly interested in how an insurer manages its recovery and subrogation functions.
Insurers can therefore distinguish themselves in the market by subrogation excellence, delivering substantial bottom line impact as well as building brand capital.
However, subrogation recovery is a particularly challenging component of claims management. Many insurers do not recognize the value of claims recovery; or believe it is too much effort and therefore do not pursue it aggressively. It is certainly a time and labor intensive job—and that's where a BPM partner can help.