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.
A BPM provider with deep insurance outsourcing experience can help companies in 3 ways:
- Availability of Trained Resources: Subrogation recovery is complex and needs to be handled by a skilled team. The right BPM partner provides the appropriate skill set without the added costs of training your own team.
- Negotiation and Recovery: Experienced providers work in an efficient and highly professional way to help maximize recovery.
- Efficient Data Collection and Insurance Analytics: Expert providers are good at discovering and identifying recovery potential, and are able to make the data collection process much more efficient than if the insurer were to do it on their own.