Improving Subrogation ManagementBy Michael Rivers | November 15, 2012
The buzz at the National Association of Subrogation Professionals (NASP) 2012 Annual Conference this week has been all about improving subrogation management in order to increase successful recoveries. ISO Claims Outcome Advisor® (COA™) is at the conference to launch ISO Subrogation Advisor™ — a new tool to help property/casualty insurers minimize missed opportunities in subrogation recoveries.
Using the ISO Subrogation Advisor advanced qualifying methods and text mining technology, insurers can begin to recapture some of the $15 billion estimated as the annual loss in cases of contingent liability. Part of the COA product suite, ISO Subrogation Advisor allows insurance adjusters to manage the subrogation process better, resulting in faster, more consistent, and more successful recoveries. With faster subrogation recoveries, insureds can recoup deductibles and keep their rates down. That can increase customer satisfaction and retention.
The ISO Subrogation Advisor dashboard provides real-time data to support front line adjusters in making better decisions and reporting and managing claims more effectively. Category-based assignments help them save time referring claims, resulting in quicker handling and more rapid recoveries. This unique tool helps minimize the time adjusters spend summarizing relevant facts when preparing for referral. And it also lets them analyze collected subrogation data for better decision making and measure vendor performance and fees against loss adjustment expenses.
One of the few processes in the claims department that adds revenue, subrogation directly affects the insurance company’s bottom line and loss ratio. ISO Subrogation Advisor can help insurers achieve higher subrogation recoveries, minimize rate adjustments, and boost customer retention.
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