There are a number of management solutions that can be applied to the subrogation function to improve results and build a company’s competitive advantage. First, improving the subrogation function begins with transforming the process with solutions such as:
With end-to-end process simplification and optimization, insurance carriers can improve straight-through processing as well as data and document quality at the same time that they reduce billing and collection cycle time.
Light-touch technology automates manual tasks that do not require decision making, such as creating subrogation packages, collecting follow-up emails, and allocating recovery.
Business intelligence dashboard
Companies can improve measurements and controls through automated performance measurement and reporting.
Through an electronic subrogation portal, insurance professionals can exchange subrogation packages electronically.
Insurance carriers can optimize collection and reduce the number of days and costs to collect by utilizing subrogation identification, segmentation, and collection-effectiveness models. For instance, a predictive model can identify subrogation potential, while other models can predict and maximize recovery amounts and collectability.
Smart shore solution
By centralizing subrogation operations, consolidating into one location, and moving operations into a low-cost location, carriers and claims organizations can reduce the cost to collect and improve efficiency.
By implementing the right combination of process optimization and technology, insurers can turn the often overlooked subrogation function into a driver of significant bottom-line impact as well as an area of real competitive advantage in the market.