Companies that outsource subrogation efforts (partial or complete) inevitably see solutions to immediate problems (e.g., too much fixed overhead) as well as set forth a plan to reap long-term financial benefits (e.g., unearthing hidden revenue streams).
Outsourcing subrogation with Praxis Consulting has reliable, replicable and tangible benefits, such as:
- Near-immediate reduction in the company’s fixed costs by converting fixed expenses to a variable cost structure. This can be especially important during periods of fluctuating or declining volumes.
- Maximized recovery results.
- An average of >15% collision recoveries to collision paid loss.
- Savings on manpower and training costs
- The transfer of ULAE from expense cost to loss costs, causing a substantial reduction in ULAE
- The minimization of staff production and morale issues due to fluctuating workloads.
- Enabling the company to redirect energy and resources into the core business, while increasing recovery results.