What We Do
We’ve identified five recurring problems that ultimately drive companies to outsource their subrogation efforts. Not surprisingly, they all have two things in common: they cost time and money.
That’s where we come in.
Turnover in claims.
Adjuster turnover leads to missed referrals, which in turn, negatively affect subrogation results. Additional training and time must be devoted to new employees, causing momentum to stall.
Other adjuster priorities.
Adjusters have many responsibilities during the claims cycle: determining coverage, investigating facts of loss, assessing liability, calculating damages, negotiating settlement, setting reserves, and issuing payment. In light of these important adjuster functions, subrogation sometimes takes a back seat or is an afterthought for some companies.
Overconfidence in internal processes.
Most companies measure and track subrogation performance internally, whereas they should be using industry benchmarks to compare their claim recovery performance against their peers.
Claims people may not have a stake in subrogation results.
Claims adjusters often have a lack of subrogation objectives, and tend to focus on more heavily weighted competencies, which can negatively affect subrogation results.
Politics in the workplace.
Independent reviews of missed opportunities are often met with resistance due to fear that results may reflect poorly on the company’s performance.
Still, in spite of all this, many companies continue to handle their recovery efforts due to the perceived difficulty of transition, limited access to IT resources, fear of sharing proprietary information, and an unclear understanding of the benefits of outsourcing, or partnering with an outside service provider.
Praxis’s subrogation solution will not only exceed in-house recovery efforts, thus creating additional revenue streams and decreasing fixed overhead, but the resulting transition will be seamlessly phased into existing processes.
Learn more about what we do and how we do it.