23 Jun Subrogation and Recovering Costs
Many companies leave large amounts of revenue unrecovered each year by failing to properly pursue subrogation. Recent studies estimate that up to 15% of carrier claims are closed with a missed subrogation opportunity.
This is why you should engage the services of a specialized third-party administrator. At Fleet Response, subrogation is our specialty. Our dedicated team has extensive knowledge of state law and aggressive application of best practices.
“Our team of 42 in-house professionals, many of whom have backgrounds not only in subrogation, but litigation, PD review, liability, recovery analysis, workers comp., and CAT claims. This combination of skillset is what makes us ‘Best in Practice’,” said Megan Aloisi, Subrogation Manager, CSRP.
What Do We Subrogate On?
• Repair cost
• Reimbursement for loss of use
• Diminished value of the repaired vehicle
• Rental charges
• Loss of revenue or profit for the time the vehicle is out of service
When Does the Subrogation Process Begin?
Our subrogation process begins the moment an accident is reported. Here’s what happens:
• When the accident is reported, our call center receives detailed loss information when the driver calls.
• Each loss report is reviewed within one business day by our Subrogation Specialist to determine the responsible party and subrogation potential. The faster a recovery opportunity is recognized, the greater the chance for a successful outcome.
• The Fleet Response Subrogation Specialist gathers all data necessary to support recovery efforts, including obtaining police reports, contacting witnesses and/or third parties, photographs from scene and repairs, as necessary.
• Contact is made to the responsible party to discuss the subrogation demand and resolve the claim in full.
• Expert recommendations are made for settlement resolution and collection/litigation activities when necessary.
• Communication is crucial, which is why we regularly communicate with our clients on the status of ongoing claims. All claim information is electronically tracked and documented in our claims system and is available through our online tool, VISIBILITY.
About Our Subrogation Team
Our team has an average of 13 years’ experience in the insurance industry. In addition, they are involved in recognized organizations such as the National Association of Subrogation Professionals (NASP) and file with Arbitration Forums, Inc.
The department has seen 169% of growth of department over the past 5 years as well as total collected amount over the same time period.
Why Choose Fleet Response?
At Fleet Response, we pride ourselves in offering flexibility, visibility, and accountability to our clients. Every claim is different, especially when pursuing successful subrogation.
“Our people and our customizations are what truly sets us apart. We understand our clients and their different upfits. Our team recognizes what needs to be done and how to obtain the most subrogation success from a claim”, said Aloisi.
Our standards for information collection, contacting responsible parties and managing each step in the process at the first reasonable moment allow us to claim some of the highest returns and shortest cycle times in the industry.
To discuss your organization’s subrogation needs contact Jeff Fender, Vice President of Sales and Marketing at Fleet Response, email@example.com.