Identifying Subrogation Potential: Equian was approached by a leading provider of automobile and home insurance products looking to integrate new technology into their existing subrogation model. We offered a solution that would modernize their workflow and increase their recovery potential.
Prior to our partnership, subrogation identification fell solely on the adjustors. The client used manual processes for screening and identification which is subject to human error, and in turn can lead to significant leakage in subrogation opportunities.
As a starting point, an initial sweep of closed subrogation files was performed in an attempt to identify any lost potential for recovery and see where our experience could be inserted in order to achieve maximum results.
Implementing a Technology Solution: The client had been using manual procedures for their subrogation recovery prior to the partnership with Equian. After analyzing their needs and assessing what options would be best for this client, a solution was brought to the table; full outsource. As part of our proposed outsource solution, we began the implementation of an automated workflow process using our proprietary technology, Troveris®. Through the use of Troveris®, Equian has the ability to perform full claim screening and thorough identification through data mining. Data mining is a unique way of identifying subrogation opportunities through specific indicators, something that no other subrogation vendor provides. All of this, along with Equian adding additional staff onsite to support the client’s needs, the pieces were finally in place to expand the client’s recovery potential and achieve best-in-class results.
By adding additional Equian staff onsite, we were able to review all claims through an early identification process, which is a key element of subrogation recovery. Alongside early identification, we audited all closed files during their weekly recovery posting process and set up client specific processes to ensure good quality standards. In addition, we coordinated with several of our client’s vendors as part of their outsource option. Through these partnered efforts, we were able to deliver consistent, steady results year after year and have reduced their cycle time by 40%.
Right Mix of Process and Resource: Equian has streamlined our client’s subrogation process and stationed experienced individuals at the client’s locations to work hand in hand on referrals and identification of files. Through thorough analysis and benchmark studies on automobile subrogation, we measure our client’s past and current subrogation efforts based upon Gross Recovery, Net Recovery and Paid Loss.
With the outsource option that we now have in place and our superior ability to screen and process claims through our early identification process, we have increased our client’s recoveries an average of $2.5 million each year. Continued dedication and ongoing process and technology enhancements has lead to growth in recoveries.