Insurance Claims Recoveries: Benefits of Outsourcing to a Debt Collection Expert

Insurance Claims Recoveries: Benefits of Outsourcing to a Debt Collection Expert

In continuation of the Insurance Claims Recoveries Blog Series, I would like to talk about the possibility of outsourcing insurance claims recoveries to a debt collection expert.

Why should an insurance company outsource this part of the claims process? What are the reasons and what are the benefits?

The main benefit, of course, is that insurance companies can benefit from improved returns and smaller claims to premium ratio, by outsourcing to a professional debt recovery agency.

A professional agency may have the skills and resources to do the job more efficiently, especially an agency such as Debt Recoveries Australia, who also specialise in insurance claims recoveries.

Our team at Debt Recoveries Australia can act as an extension of your claims team. Our staff have training in the Insurance Code of Practice and often have prior experience in claims or broking fields.

We minimise the level of effort required by our insurance clients in the debt collection process and provide a positive customer experience when working with customers to resolve their insurance claims arrears.

We can help in the following areas:

  • We can collect on Not-At-Fault claims – where the insured has had an accident and they are considered not to blame
  • Unpaid premiums – debt can arise where customers that have cancelled their Direct Debit but failed to cancel their policy, resulting in a premium being due.
  • Closed Case Reviews- this is where we do a full closed case audit, looking for over-looked or abandoned claims recoveries.
  • Claims leakage reviews on current and closed cases
  • Litigation advice and legal letters of demand

Another main benefit to our insurance clients is the timesaving benefit for the claims team.

The insurance company’s first priority is to look after the insured during the claims process. The claims officer’s priority must be the insured, so once the claims recoveries function is outsourced, the claims officers can then concentrate on managing the claim itself, without having to worry about the recovery process.

For more information on how a debt collection expert can help you with your insurance claims recoveries, you may contact me at Debt Recoveries Australia on 1300 799 511. You may also email me at email@debtrecoveries.com.au or Skype at debtrecoveries.

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