Insurance Claims Recoveries: Outsourcing to Reduce Claims Costs
Insurance claims recovery is one approach to cut down on overall claims costs, by recouping some of the losses incurred in the claims process.
Specifically, where the insured is not at fault, recovering money from at-fault parties. For instance, suppose a truck collided with a structure and caused damage. The insurer will pay for the damage, but the at-fault party, in this case, the truck driver, or his or her insurance company, if they are insured, can reclaim the entire claim expense.
In reality, a professional claims recovery organisation will be able to recover not only the building repairs, but also the assessment costs and any business interruption losses, if any.
Many of these recovery chances are overlooked during the claims process due to human error or a lack of procedures in place to identify them.
The claims recovery process is often labour-intensive and time-consuming, involving various systems and frequently antiquated technology. Many insurers don’t have time to process these claims recoveries internally due to the demand to settle claims faster and with greater transparency. With all of these obstacles, insurance firms are enlisting the help of outsourced debt collection companies to handle their claim payments.
Giving the task to an insurance recovery professional has numerous advantages. Over the course of 14 years, Debt Recoveries Australia has handled insurance claim recoveries and conducted insurance claim audits.
The following are some of the advantages we provide to our clients, which include insurers, brokers, and self-insured companies:
- Increased recovery chances- an insurance claims recoveries expert may assist the Claims Manager by discovering all cases that can be recovered earlier in the process and setting up procedures to capture these possibilities at a much faster pace.
- Allow an external insurance recoveries specialist to assess the claims process on a regular basis to reduce the amount of missed recovery cases.
- Less time spent investigating claims—by outsourcing the claims recovery function, the claims staff has more time to focus on serving the insured.
- Labour costs will be reduced because this function will be outsourced.
- Expert assistance is available because we have the time and resources to devote to the recovery process. Because this is what we do every day, our recuperation rate is typically far higher than what can be accomplished internally.
Please contact Debt Recoveries Australia at email@example.com, telephone number 1300 799 511, or Skype at debtrecoveries if you are considering outsourcing some of your insurance claim recoveries or would like more information about closed claims audits or our services in general.