Insurance Claims Recoveries – Why is it Important?
Insurance claims recoveries, in this instance, refer to claiming back the cost of repairs for the insured’s loss from the at-fault party. Insurance claims recoveries seem to be the very last process completed in the insurance claims process, however, I believe it should be the first.
In the never-ending quest to keep the insured and other parties happy, we process the claims and settle the cost of repairs. However, the job of actually recovering the incurred loss is often forgotten about until it’s too late or completely overlooked.
I believe Claims Managers should act immediately on a possible recovery in order to get the highest recovery rate. For “not-at-fault” claims where there is a third party involved, or for any claim where there may be a right of recovery against a party who may have caused damage, these matters should be actioned immediately.
One way to act fast on a recovery is to outsource the case to a reputable insurance claims recovery agency, such as Debt Recoveries Australia, as soon as the recovery is identified. This way, the professional agency can conduct the recovery immediately, awaiting quantum documents. The documents you should send are the claim form, quotes, assessments, invoice, third party details, insurance details, witnesses contact details and any versions of events. Ultimately, if you can give your recovery agent access to your claims system, you will save a lot of time and productivity.
The recovery process is then a “set and forget” type of approach, where as soon as you have identified a recovery, it’s outsourced to a professional, leaving your claims team to do what they do best – to serve the insured and the broker.