MAKE THE NEW FINANCIAL YEAR YOUR TIME TO OUTSOURCE
The new financial year is here and there is no better time to outsource your internal recovery processes and to consider partnering with a professional insurance recovery agency like Debt Recoveries Australia.
Insurance claims recoveries, in this instance, refers to claiming back the cost of repairs for the insured’s loss from the at-fault party. Insurance claims recoveries is usually the very last process completed in the insurance claims process, however, actioning these early and efficiently can reap a host of benefits. The primary function of claims recoveries is to reduce the overall claims cost outlay, thus allowing insurers to offer competitive rates and premiums.
From the outset of a claim, the focus is always to take care of the insured first. We process the claims then settle the cost of repairs. However, the job of actually recovering the incurred loss is often neglected until it is too late, in many cases completely overlooked.
Claims managers should act immediately on a possible recovery in order to get the highest recovery rate. All “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, productivity and resource costs.
As soon as you have identified a recovery, it’s outsourced to a professional, leaving your claims team to do what they do best – servicing customers. Our statistics show that matters outsourced to a recovery expert early in the claims process leads to increased recoveries and shorter turnarounds.
If the preference is to handle claims recoveries internally, consider the following time to outsource:
- What resources do you have for this?
- Are these resources best served being deployed in customer centric areas of the business?
- Do you have in-house counsel that specialises in insurance claims recoveries?
- Do you have staff knowledgeable in skip tracing (finding missing people that owe debts)?
- Are staff able to effectively negotiate payment from an uninsured third-party?
- The cost of maintaining and monitoring all associated acts, guidelines and legislations then delivering ongoing training? Including ACCC Debt Collection Guidelines, the Insurance Code of Practice Guidelines (third-party recoveries) and the Australian Securities and Investments Commission (ASIC) Debt Collection Guidelines
These are the questions you must ask of your organisation should you decide to in-source your recoveries.
Here at Debt Recoveries Australia and ADC Legal, most of our staff and legal practitioners are from an insurance claims or broking background. Our passion and experience is insurance claims recoveries.
We are experts at recovering outstanding debt and claims without the drama. For more information, email at us email@example.com or call 1300 799 511. Talk to us about your debt collection concerns via Skype at debtrecoveries.
If you require any legal assistance or would like further information regarding this topic, please feel free to contact our team for advice on 1300 799 820, or email them at firstname.lastname@example.org.
Call Us: +61 1300 799 511