Outsource insurance Claims Recoveries will Save Claims Costs
Claims recovery is one method of lowering these costs. Recovery of money from at-fault parties when the insured is not at fault. As an example, suppose a truck accidentally crashed into a building and caused damage. The insurer will pay for the damage, but the claims expense can be fully recovered from the at-fault party, in this case, the truck driver, or his/her insurance company, if insured.
In fact, a good claims recovery company will be able to recover not only the building repairs, but also the assessing fees and any loss of business interruption, if any.
Many of these recovery opportunities are lost during the claims process due to human error or a lack of systems in place to identify them.
Claims recovery is typically time-consuming and labour-intensive, involving multiple systems and frequently outdated technology. Because of the pressure to settle claims faster and with greater transparency, many insurers do not have the time to handle these claims recoveries internally. With all of these challenges, insurance companies are turning to debt collection firms to handle their claim recoveries.
Some of the advantages we provide to our clients, which include insurers, brokers, and self-insured businesses, are as follows:
- Improved recovery chances- an insurance claims recoveries expert can assist the Claims Manager by detecting all cases that can be recovered early in the process and putting systems in place to capture these opportunities at a much faster rate.
- Reduce the number of missed recovery cases by having an outside insurance recoveries expert audit the claims process on a regular basis.
- Less investigation time-by outsourcing the claims recovery function, the claims team has more time to focus on serving the insured.
- Lower labour costs- Outsourcing this function will result in lower internal labour costs.
- Expert assistance- we have the time and resources to devote to the recovery process. Because this is all we do, our recovery rate is usually much higher than what can be achieved internally.
Are you considering outsourcing some of your insurance claim recoveries? If you have any questions about closed claims audits or our services in general, please contact Debt Recoveries Australia at email@example.com, 1300 799 511, or debtrecoveries on Skype.