Recovering funds from third parties responsible for property damages is not only an opportunity for insurers to reduce claim costs and improve loss ratios but it is also a way to fairly allocate liability.
Insurers often face challenges in achieving optimal subrogation and recovery outcomes and are collecting less money due to several factors, including missed recovery opportunities, inadequate capacity, and insufficient ability to recover on complex claims. Additionally, certain types of file management practices can result in extended timelines and increased expenses.
Mitigateway boosts property recoveries by:
- -Finding missed opportunities with a closed claim review
- -Freeing up capacity with claim prioritization and triage
- -Improving file strategy with recovery path consulting on technical claims
- -Designing new and unique approaches to recovery on repetitive claims
- -Establishing recovery metrics based on an insurers recovery portfolio
- -Benchmarking recovery % on claims versus industry averages
Mitigateway’s Subro Boost service helps insurers by providing insights on missed recovery opportunities, lower-than-average recoveries, and their underlying reasons. We recommend both short-term solutions to recover missed funds and long-term strategies to achieve sustainable improvements to create permanent uplift.
Our singular focus on property claims and our forensic expertise allow us to deliver outstanding value on the first day.