With claims payouts and loss-adjustment charges accounting for up to 80% of an insurance company’s revenue, claims are the most expensive part of the business.
Claims recovery is one approach to cut down on these costs. 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 labor-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.
There are numerous advantages to entrusting the procedure to an insurance recovery expert. Over the past 14 years, we at Debt Recoveries Australia have 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 may devote more time to serving the insured.
- Lower labour costs—outsourcing this function saves money on internal labour.
- Professional assistance—we have the time and resources to devote to the rehabilitation process. Because this is what we do every day, our recuperation rate is frequently far higher than what can be accomplished internally.
Please ADC Legal at email@example.com, telephone number 1300 799 820, 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.