(The data in this article was transcribed from a recent webinar between Livegenic and our partner, Source7, titled, “Intelligence in Action: Advances in Subrogation”. Please click the link to watch and see visual demonstrations on how Livegenic can increase your subrogation opportunities and recover more money for your business.)
Most policyholders have the pleasure of not having to know much about subrogation, but it can be a bane for many carriers. Even the most thorough underwriting research can miss depreciation, damages, and mechanical failure, leaving insurers in the lurch in the event of a loss.
In a perfect world, subrogation is supposed to remedy this: an opportunity for the manufacturer to take on some liability for damages. Unfortunately, typical processes often fail to find opportunities for subrogation. BUT… virtual claims provide a solution!
By integrating the virtual inspection capabilities of Livegenic with the instant subrogation analysis provided by Source7, we’ve simplified the claims process and enhanced your adjusters’ ability to make accurate, actionable decisions on when to pursue subrogation. This allows carriers to increase the total dollar amount recovered, increase the effectiveness of subrogation efforts, and reduce waste in the process.
With Source7 and Livegenic, your organization can improve opportunities by addressing the key challenges that subrogation can pose:
- Process Complexity
- Manual processing and reliance on field awareness
- Low accuracy due to obsolete systems
- Separation from FNOL in the claims management process
- Lack of focus on subrogation and lack of understanding of optimized effort vs. maximized reward.
It’s a win-win scenario. By meeting the policyholder immediately at the FNOL, you can maximize recoveries to your bottom-line and return your customer’s deductibles for a better experience. As such, clients express greater customer satisfaction as they get a better deal, less frustration, and faster processes.
When it comes to the most prominent types of property damage (Wind/Hail, Fire/Lightning, Water Damage/Freezing), neither you nor your customer can afford to wait on an in-person claims inspection. Start using virtual claims today (average implementation time for Livegenic is under 24 hours), and start recapturing all the subrogation dollars that have been snatched away by “the old fashioned way”. Schedule a demo today.