Reinventing Auto Subrogation – The Efficient Way
Some subrogation opportunities are not obvious and require a faster thorough investigation for improving the loss ratio.
According to the National Association of Subrogation Professionals (NASP), up to 15% of insurance claims result in missed opportunities for subrogation, and up to 32% of recoverable claims are not pursued collection, or the claims are closed with zero dollars recovered.
To conclude, insurance organizations lose money when they miss subrogation opportunities. InsurAnalytics’ AI platform identifies new subrogation opportunities right at the FNOL and prompts corrective actions on missed out opportunities or underutilized claims, directing them to appropriate investigation and recovery experts. The intelligent platform enables optimized processes in the claims lifecycle and straight through claims settlement to improve the various processes on the end-to-end Subrogation lifecycle. The virtual processing delivers:
- Definitive and Timely Subrogation Prediction
- Eliminate Leakage in Subrogation Identification
- Fewer False Positives