Insurance companies process damage claims and most of the time there is subrogation or “subro” involved as part of this process. This is a legal right that insurance companies hold that allows for the ability to pursue a third party that caused a loss to the insured. In most subrogation cases, an individual’s insurance company pays out a claim for losses directly, then pursues reimbursement from the other party’s insurance company. This is extremely common with automobile claims, but it can also occur in property/casualty and even healthcare claims. It is estimated there are over $15 billion in uncollected subrogation judgments obtained each year. These judgments include automobile, fire, workers’ compensation and health care.
Insurance companies and their recovery operations is a critical process. All lines of business are impacted by recovery operations, and the most prominent of which applies to worker’s compensation liens, first party property claims, auto physical damage claims and surety bonds. Often subrogated claims are overlooked and the recovery process is not optimized. Too often there is poor communication between the subrogation claim handler and the adjuster assigned. Often the claim is closed and paid before a recovery specialist becomes involved.
In addition to the subrogation part of the insurance company, there are also deductible collections, bond collections, premium recovery and more. Some companies are not able to adequately manage all parts of the recovery process and ultimately the loss of revenue is significant.
As an experienced and professional debt recovery company we have 20 years of insurance collection experience. We understand that disputes frequently arise between an insurer and policyholder. Our team can work with a policyholder and help them to understand the terms and conditions and language of their policy. Our effectiveness in this area is often enough to settle disputes between all parties. Southwest Recovery Services can help collecting your unpaid accounts earned premiums, audit premiums and adjustments, subrogation files, unpaid deductibles, and bonds.
Our approach includes: