Third-Party Deductible Recoveries Add Up To Millions For Insurers
Recoveries not simply a claims issue, but a means of revitalizing underwriting disciplineAt $500 a pop on average, a claim adjuster's failure to collect a third-party deductible seems insignificant. But across an entire claims portfolio, the lost dollars can total in the millions, according to executives of a recovery firm.
Industrywide, roughly $500 million went uncollected last year, according to Michael O'Loughlin, president of Paragon Asset Recovery Services, a Pittsburgh, Pa.-based unit of reinsurance intermediary Benfield, putting a rough figure on dollars missed when insurers fail to collect deductibles on commercial liability policies.
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