The only sure way to win is to field a talented team who recognize and have the tools to achieve accurate outcomes. Just as a basketball team can get worn down come the fourth quarter, so too can a claims organization if the processes and workflows are not optimized.

There is no room for error. From first notice of loss to final disposition, each “i” must be dotted and each “t” must be crossed. While not quite on par with the complexities of rocket science, claims does have its own unique set of challenges.

From conducting timely investigations and writing accurate appraisals to identifying joint tortfeasors and subrogation opportunities, there are a myriad of opportunities to leave money on the table. In the subrogation arena alone, more than 15 percent of claims are closed with a missed subrogation opportunity, costing the P&C industry more than $15 billion dollars annually.

Add to this such things as overpayments on injury claims, estimate overwrites, missed opportunities on LKQ or aftermarket parts, lack of rental control, and missed fraud indicators and the dollars really start adding up.

By recognizing the opportunities and developing workflow processes to address any potential gap, claims teams can be assured of improving results all the way through final claim disposition. Of course, the entire organization benefits as the result of a smooth transitional and transparent process that will improve cycle time, reduce claim costs, and increase customer satisfaction while ultimately driving up quality and retention.