In addition to improving receivables and outbound subrogation, many carriers overlook a significant opportunity when it comes to adverse or inbound subrogation demands. Given the industry leakage rate on estimatics, loss of use and diminished value, a great resolution would be the implementation of a proven method for reviewing inbound subrogation that can reduce amounts owed by 5 to 15 percent.

While inbound and outbound subrogation is a great place to start, the reality is that potential resolutions to improve blocking and tackling in the claims process abound. From first notice of loss (FNOL) and investigation to negotiation and settlement, there is plenty of room for improvement with solutions proven to give carriers a competitive edge in the marketplace. Most importantly, many of these resolutions can be done with little to no financial commitment.

Taking simple steps to change an organizational paradigm from “what is done right” to “what can be improved,” it is possible to quickly gain a competitive edge in the marketplace. By simply benchmarking existing results against both internal and external measures, an organization can identify weaknesses. Whether it is fraud recognition, subrogation, salvage, liability assessment, or BI negotiations, significant lost economic opportunities are sure to exist. Identifying them is critical, but it is taking the steps towards improvement that will separate the ordinary from the extraordinary.

Whatever your business resolution, 2012 is shaping up to be a great year to improve quality, accuracy, cost containment, and retention of both staff and policyholders. As Vince Lombardi once said, “perfection is not attainable, but if we chase perfection we catch excellence.”