What would you do if you were walking down the street and saw a hundred dollar bill lying on the ground? What if that hundred dollar bill could be multiplied exponentially to the tune of millions of dollars per year? That is the potential sitting in front of many insurance carriers that are not effectively recognizing and assessing comparative negligence.
There is no question that opportunities to improve basic blocking and tackling are ubiquitous throughout the claims industry. Consider the impact on cycle time and accuracy of missed contacts, overlooked witnesses, absent file documentation, or delayed inspections. These are all essential ingredients to the right outcome. Yet, they pale in comparison to the importance and financial impact of proper identification and assessment of comparative negligence.
A Duty Owed
Black's Law Dictionary defines negligence as “the omission to do something which a reasonable man, guided by those ordinary considerations which ordinarily regulate human affairs, would do, or the doing of something which a reasonable and prudent man would not do.”
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