Technology and subrogation: A perfect match

There are a variety of technological advancements insurers can engage to enhance the customer experience, streamline internal practices and drive successful outcomes. Most insurers have embraced the use of technology to some extent to improve policy administration and other internal processes in actuarial, underwriting and claims departments. For example, predictive analytics, a process where data which describes past results is used to predict future outcomes, is used to improve underwriting operations by analyzing the probability of loss, targeting low risk clients and developing competitive pricing relevant to each risk.

In claims, predictive analytics is used to forecast claim outcomes and identify fraud. In addition, many insurers use claims software programs to appraise damages resulting from property losses and automobile accidents. However, there is one process that could greatly benefit from further use of technology. It seems the subrogation process may have been overlooked by insurers and very often company assets are left behind unrecovered. Yet it is a well-known fact that successful subrogation programs are critical to customer satisfaction and the financial strength of the insurer.