When it comes to subrogation, the name of the game is ID. If you don't ID the subrogation, you are going to miss the recovery. It is a pretty simple formula. Despite this, many opportunities do get missed, as our industry-leading subrogation experts see in routine closed file audits. (Credit: VanderWolf Images/Shutterstock.com)
My very first "subrogation cash cow" article was published back in 2010, followed by a series of educational training modules over the next few years. But as we evaluate the state of subrogation practices today, it seems that for as much as the world has changed in the past decade, many subrogation practices remain the same.
Back in 2010, carriers faced some big challenges largely driven by the crash of the housing market and the great recession. Today, the challenges faced are from an ongoing pandemic. Claim volumes have fluctuated up and down. There seems to be less predictability in an already unpredictable world. Exacerbating these challenges are ongoing mergers, acquisitions, downsizing and much consolidation within our industry.
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