Claims executives have implemented several process changes in an attempt to identify subrogation potential earlier in the claims process and digitize the steps that follow. (Photo: Andrii Yalanskyi – stock.adobe.com)
Inflationary pressures, rising loss costs, and an incredibly tight labor market are creating significant pressure on insurance carriers, driving a laser focus on performance. Premiums are increasing though investment returns are declining. Insurers seeking opportunities to drive results have another option: subrogation, the second largest source of direct revenue.
Giving claims a 'last look'
Historically, there have been many challenges to successful subrogation, including policyholder cooperation, lack of an initial focus for potential subrogation by either desk or field adjusters, evidence spoliation, delayed referrals by the claims department and the list goes on. For these reasons, many in claims simply use the term "last look," meaning a file will be reviewed right before it's closed to see if there is subrogation potential.
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