Case
Studies - Subrogation Recovery Services
With Subrosource, Trumbull was able to provide full outsourcing subrogation services to a small single line insurance carrier.
Problem:
This insurance carrier was facing many challenges within their subrogation
area:
-
No visible results due to TPA outsourcing
-
No goal setting process in place
-
Shortage of IT resources
-
Recoveries to paid ratios at only 4%
Solution:
Trumbull's experienced claim specialists provided Business Process
Outsourcing Services for three of the carrier's six office locations.
Through the BPO servicing, the insurance carrier was able to:
-
Maximize on recoveries through Trumbull applying the identification and scoring technique to claim files.
-
Gain IT resource and knowledge through the use of Trumbull's team
-
Gain Data Management report expertise through online access of Subrosource
-
Trumbull satisfied the need and transformed the way client handled reporting
-
Establish a goal setting process
-
Establish a standard communication process
Results:
Within a year of utilizing Subrosource, the insurance carrier increased
its business performance by the following statistics:
-
Recoveries to placements averaging 40% within the first 6 months
-
Recoveries to paid ratios increased to over 8% by end of 2003
Growth
of Relationship and Future Goals:
-
Trumbull built the outsourcing process for the carrier. Eventually, the carrier would like to take the process in-house and have their subrogation specialists utilize Subrosource
-
Claim volume to double in 2004 from 200/month to 400/month
-
Carrier looking to outsource additional Lines of Business in the near future
-
Closed file review in process for one of carrier's subsidiaries
