ClaimIQ has introduced a component for its claim software. SubroIQ is intended to provide adjusters and recovery specialists with information and analysis for identifying subrogation opportunities.
For many insurance companies, the money paid to settle claims typically is the largest item on the balance sheet, comprising roughly 60 to 70 percent of net premiums written. According to the National Association of Subrogation Professionals, many of these costs can be recovered from liable third parties through subrogation, and automobile carriers are missing about 40 percent of the subrogation opportunities in their book of business.
“By better managing the subrogation process, claim organizations can be measured not by the resources they consume, but by the profit they create,” said Tom Baird, ClaimIQ's president and CEO. “SubroIQ gives adjusters and recovery specialists the tools, information and predictive analysis they need to help increase the rate of subrogation claim identification and recovery.”
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