Trumbull Services, a provider of insurance solutions to the property/casualty insurance industry, has announced the introduction of its latest product, sourc-it vm, an automated tool that offers companies the opportunity to change the way they manage subrogation files they outsource to third-party vendors.
sourc-it vm improves productivity and eliminates the manual tasks associated with managing a vendor network for subrogatable losses, including first and second file placements, arbitration, and litigation files.
The tool provides follow-up collection assignment, transmission monitoring, and potential reassignment of all file types. The automated assignment and tracking tool supplies clients with the ability to oversee the status of all of the files that have been assigned to members of the network on a regular basis. Vendors are reviewed and evaluated monthly according to collection results and adherence to predefined service level agreements. These agreements include performance measures such as collection percentage, cycle time, accurate and timely payment, settlement percentage, and reporting. An inventory scorecard delivers an update of all outstanding files.
"We believe this offering will provide much needed automation and performance monitoring to an area of the business that has lacked transparency in the past," says Brad Burdick, president of Trumbull Services.
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