What significant trends have you seen in subrogation over the last several years?
“Building codes in some Florida areas make new construction homes and additions better able to withstand major weather events. If the homes are not built to code, or if the materials fail prematurely, carriers may be able to subrogate against the general contractor or product manufacturer.”
Mathew Wyffels, Vice President, Claims Expert, Swiss Re. CLM Fellow since 2013.
“Insurance carriers are continuing to place an added emphasis and focus on subrogation claims and recoveries. These insurers are recognizing that hundreds of millions of dollars are sitting on the sidelines, just at their fingertips, waiting to be recovered. We find this beneficial shift most recognized and pronounced in the insurer’s selection of qualified legal counsel who specialize in the niche area of subrogation litigation.”
Ashton Kirsch, Partner, Matthiesen, Wickert & Lehrer, S.C. CLM Member since 2015.
“Since the COVID-19 pandemic, several significant trends have developed in subrogation, such as shop delays, availability of parts and inventory, extended rental periods, labor shortages, and a rise in damage and liability disputes. These trends have created a new set of challenges for claims professionals, requiring more time, patience, and tenacity. While the subrogation process is not as cut and dry as it used to be, with hard work and drive, claims professionals can still achieve favorable results.”
Penny Wright, Senior Risk Claims Manager, Sunstate Equipment Co., LLC. CLM Fellow since 2014.
“Without question, utilizing predictive analytics and machine learning tools in assessing subrogation prospects is overtaking the industry. It requires the application of substantial amounts of data to programs utilizing key terms, and logistical and syntactical analysis, including comparison of projected results with actual outcomes, to develop effective, accurate, and adjustable results. Once potentially viable claims are separated, it takes human firepower in the form of experienced and smart claims professionals, both in-house and outside law firms/vendors, to accelerate and maximize recoveries.”
Elliott Feldman, Attorney, Cozen O’Connor. CLM Member since 2014.
$15 billion
Annual cost of missed subrogation opportunities.
Source: National Association of Subrogation Professionals (NASP)
82%
Percent of workforce that say AI increases job satisfaction and enhances performance.
Source: Deloitte