| Volume 7 Issue 2 |
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November 2007
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On-line Claims Subrogation System Integral Part of Established Recovery Process
Managing the recovery process for property and casualty insurers involves multiple steps and extensive documentation. Subrogation specialists face the challenge of effectively identifying, investigating, managing and settling cases with subrogation potential. TransPaC Solutions uses technology to tackle this challenge head-on. With our proprietary subrogation software application, Troveris®, TransPaC’s experienced recovery specialists manage the entire process of recovery on-line, from the desktop.
“Troveris enables our recovery specialists to run an entire book of business from one application,” explained Erin Powers, TransPaC Account Director. “Every step of the recovery process is built in to the system including crucial resources and critical timelines that enable our recovery specialists to optimize recoveries for our clients.”
Electronic data exchange initiates recovery process
The recovery process begins by collecting claims data from our clients. Sam Cooper, TransPaC Senior Vice President commented, “Troveris enables an efficient, regular electronic transfer of claims data that is at the heart of TransPaC's value proposition—our ability to screen all losses for third party involvement and perform timely, independent liability investigations.”
Each client’s claims data possesses a unique structure. Troveris has a customizable filtering process that ensures that vital information from each claim is screened properly to determine subrogation potential. This filtering process can also flag certain key words to identify claims with high recovery potential that require priority status. Once Troveris identifies a claim as having recovery opportunity, it automatically assigns the case to an experienced recovery specialist.
Instant access to client-specific recovery rules ensure proper handling
TransPaC recovery specialists adhere to clearly defined client recovery rules when managing all claims. “Troveris facilitates the customization of client claim handling rules – something that is absolutely critical in the property and casualty insurance industry,” Cooper stated. “The relationships between the insurance company and their policyholders, in combination with those of the policyholders and their business partners, create the need for a flexible, coordinated business relationship.”
Troveris enables the recovery specialist to directly access client-specific recovery rules which define the “rules of the road” for pursuing recoveries for each account. Clients may have stipulations regarding circumstances where TransPaC may pursue recoveries against their customers, or they may have internal practices directing how insureds can be contacted. A customer may have a special business arrangement or may have multiple policies with subrogation waiver exceptions. These rules are available from the recovery specialist’s desktop.
When a TransPaC recovery specialist has questions regarding the subrogation rights of a client, they consult a centralized state law database accessible through Troveris. TransPaC's attorneys update each outline regularly. Our attorneys also monitor statutes, regulations and case law for changes that impact our ability to optimize our clients' recoveries.
Specialized features promote efficient file management
Property and casualty insurance cases have strict time limitations. Troveris automatically notifies our recovery specialists when a statute of limitations is approaching or when to send out a deductible notification letter in states where applicable. This automation ensures that the appropriate action is taken before the opportunity is missed.
Property and casualty claims contain several categories that may represent recoverable dollars and may vary by line of business. For example, Troveris allows the recovery specialist to break down medical bills, indemnity payments, deductible and salvage, etc., assuring an accurate total recovery amount. In addition, Troveris enables the recovery specialist to allocate recovered dollars to either one claim or multiple claims, if appropriate.
Centralized party information enables coordinated, open communication among multiple parties
Troveris allows the claims examiner to capture contact information for all involved parties in a case. When a claims examiner needs to send a letter on a file, they simply access the automated Troveris letter generation system (TLG) and select the appropriate party to receive the correspondence. This system contains letters that the TransPaC attorneys have reviewed and approved. TLG gives the recovery specialist desktop faxing, digital signatures, on-line approval of letters and simplified letter maintenance and updates.
Imaging has enabled TransPaC Solutions to streamline its operations and improve our ability to share time-sensitive information among our recovery staff. With TransPaC's imaging software system, all documentation critical to the recovery process on a file is scanned, indexed and archived at a central location. Troveris links with the imaging system and allows the recovery specialist to immediately view case-specific documents. They can then manage the information at their fingertips, including the capability to fax directly from their desk.
System enhancements provide clients with immediate access to key information
Currently, TransPaC clients have the ability to check the real-time status of any file through Troveris. Their read-only access to the application allows them to view all file documentation and images and offers some printing capabilities. They can also use Troveris to review the status of open files, which allows them to view what tasks are scheduled on a file and what deadlines are set for settlement or receipt of funds.
TransPaC Solutions plans to release an enhancement called ClientView by the end of 2007. ClientView is currently in pilot status and not available to clients. Berry Hayes, Vice President - Systems and Data Management, explained, “The enhancement will expedite a client’s search for essential case information. The client will have quick access to the life cycle information for each file—when it was loaded to Troveris, when it was screened, when it was opened for recovery potential, whether litigation was filed, etc.—all in one report.” Hayes added, “The client will also have the option to print the report or save it to a file for their company’s imaging system.”
A future enhancement under development involves the images connected to each case file such as written correspondence and photographs. Currently, a client can access each individual image from a case and print the image. Future functionality would allow the client to access all images associated with a case from one location, and then save the images to their internal system.
To learn more about the value that Troveris brings to TransPaC Solutions’ proven recovery process, please contact us via e-mail or call 502.454.1340.
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