Looking to be more efficient and effective in the subrogation world, where time equals money? In a recent webinar, CLM’s Subrogation Committee offered up some practical strategies.
12:00:00 p.m.
THE SPEAKERS
John W. Reis, subrogation practice leader for Smith Moore Leatherwood
Timothy Dunn, claims team leader for ESIS/Chubb
12:03:59 p.m.
Timothy Dunn
“Volume is a concern with many of us. Most subrogation claims professionals are handling multiple lines, which certainly wasn’t the case 20 years ago. Today, the biggest challenge we face in the industry is volume and the amount of emails we get and how we respond to them. We want to be efficient, but being more effective means better recoveries.”
12:04:38 p.m.
John W. Reis
“You need both efficiency and effectiveness. In this task-overload world, we tend to just be more efficient, working quicker and quicker by developing rote patterns of action. Think about Blockbuster—it got very efficient, but they weren’t effective in their strategic thinking like Netflix.”
12:07:43 p.m.
Timothy Dunn
“The best way to make money in subrogation is to show the other side that it’s going to cost them more to defend the case than it’s going to cost you to prosecute.”
12:10:01 p.m.
Timothy Dunn
“The enemy to a subrogation case is time. They typically don’t get better with time, so you want to try and bring these cases to resolution as quickly and reasonably as possible.”
12:26:16 p.m.
Timothy Dunn
“One of the challenges we face in the property world is that, when you’re discussing liability and damages with the other side, typically you’re dealing with a liability adjuster, not a property adjuster. So it can be difficult to get your point across on the damages to someone who has never handled a damage claim.”
12:27:15 p.m.
John W. Reis
Question from audience: Is it accurate that a carrier that has in-house counsel will not incur any defense costs? “It’s not always the case. They will incur costs, just not fees. Sometimes they get overwhelmed and farm it out to an outside defense firm. It can change the whole dynamic though.”
12:34:08 p.m.
John W. Reis
Question from audience: What are some effective things to include in a pre-suit demand letter? “For liability adjusters, it’s a good description of what happened. I think expert reports are valuable to include, too, especially on smaller cases. Some will disagree, but including them can be very effective.”
Want to hear more?
Go the TheCLM.org to listen to this and hundreds of other webinars.
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Eric Gilkey is vice president of content at the CLM, and serves as executive editor of CLM magazine, the flagship publication of the CLM. eric.gilkey@theclm.org
