Well, for those of us who’ve spent decades toiling in the field of auto subrogation in Massachusetts, it’s nice to get some affirmation that we do a pretty good job here in the Bay State. According to a new study conducted by the National Association of Subrogation Professionals, Massachusetts, California and New Jersey lead the nation in auto subrogation recovery rates.
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CINCINNATI, OH — (Marketwire) — 07/12/12 — Results are now available for the 2012 Auto Subrogation Study conducted by Ward Group on behalf of the National Association of Subrogation Professionals (NASP). Based on study findings, Massachusetts, California, and New Jersey were the states that recorded the highest gross subrogation recovery ratios.
The 2012 Auto Subrogation Study presents the most current findings and analysis of subrogation performance for the auto lines of business at a diverse group of companies, representing approximately 58% of the total U.S. Personal Auto Market and 56% of the total U.S. Commercial Auto Market in 2011. Conducted in the March – May 2012 time frame, the study focused on the period of time from 2009 through 2011. This study focused on both collision and PIP/Med Pay subrogation results for personal and commercial auto.
The study identified several notable trends for auto subrogation practices, including:
* 41% of carriers are utilizing predictive modeling to identify subrogation opportunities.
* 28% of carriers audit more than 21% of their total files to identify missed subrogation opportunities.
* 41% of participants utilize E-Subro Hub.
* 20% of subrogation files opened are sent to inter-company arbitration.
Leslie Wiernik, Executive Director of NASP, noted, “Most insurance carriers recognize the financial impact of subrogation recoveries on the overall financial performance as a key strategic initiative, so they have come to trust our studies to identify industry best practices and to obtain information that will help the organization identify and implement improvements.”
To obtain complete results of the 2012 Auto Subrogation Benchmarking Study please contact NASP at www.subrogation.org or (800) 574-9961.
About Ward Group®
Ward Group is the leading provider of benchmarking and best practices research studies for insurance companies. The firm analyzes staff levels, business practices and expenses for all areas of insurance company operations and helps companies to measure results, optimize performance and improve profitability. For more information about Ward Group and the Ward Research Center, visit www.wardinc.com.
The National Association of Subrogation Professionals (NASP) is the world’s largest insurance subrogation association and leader in subrogation education. NASP’s mission is to enhance the stature and effectiveness of subrogation and recovery professionals through education, training and the exchange of information.
© 2012 MarketWire