“Experience is simply the name we give our mistakes,” Oscar Wilde famously said. Having represented the subrogation interests of insurance companies and self-insured companies around the world for the past 33 years, I’ve seen enough bad subrogation decisions to create a concrete list of the ten most often repeated mistakes when it comes to effectively recognizing and pursuing subrogation and third-party recovery potential. Frequently, these mistakes are disguised as corporate efforts to save money, streamline, or consolidate effort. Sometimes, the errors we see repeated are benign. Quite often, they turn into very expensive lessons. Whether we learn from these lessons is the true test of both our desire to optimize the recoveries we make and the lengths we will go to in order to provide the service – and in some states the “duty” – to our insured, for they often pay the price for missed subrogation opportunities. As insureds become more savvy and wise to the significant savings aggressive, cost-effective subrogation can provide them, we can no longer ignore the best subrogation practices and techniques available to us. We underwrite and adjust claims in ways to prevent mistakes — limiting risk and staying within our claims-handling comfort zones. Across all lines of insurance, our mistakes and failures are gifts and guideposts in our learning and growth as insurance industry members. But, we can only take advantage of them if we recognize them. Join us as we highlight and discuss ways to avoid repeating the ten mistakes most costly and commonly committed in the fast-growing and demanding world of insurance subrogation.
Our webinars are complimentary to attend. This course has been submitted to the Texas Department of Insurance for approval of 1.5 hours of Texas CE Credits.
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