Uninsured Motorists Held More Accountable for Losses and Could Help Lower Insurance Rates for Drivers
ResolvedClaims, a new DRC resource will help insurers reduce the growing portfolio of subrogation claims which is upwards of $225 billion annually.
Westlake Village, California (PRWEB) January 30, 2009 -- DRC Services Group, a debt management company, launches a new resource for insurers to automate and resolve their non-performing auto subrogation claims.
DRC is doing its best for responsible drivers
The new service will help insurers reduce the growing portfolio of Subrogation Claims (upwards of $225 billion annually). The Subrogation Claim represents the amount of damages paid out as a result of an auto collision caused by a third-party uninsured-motorist. The goals of the Resolved Claims program is to provide a long-term solution that holds responsible parties accountable in an effort to lower insurance costs for everyone. Insurance rates are increasing by an average of 2.8% annually. "We're providing a service that will help contribute to solving the uninsured-motorist epidemic in this country" says Sean Escobar, President and CEO of DRC Services Group and Resolved Claims Founder. Through the Resolved Claims program, responsible parties are subject to losing their drivers licenses until their obligations are resolved with carriers. As a whole, the insurance industry recovers an average of 15.5% (personal auto collision), measured as a percent of losses paid.
"Some insurers have subrogation departments and software solutions but there just isn't enough focus on resolving subrogation claims because it's expensive for them, not for us" says Sean. "Imagine what another 200 or 300 basis points on the upside could do to help insurers...it could mean tens, even hundreds of millions of dollars."
DRC Services has already implemented the subrogation collection programs for several insurance carriers including Farmers and AAA. In 2008 DRC recovered an additional $20 million for its insurance clients. "Automation makes a service effective for companies, and for us automation requires real people dedicated to resolving random scenarios - like car accidents" says Escobar.
The Resolved Claims Program will allow insurance carriers to recover more of the revenue they are legally entitled to. The insurance industry as a whole has been behind the curve in technology due to the complexity of the claims management process. DRC and the Resolved Claims Program will help insurers organize the daunting tasks associated with claims resolution by using technology to convert all claims to digital files and software that allows easy management online at: www.resolvedclaims.com.
"Get basic liability insurance" states Escobar, "because technology is allowing us to be more efficient and effective with state laws and you run the risk of losing your driving privileges if you don't meet your legally mandated Minimum Financial Responsibility."
Source: US Department of Labor, the National Association of Insurance Commissioners and the National Association of Subrogation Professionals
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