Taking Inventory of Your Claims Recovery Arsenal

Fleet expenses are among an operator’s highest costs. While vehicle damage is an unfortunate reality, uncollected damage can mean the difference between loss and profit. Fortunately, there are many options in claims recovery. Whether you choose to process claims in-house, seek an outside vendor, or choose partial outsourcing, it’s imperative to maximize recovery from all available sources.

In-house Claims Department
When handling claims in-house, you must ensure that your employees have the necessary qualifications and that the proper follow-up processes are in place to manage the results. Rarely, do we find the option to house a claims department the most efficient option for operators with less than 600 units.

To maximize recovery results, your staff must be familiar with all the applicable statutes and case law related to entitlement. Also necessary is an understanding of when to use this information throughout the claim negotiation.

In addition, a general understanding of state collection laws, as well as insurance policy verbiage, is required to ensure that the claims are handled properly and expeditiously. Remember, insurance adjusters want to settle the claim with the lowest payout possible and are not concerned with possible future losses that may occur from insufficient repairs. Also, establish three to four goals or metrics to guide your staff, and commit to consistent follow-up with them to ensure maximum performance.

Benefits of handling claims in-house include internal control of personal fleet and hands-on involvement in settlement decisions. Managing the process properly demands a great deal of involvement. You need to be aware of your state’s statutes regarding recoverable items. You also must establish targets and goals for your recovery performance.

CONTINUED:  Taking Inventory of Your Claims Recovery Arsenal
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