Insurance claims recoveries are needed when there is a recoverable amount arising, as a result of a "not at fault" claim. For instance, an insurer pays out for the repairs to their insured’s vehicle. The insured is not at fault for the accident and has provided details of the at fault party. The repairs to the vehicle can then be recovered or collected from the at fault party. This recovery or debt collection can be done internally or externally, by a debt collection company.
Many people will have question in their mind, would insurance companies try to perform this complex debt collection process themselves, or do they outsource to a proffessional dent collector company? If they do outsource, at what stage do they do this?
The reason why they outsource is simple,your claims team spending valuable time and resources, trying to do a specialist debt collection function, when you would rather them concentrate on what they do best, which is servicing the insured and processing the claim?
The best way is to outsouce immidietly,he professional outsourced service provider can then immediately instigate the debt collection process.
Benefits of outsourcing your insurance claims recoveries
Make Initial Contact
Our clients that outsource immediately, do not have to worry about waiting two to three weeks for a response from the debtor.We make initial contact with the debtor in a friendly way, acting as an agent of the insurance company. We conduct skip tracing if they are un-located, apply for police reports, license or rego searches- all the time consuming tasks that claims officers simply do not have time to do.
This can be one of the most time-consuming parts of the recovery process. Quite often, the at-fault parties will dispute either the quantum or liability, or both. We handle all disputes matters by asking for versions of events, getting witness statements, liaising with third party brokers, insurers, any other stakeholders that may be involved. Sometimes this process takes months, so we have a diary process that can look after these cases. we have a structured auto CRM, which will auto remind, auto update and structure things in a right way.
A good insurance recoveries company will have staff that all have a full understanding of the General Insurance Code of Conduct, Insurance Code of Practice and the Insurance Contracts Act. They can act as an extension of the insurance company's claims team, complementing the whole process and making it streamlined. They can provide quick response times for the debtors and other stakeholders. They can provide relationship management between the debtor and the insurance company, acting as a liaison or “buffer” so the insurance company does not have to deal with potentially time-consuming calls and emails.
Payments and Arrangements
Debt collection companies are the experts in getting payment in full or as close as possible to payment in full. If this cannot be done, collection companies are usually set up with fully automated payment and arrangement processes, so they can monitor and report on installments and repayment cases over a long period.
Saving Money and Time
The biggest saving for an insurer is, of course, the cost of having to hire all these debt collection experts themselves. Costs of claims can be reduced, simply by outsourcing the whole recoveries function to a professional service provider. Saving time is also a major factor. Claims staff are then free to concentrate on helping the insured and getting the claims process completed, without having to worry about skip tracing or debt collection.
Hiring a Debt Collector
UAE debt collection is one of the top debtcollection agency in the UAE. We have agents who are very professional and having years of experience in handling debts.This will save your time and expense from going with inexperienced debt handlers.