Advances in automation capabilities, artificial intelligence, and machine learning are providing insurers new opportunities to reduce their loss ratios through subrogation.
Because subrogation can be complex, labor-intensive and time-intensive, insurers often direct their focus on improving risk assessment and on better underwriting. But when subrogation processes get a boost from automation and AI/ML, insurers often see an immediate impact.
At DMI, we have driven this revolution in subrogation with our Intelligent Workflow platform. Our platform utilizes automation and AI/ML technology to help insurers more accurately recognize and collect anticipated subrogation recoveries while – at the same time – dramatically reducing portfolio loss ratios.
Here are three specific ways AI/ML-powered subrogation processes can reduce loss ratio:
1. Automate critical parts of your subrogation workflow to keep recovery opportunities from falling through the cracks.
For example, with DMI’s Intelligent Workflow platform, insurers automate collecting claim numbers, carrier info, and receipts as well as outreach to the other parties involved in a recovery case. Relevant assets are sent to other parties, who receive automated follow-ups to ensure timely processing and recovery.
2. Leverage AI/ML to identify new recovery opportunities in nonrefereed files.
DMI’s Intelligent Workflow platform helps identify files with recovery potential by studying still and motion imagery, documents, and data. This reduces time spent on this task by humans and quickly flags non-referred files that have recovery potential – such as analyzing keywords in police reports and adjuster notes.
3.Add speed, scale and value to your subrogation process.
Over time, the automation and AI/ML capabilities unlocked by DMI’s Intelligent Workflow platform will elevate the importance of subrogation within your company. Insurers can even leverage data gleaned from machine analysis to improve risk assessment practices.
Do you want to level-up your insurance organization’s subrogation workflow? Connect with us to explore how DMI’s Intelligent Workflow platform can improve your loss ratios and help your subrogation team achieve new levels of success.