Property Recovery Potential
Praxis knows that the first step toward recovery is the recognition of potential. Our audit team has extensive experience in property claim review, identification, and prioritization. Using our proprietary, industry leading technology, our auditors ensure no property claim is left behind regardless of size or assumed potential. Praxis believes that initial investigation and preservation of evidence is essential to the recovery of a property loss. Our investigators work closely with your staff to identify the involved parties, develop a theory of liability, and secure all substantive evidence. We utilize a network of forensic engineers and technical specialists who are experts in evidence preservation, site examination, and evidence testing.
Case Study
Client Challenge
The client, a Florida insurance company specializing in personal lines property, used independent adjusters to handle their claims, including identification and pursuit of subrogation. Outside counsel was engaged to handle the larger recovery claims. Subrogation results were considerably below benchmark and visibility of the process was poor. The client sought a Subrogation Service Provider that would provide them with more depth and, most importantly, improved results.
How Praxis Helped
Praxis implemented a comprehensive subrogation outsource program beginning at the first notice of loss (FNOL). The outsource included a screening process of all new losses, which significantly increased recognition of claims with recovery potential. Each claim was reviewed by a Praxis recovery specialist leveraging data by jurisdiction, industry, third party precedent and causes. Utilization of outside counsel was significantly reduced thereby lowering the company’s loss adjustment expense costs.
Key Benefits
In the first year, with no pending subrogation inventory, Praxis recoveries exceeded the client’s previous four-year average by 17%. In the second year, recovery performance improved by 150% over the previous year. Improvements in reporting, and the resultant transparency, significantly increased the client’s level of satisfaction. With Praxis involvement in their claims, from the first notice of loss, we help guide the initial investigation to ensure claim details are documented and evidence is preserved to improve the chances for a successful recovery.