Support for Your Mutual
WRC evaluated several third-party subrogation companies to work as a partner in identifying viable subrogation opportunities and maximizing recoveries for our mutual clients. We selected Venture Subrogation. The company works with small and medium sized insurers and has demonstrated an understanding of the unique way mutual companies operate.
While most mutuals diligently pursue subrogation on large losses, we believe there is an untapped area with small and medium sized claims. Our program with Venture Subrogation will primarily focus on claims $50,000 and under as they are often the most overlooked for recoveries. These claims are less likely to be litigated and persistent pursuit is usually the key to making recovery. Venture Subrogation has established a track record of success in our industry for claims of this size.
Barriers to Subrogation
Subrogation is the assumption by a third party of another party’s right to collect debt or damages. For insurance companies, that typically means collecting money that is owed to you and your insured due to a negligent party’s responsibility for causing a covered loss.
We frequently hear from our clients how challenging it can be for a small mutual to pursue subrogation. It requires a significant amount of time and financial resources.
For successful subrogation, your adjuster needs to have a mindset that includes the following essential steps:
- Identify potential subrogation opportunities
- Preserve the scene and evidence
- Identify potentially responsible parties
The hard work begins with putting parties on notice, setting up experts, sending letters, pursuing non-insured parties and possible litigation. Many small mutuals don’t have the time or resources to pursue legitimate recovery opportunities. As a result, the opportunity to add to the company’s bottom line is often missed.
How the Program Works
This is a voluntary program available to all WRC clients.
Venture Subrogation offers:
- No upfront cost for referrals or claims reviews
- Acceptance of direct referrals for claims of any size or quantity
- No fees unless a recovery is made
- Individualized client reporting and data analysis
- Expert negotiations on property claims of any type
- Uninsured collections – License suspensions – Asset checks
- Arbitration filing and responding
There is no charge for Venture Subrogation to review any and all potential files for subrogation. Simply submit the file to them and let them go to work. They will consult directly with you during critical stages of any negotiation. If they are successful in subrogation, you will receive a check for the proceeds, minus a 25% fee for what was recovered. If subrogation is unsuccessful, there will be no cost to you.
Getting Started
Venture Subrogation’s team lead for WRC clients is their Vice President of Claims, Chad Slater. Chad can be contacted at (888) 587-4878, extension 710, or cslater@venturesubro.com. If you would like to proceed, he can walk you through the next steps.