Chicago-based auto claims software provider said it is piloting a new electronic subrogation product with two national insurance carriers this fall before offering it for sale.
The two unnamed insurers, said by CCC to represent 21 percent of the industry’s auto claims volume, will pilot the company’s CCC Subrogate Auto Solution.
Recent research by the National Association of Subrogation Professionals stated that the subrogation process鈥攆rom the first notification of a claim to closure鈥攖akes an average of 168 days, nearly double the amount of time insurance companies had targeted in 2003.
Through an RFP process, an advisory panel comprised of members of insurance companies from across the nation nominated CCC to build, in a collaborative manner with the panel, a subrogation product that insurance companies can use to more effectively manage the subrogation process.
NASP is a nonprofit trade association comprised of more than 1,400 insurance company subrogation specialists, attorneys practicing in the field of insurance subrogation and vendors serving the subrogation needs of the insurance industry.
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