As SubroSmart launches in the London Market, we caught up with President & Co-Founder, Gregory Zarin, to get the story on what SubroSmart does and why it’s opening an office in London in July 2018.
Tell us about SubroSmart?
We started this company with a vision to create something innovative. To take a product that is frequently an afterthought and make it a focus. Many services have been delivered to the market in a repetitive fashion with little consideration as to how they complement the complete product. We wanted to combine our experience, cutting-edge technology, and industry-leading service to drive change.
How does subrogation fit into the bigger insurance picture?
In the event that there is an at-fault third party, certain claim costs can be recovered to improve account performance. Therefore, recovery potential must be managed responsibly as a standalone service to ensure that the third party covers some of the cost.
There are many moving pieces after a loss occurs. While it is of the utmost importance to make sure claims are promptly adjusted, subrogation preservation is frequently placed at a low prioirty. From a carrier’s perspective, however, preserving and pursuing third party recovery is critical to maximize program performance.
As much as there is an urgency in place to manage the claims at the front end, it has become increasingly vital that the same attitude towards urgency is adopted. Our practical experience coupled with innovative technology and processes provides the best solutions possible to address any subrogation leakage. As a result, this enhances the overall product to both policyholders and insurers.
Is there any specific insurance product type that lends itself to subrogation?
Subrogation is generally available across virtually all claim sizes and types. Claims arising from certain perils – for example motor claims – frequently give rise to third party recovery. Other classes of business such as wind and flood provide subrogation potential at a much lower frequency. In any event, all accounts should have a proactive and engaged subrogation program in place to ensure that all recovery matters are correctly identified at the earliest opportunity and vigorously managed until conclusion.
What makes SubroSmart different?
Our innovation starts with leveraging our cutting edge technology developed exclusively for subrogation management and overhauled processes. This has drastically improved how subrogation is managed and the speed in which it can be delivered. We built our systems from scratch to improve intake efficiency, communications, recovery handling, and reporting on scale. Our senior team manages claims on a highly effectual basis as everything they need is at their fingertips. We all share a passion for quality service. We understand the importance of urgency and results. Finally, data is key. Our systems collect countless data points that are analyzed and delivered via custom online reports in real-time.
Why open a London office?
We manage subrogation for insurance carriers around the world, including those located in the European market. Many of our programs operate in partnership with carrier claims and underwriting teams in the United Kingdom. Having feet on the ground, local to our customers’ needs, means we are well suited to respond to the ever-changing market. This will help us continue to make a positive impact to account profitability.
Having a presence in London also provides the market with the opportunity to have immediate assistance on all matters involving our product, enabling face to face dialogue to take place at any time of the day as and when required. It is vitally important to us that we are ready and available to assist our London market partners as and when it is convenient to them.
Tell me more about the London team.
We are thrilled to welcome two highly-experienced insurance professionals to manage SubroSmart UK. George Gager and Chris Lally have an in-depth understanding and knowledge of the market and fully understand our vision and product. Both have seen it develop first-hand as we expanded over the past several years and felt the positive impact we can have on account performance.
Our London operations bring the type of motivation and energy necessary to deliver our service and both George and Chris are going to be in prime position to ensure that our successful execution will continue going forward.
Keep in touch
If you have more questions for Gregory, get in touch via firstname.lastname@example.org.