Gift Wrapped?
Some clients prefer to use all of our services bundled into a nice package while others prefer to pick and choose.
Our Services
We provide comprehensive recovery services to meet your current challenges:
- Outsourcing
- Co-Sourcing – working in conjunction with your internal staff
- Arbitration Administration
- Litigation Management
- First Notice of Loss – Identification programs
- Forensic audit of closed or pending claims
- Self-insured and Carrier programs
- Auto, Property, Workers Compensation
- Specialty Risk programs – Admiralty and Maritime Subrogation
- Salvage Administration
Outsourcing
Capability-Based Outsourcing
A recent study by Accenture reveals that Insurers are focusing on capability-based corporate restructuring, including outsourcing, as the industry's response to current economic and industry challenges. Identifying the distinctive capabilities required to grow business and add value requires determining the capabilities that are core to the business. The next step involves evaluating the sourcing options available for those capabilities where outsourcing or alliances with third parties will bring needed expertise, efficiencies and better returns.
Subrogation Outsourcing
Insurers have traditionally focused on underwriting and investments as their core business, and secondarily on claims service. The claims process is highly regulated and policyholders, regulators and management exert pressure to process and settle claims. Subrogation recovery has been treated as a pro forma part of the business and is not attended to with the same urgency and therefore has not received the same resources and attention by most insurers. The result has been fragmentation and poor recovery data and results.
Outsourcing subrogation recovery to Latitude Subrogation Services, LLC ("Latitude") provides immediate access to focus, expertise, technology and a market-leading reputation for results leading to strong bottom-line returns. We can design a program to meet your recovery goals today.
Co-Sourcing – working in conjunction with your internal staff
Oftentimes, due to reorganization and other internal issues, companies need to turn to Latitude as a supplement to their claims and subrogation operation. Latitude can provide support for special projects on an as needed basis or as a permanent resource to meet daily challenges in subrogation recovery. We can design a specific solution for your company to increase your subrogation returns as a partner you can rely on.
Arbitration Administration
Latitude is a member of NAMIC and Arbitration Forums, Inc. for resolution of disputes between property and casualty insurers. Because Latitude also purchases subrogation claims, we are able to file under Latitude's name as a third party administrator. We also file arbitration in all forums under the name of our client and their subsidiaries. Our expert arbitration administrators have several years of experience in producing winning contentions for our clients. We have expertise is contention writing, counter-claims, and deferments. We also can submit your claims through E-Speed. Our win ratio is 76% on referred cases and we collect nearly 90% of dollars placed into arbitration. Our average cycle time is 113 days to resolution.
Litigation Management
Latitude provides complete Litigation Management for cases warranting further action towards settlement. After initial review and/or pursuit, the specialist and manager may make a decision and recommend a plan of action for further activity on the case. This may include assignment to an in-house attorney with an action plan; or referral to outside counsel with an action plan that may or may not direct the attorney to file suit. The Litigation Management department will continue to track, monitor and coordinate recovery efforts on the claim which includes determining, developing and executing the best and most cost-efficient plan of action. We take into account whether suit is warranted based on the strength of the evidence, whether a consulting expert is appropriate, the relative liability of all parties involved, the venue, jurisdiction and the applicable statute of limitations. Latitude Subrogation Services has a relationship with Assurance Legal Group for all legal matters as Latitude is their exclusive client.
First Notice of Loss – Identification programs: Don't close that file!
There might be subrogation opportunities in your open, pending and closed claims. We can review your First Notice of Loss or First Report of Injury and help to determine your next steps to identify and preserve more subrogation opportunities. Reviewing closed files can also reveal missed subrogation opportunities. Increasing the pool of subrogation potential claims for referral will result in higher returns for your portfolio of claims.
We provide training in all aspects of subrogation identification and preservation including water losses, construction defects, product liability, fire, slip and fall, and all types of liability scenarios.
Forensic audit of closed or pending claims
Latitude provides companies the opportunity to explore their performance through audits of closed and open claims. We will track subrogation potential claims as well as claims that may have had subrogation recovery potential if certain action steps would have been initiated to preserve the opportunity. This service is often a prelude to a complete outsourcing arrangement or pilot program.
Self-insured and Carrier programs
Latitude provides subrogation servicing for both insurance carriers and self-insured entities. We also assist third party administrators and state agencies in subrogation recovery as a seamless partner for required subrogation expertise in specialty lines of business.
Auto, Property, Workers Compensation
Latitude's expertise spans all lines of personal and commercial business including Auto; Fleet; Property - Fire, Water, Product Liability, Puff backs, and Construction Defects; Workers Compensation, and Uninsured Motorist claims.
Specialty Risk programs – Admiralty and Maritime Subrogation
Latitude works with clients in specialty risk providing subrogation expertise is such areas as Rental Car, Collateral Protection, and Admiralty - Maritime subrogation.
Salvage Administration
As both subrogation and salvage recovery are reported together on the Schedule P of the National Association of Insurance Commissioner reports, we have created a department to handle the administration of salvage titling and financial transactions associated with total loss vehicles and specialty vehicle salvage. Latitude maintains a partnership with AI Remarketing for handling the salvage portion of the claim for our clients through a salvage purchase arrangement. We are able to streamline the processing as well as reduce expenses while increasing salvage recovery dollars.