WALTHAM, Mass., May 7 / -- Wolters Kluwer Financial Services today announced that AuthenticWeb(TM) for Claims, a powerful database of claims-specific regulatory information and forms, has been expanded to address requirements impacting claims subrogation compliance. This content will help insurance companies seek reimbursement from responsible third parties after settling original claims with their insureds.
While the premise of subrogation is straightforward, the laws and regulations surrounding it are very complex due to the number of parties involved. Insurers must meet specific notification requirements for each party, and any errors in the process can impact the subrogation claim. It can also be challenging to determine reimbursements for insureds after a claim is settled.
"Subrogation is a major issue facing claims professionals because it's one of the hardest to address," said David Evans, general manager of Insurance Compliance Solutions at Wolters Kluwer Financial Services. "AuthenticWeb for Claims simplifies the regulatory research and the entire subrogation process, which eases the burden on claims professionals and reduces missed opportunities."
To accurately complete a subrogation claim, insurance companies must identify what types of costs they can subrogate and the steps that need to be taken in order to collect payment. AuthenticWeb for Claims allows insurers to easily locate the various regulatory requirements affecting subrogation, helping them identify:
o Opportunities for subrogation;
o Costs they can recover through subrogation; and
o Timeframes for starting the subrogation process.
"AuthenticWeb for Claims helps insurance companies save time by locating subrogation content quickly and efficiently," explained Evans. "This allows them to effectively recover claim payments, which can add up to considerable cost savings. For large insurers, that can mean millions of dollars each year."
AuthenticWeb for Claims is part of the AuthenticWeb family of products, which consists of more than 30 desktop modules designed to help companies proactively establish compliance in workflow processes, reduce research costs, and improve compliance communication. Modules can be purchased individually or in various packages. And, many of these solutions can be incorporated into existing systems to further enhance productivity. Print manuals and "cheat sheets" add additional efficiencies to companies' compliance activities.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization's prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb(TM), CCH Wall Street and GulfPak. Wolters Kluwer Financial Services' solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, securities, and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.wolterskluwerfs.com/ . Wolters Kluwer Financial Services is a unit of Wolters Kluwer, a leading global information services and publishing company with annual revenues (2006) of euro 3.7 billion and approximately 19,900 employees worldwide. For more information, visit www.wolterskluwer.com/ .
Source: Wolters Kluwer Financial Services
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