New York, NY – The National Association of Subrogation Professionals (NASP) has commissioned Accenture (NYSE: ACN) to conduct the association’s annual benchmarking research, which is designed to help insurers improve subrogation practices.
The research, which has been conducted for more than a decade, includes survey-based reports that cover subrogation related to workers’ compensation, auto, property and healthcare insurance, each in a four-year cycle; this year’s report will focus on workers’ compensation subrogation.
All participating insurance carriers will receive an individualized report containing detailed data that measures their results against industry benchmarks. The individualized reports will be available only to survey participants and will be maintained by Accenture to ensure the confidentiality of the data. Non-participants will be able to purchase a separate copy of the study containing general industry data.
“Accenture’s help will enable us to take our annual benchmarking study to the next level and provide significant value to the industry,” said Leslie Wiernik, NASP’s executive director. “This year’s workers’ compensation study will be more comprehensive than ever, leading to actionable insights for carriers. We couldn’t be more pleased to work with Accenture, which brings deep industry knowledge as well as extensive leading-edge analytical techniques.”
“Subrogation is a critical part of the claims management process, and a key method for insurers to mitigate claims losses,” said Michael Costonis, a managing director in Accenture Property and Casualty Insurance Services. “Insurers recognize subrogation as a critical strategic initiative due to its impact on overall financial performance of the company. In helping NASP on its annual benchmarking study, we will leverage our deep understanding of subrogation processes and industry leading practices to create insightful reports, which can help insurers improve subrogation results and identify the immediate actions to reach this goal.”
The workers’ compensation study will be conducted in the late spring and early summer, with final reports expected in late summer. Insurers interested in participating in the study are encouraged to contact NASP prior to May 26, 2015.
Source: Accenture