This blog on emerging subrogation trends is brought to you exclusively by ChatGPT. Of course, it lists itself as the top trend. Cozen O’Connor is here to work with clients through AI advances, challenges and uses in the industry. Hey ChatGPT, what are some emerging trends in subrogation?
Subrogation and recovery are areas of law and insurance that involve the process of recovering money or other assets from a third party that caused a loss. Here are some emerging trends in subrogation and recovery:
- Artificial Intelligence: The use of AI is becoming increasingly popular in subrogation and recovery. AI can help insurers identify potential recovery opportunities.
- Blockchain: The use of blockchain technology is also becoming more common in subrogation and recovery. Blockchain can help insurers and other parties involved in the claims process to securely and efficiently share information and track the progress of claims.
- Outsourcing: Many insurers are outsourcing their subrogation and recovery efforts to third-party vendors. These vendors have specialized knowledge and expertise in subrogation and recovery, which can help insurers recover more quickly and efficiently.
- Collaboration: Collaboration between insurers, law firms, and other stakeholders in the subrogation and recovery process is becoming increasingly important. By working together, these parties can identify opportunities for recovery and develop more effective strategies for recovering losses.
- Data Analytics: The use of data analytics is also becoming more important in subrogation and recovery. Insurers can use data analytics to identify patterns and trends in claims data, which can help them develop more effective strategies for recovering losses.
Overall, the subrogation and recovery landscape is evolving rapidly, driven by advances in technology and changing business models. Insurers and other stakeholders will need to adapt to these changes to stay competitive and effectively recover losses.
