For the past two years we’ve been supporting a haulage organisation in the recovery of damages from “untapped” opportunities within their current ULR provisions, claims abandoned due to perceived poor prospects, lack of documentation or delay.
We initially began this process on a trial basis with this organisation and have since recovered over £350,000 in damages. Find out more below.
Deploying our service
In spring 2023 we entered into conversations with the organisation with concerns that recovery opportunities weren’t being fully realised within their current service processes. It was immediately clear the organisation did not have the resource to enter into a full case audit themselves, so with data reports and direct access to case documentation, we took the burden of administration.
We’ve been able to review and work cases from up to six years ago, all that were abandoned due to low liability prospects or missing documentation. It is a strong Corclaim philosophy that we pursue all client cases with recovery opportunities, we are not in business to restrict our work to cases with prospects of 50%+, the so called ‘low hanging fruit’. On these matters we have conducted fully investigated liability, we have left no stone unturned in tracing fault parties and where damage was currently unquantified, we have arranged for it to be assessed and documented.
The results thus far
In the 24 months that have followed as part of our Untapped Recovery Assessment Exercise, we’ve opened over 300 cases for this organisation and have settled approximately 200 of these. We’ve also already recovered £3000,000 worth of previously missed damages and there’s a further £160k we are still pursuing, issuing over 130 proceedings in the process.
A note from Michael Brooks
“We continually see examples where other providers have overlooked or missed opportunities to make a recovery, where that be due to liability prospects or lack of documentation. When fleet operators are facing challenging financial landscapes, it’s imperative that every avenue for recovery is explored.”
Conducting our Untapped Recovery Assessment
We recognise that maximising potential revenue gains is fundamental to fleet operators yielding sustainable results and reinvestment in their business. At Corclaim we fight hard for every penny owed to our clients and we do not cut corners where complexity exists. In our experience, some ULR service providers only attempt recovery on certain cases and too quickly decide there are no prospects – before all recovery potential has been exhausted. They will then close these cases with no further pursuit, thus not maximising recovery potential.
Our Untapped Recovery Assessment is a process whereby we pinpoint exactly where the missed opportunities for recoveries are. We do this by conducting thorough claim operation and case reviews, providing the integral expertise for achieving significant financial wins. The sums already uncovered in this particular exercise evidences the value of utilising a standalone ULR provider who is incentivised to maximise a fleet’s recovery potential.
Could this process work for your business?
If you wish to discuss how we might deploy our Untapped Recovery Assessment into your team’s workflow, feel free to get in touch with us on 03300 945 100.
Author: Michael Brooks