PHH Arval Recovers Over $34.5 Million
SPARKS, MD- PHH Arval announced that in 2007 it recovered more than $34.5 million on behalf of its corporate clients through its vehicle accident subrogation program. This program is part of PHH’s comprehensive collision management services designed to help corporate fleets reduce the number and costs of vehicle crashes.
The $34.5 million total recovery number breaks PHH’s own previous record for subrogation recovery set last year. In addition, PHH Arval:
· Instituted multiple process improvements over the past year that significantly sped subrogation cycle time to reimburse clients for claims more quickly.
· Increased the number of claims successfully collected by 8% over the prior year.
· Recovered over 95% of all amounts it attempted to collect
· Successfully recovered 40% of its clients’ total vehicle accident-related spend, which is considerably higher than the industry average of 29%.*
*Derived from statistics from most recent study conducted by The National Association of Subrogation Professionals (NASP) in 2005. For more information about NASP, visit www.subrogation.org