PHH Arval Vehicle Accident Services Outperforms National Benchmarks
– PHH Arval’s Vehicle Accident Services division compared its own performance against a national benchmarking survey conducted by The National Association of Subrogation Professionals (NASP). In key categories, PHH Arval, a subsidiary of PHH Corporation, consistently outperformed the industry. The NASP survey was designed to gauge the effectiveness of subrogation programs; participating companies included 27 percent of the total U.S. automobile insurance industry.
Recovery as a percentage of spend: The NASP benchmark study indicated that personal/commercial automobile insurance companies recover 29 percent of their indemnities paid. PHH Arval recovers 38 percent of its clients’ total spent on physical damage, rentals, and fees related to all accidents. In addition, PHH recovers 95 percent of all amounts it attempts to collect.
The industry average of cycle time for a personal automobile claim is 199 days. The PHH Arval average is 118 days. This translates into funds returned to the client 81 days faster. Cycle time starts with the day the subrogation process begins until the check is received in-house and includes the days for arbitration claims as well as payment plans for uninsured motorists.
Also, for every $1 that PHH Arval paid in filing fees to Arbitration Forums, its clients were awarded $62.09 via arbitration decisions. The national average for 2006 was $41.61. For the total amount of files PHH Arval sent to arbitration, its clients were awarded 61.33 percent of the total dollars demanded, which is significantly better than national averages.