Business resolutions that can have a significant impact in 2012

With the arrival of  2012, many of us will be making resolutions for the New Year.   Most certainly there will be the typical; losing weight, finding a mate or balancing that budget.  But what about business resolutions?  What steps can organizational leaders take to improve productivity, retain talented employees and achieve financial gains during these difficult economic times?

Better yet, what about picking resolutions that are guaranteed to make money without costing you any new money?   While this may sound too good to be true, the reality is that these simple resolutions are guaranteed to have a BIG impact on your bottom line. 

With 2011 behind us, both businesses and individuals will be busy closing out their books only to find that they are owed money.  According to government records, there is $35 BILLION in unclaimed funds owed to individuals.   You can search for your own personal goldmine at www.unclaimed.org.   Even more telling is the estimated $200 billion owed to businesses and if unpaid judgments are factored in this figure rises to nearly $300 billion!

A significant percentage of these funds are owed to insurers who have tasked their claims departments with recovery.  As they have come to find out, collecting this money can be a challenge in a nation where 82% of all judgments go unpaid.   Simply stated, getting judgments is easy but collection is the true test of ability.  Don’t let that money lie around; make a resolution to work with an expert to track it down who won’t charge a fee unless there is a recovery. 

In addition to improving receivables and outbound subrogation, many carriers overlook a significant opportunity when it comes to adverse or inbound subrogation demands.   Given the industry leakage rate on estimatics, loss of use and diminished value a great resolution would be the implementation of a proven method for reviewing inbound subrogation that can reduce amounts owed by five to fifteen percent. 

While inbound and outbound subrogation is a great place to start, the reality is that potential resolutions to improve blocking and tackling in the claims process abound.   From first notice of loss and investigation to negotiation and settlement, there is plenty of room for improvement with solutions proven to give carriers a competitive edge in the marketplace.  Most importantly, many of these resolutions can be done with little to no financial commitment!

By taking simple steps to change an organizational paradigm from “what we do right” to “where can we improve” it is possible to quickly gain a competitive edge in the marketplace.  By simply benchmarking existing results against both internal and external measures, an organization can identify weaknesses.   Whether it is fraud recognition, subrogation, salvage, liability assessment or BI negotiations, significant lost economic opportunities are sure to exist.  Identifying them is critical, but it is taking the steps towards improvement that will separate the ordinary from the extraordinary. 

Whatever your business resolution, 2012 is shaping up to be a great year to improve quality, accuracy, cost containment and retention of both staff and policyholders.  As Vince Lombardi once said, “perfection is not attainable, but if we chase perfection we catch excellence.”

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Chris Tidball is the author of  Re-Adjusted: 20 Essential Rules to Take Your Claims Organization From Ordinary to Extraordinary, as well as Kicked to the Curb, which combines the spiritual journey of The Secret and The Power of Positive Thinking with the insight gained during his twenty years on the inside of multiple Fortune 100 companies.  He has been featured in a variety of media, including MSNBC and CBS Market Watch with innovative solutions to assist businesses in finding new revenue streams in today’s difficult economic times.  For more information please visit www.christidball.com or email at chris@christidball.com.