THE ALCHEMY OF THE SAVED: TURN SCRAP INTO GOLD

In insurance dictionaries, #salvages are defined as any “remainder” of a #claim , that is, what is left of the asset guaranteed by the insurance contract after the occurrence of a covered event. It could, therefore, be anything from a bumper that was replaced due to a minor traffic accident, goods lost in a tip-over, large turbines made to order for a power plant, or a simple cell phone damaged due to a fall.
Big or small, the fact is that salvage is extremely important in reducing the insurer's costs linked to the payment of #indemnities and, therefore, its stock must be managed in such a way as to generate the lowest cost and highest return possible.
Technology and modern management systems optimize the management process of these assets and allow #insurance companies to have effective control over their salvage contingent.
In the case of automobiles, however, efficiency often comes up against legal obstacles and the bureaucracy of traffic and tax authorities, being an eternal source of headaches within insurance companies.
Cast the first stone to the insurance company that does not have a large number of vehicles parked in its yards due to legal restrictions that prevent their transfer, loss of license plates and documentation that prevent permanent write-off, expired liens, endless charges for undue taxes or fines applied to vehicles sold to third parties and never transferred or to vehicles stolen and not recovered, among many other issues.
The problems multiply and each day is something new.
Fortunately, for almost all issues that hinder the efficient management of the salvage stock, there is a #legal solution , which, although it can sometimes be a laborious and time-consuming route, is an inseparable instrument for maintaining a healthy portfolio.
What have you, #insurer , been doing to transform scrap into gold?