Initial Analysis & Recovery Processing

Initial Analysis & Recovery Processing

• 1. Initial analysis
  
  TORA Solutions will perform an initial analysis of the total number of files entrusted. The analysis will identify the validity of the claims, where valid and invalid claims will be separated. That would include:
  
  1.1. Analysis of the limitation periods
  1.2. Analysis of the circumstances of the insurable event and liability
  
  Information on the number of valid and invalid recovery files will be presented to the insurer including its respective insurer’s file reference numbers and claims amounts.
  A fee for initial analysis is due based on the total number of files revised.
  
  
• 2. Recovery processing
  
  2.1. Following the initial analysis, TORA Solutions will register all valid files in its database system.
  
  2.2. TORA Solutions will send the initial recovery request to the liable party/insurer.
  
  2.3. Every file will be revised whether a reply has been received or payment made after one month. If no reaction from the liable party is observed TORA Solutions will pass the file to local legal partners for further communication on a local level.
  
  2.4. Regular monitoring of the settlement of the files will be performed by TORA Solutions with the help of the reminder system set in place with its claims registering system.
  
  2.5. On a quarterly basis (i.e. every three months) TORA Solutions will submit an overview to the insurer of the files on which successful recovery is achieved including the amount claimed and the amount recovered. The handling fee will be deducted from TORA Solutions and the rest of the amount is going to be transferred to the insurer. Report on amount
  claimed; amount received; TORA’s handling fee amount and total amount after deducting the handling fee that has to be transferred to the insurer will support the quarterly based overview.
  
  2.6. Files that had no successful recovery will be separately reported to the insurer stating the respective reasons for this. Should the insurer decide to proceed with legal actions on some of the files, TORA Solutions will make the respective proposal for appointing of trusted partner lawyer in the country of the liable insurer.