February 18, 2008 - PHH Arval, a subsidiary of PHH Corporation [NYSE: PHH], has announced that, in 2007, it recovered over $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%.*
As one of the largest vehicle collision management services providers in the US and Canada, PHH offers a comprehensive program to help companies manage driver safety and vehicle accidents. When a fleet driver is involved an accident and another party is at fault, PHH’s subrogation team pursues cost recovery for that client.
*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
PHH Arval
PHH Arval, a subsidiary of PHH Corporation [NYSE: PHH], is a leading fleet management services provider in the United States and Canada. PHH Arval provides outsourced fleet management solutions to corporate clients, including nearly one-third of the Fortune 500 companies. Through consultative expertise, flexible customer service, and award-winning internet technology, PHH Arval helps clients reduce costs and increase productivity. For more information, visit www.phharval.com, or call 800 ONLY PHH.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary, PHH Mortgage, is one of the top ten retail originators of residential mortgages in the United States(1), and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. For additional information about the Company and its subsidiaries, please visit our website at www.phh.com.
(1) Inside Mortgage Finance, Copyright 2007
