Recovery Specialist Large Loss

Recovery Specialist

The Recovery Specialist is responsible for the end-to-end recovery process to include; investigation, identification, and pursuit of recovery/subrogation opportunities to maximize amounts received from third parties who are wholly responsible or share liability for damages paid to claimants by AIG, while ensuring recovery expenses are minimized.

A Recovery Specialist will be responsible for the most complex, highest value claim recovery cases covering multiple commercial insurance lines of business within the North American region.

This role regularly requires the exercise of discretion and professional judgment in evaluating whether to pursue recovery and in negotiating settlements.

Key responsibilities:

• Reviews assigned claim files to determine if recovery is feasible, investigates and evaluates liability issues, coordinates investigations by expert witnesses, proactively follows up with relevant parties, handles arbitrations, and refers cases to approved attorneys. Conducts missing investigations, assesses liability, and negotiates the best possible settlement under the terms of the contract.
• Reviews assigned files for adequacy of investigation and recognition of recovery potential by claims personnel. Counsels and assists claims personnel in appropriate recovery investigation and file documentation to ensure that the company is properly positioned to pursue a lucrative recovery. Advises management of deficiencies in investigations conducted by claims personnel which result in diminished chances of recovery.
• Corresponds with appropriate parties in accordance with established procedures regarding claim information, notice/demand of payment and related issues.
• Prepares activity reports on files over settlement authority.
• Maintain a diary of facts and activity regarding assigned files, ensuring compliance with Statute of Limitation requirements.
• Researches, understands, and applies state laws that relate to each file. Keeps management advised of legislative, regulatory, and legal developments which may have an impact on recovery results.
• Provides all investigative information to attorney-of-record, and monitors and controls case development and settlement to ensure that recovery potentials are met.
• Approves and issues, within established guidelines and authority, indemnity and legal payments through the appropriate Claims Processing Systems.
• Forecasts potential recoveries and updates the recoverable amount as needed.
• Provides customer service assistance to outside organizations and AIG Claim Operation management.
• Complete focused claims reviews for all lines of business within AIG domestically as assigned. This includes analysis, documentation of results and suggestions for improvement.
• Assist team on ad-hoc duties, projects, and other assignments delegated by Managers/Leaders.
• Handle caseload across relevant jurisdictions while ensuring all tasks are completed properly.
• Testify and present evidence at administrative and criminal court proceedings as required.
• Establish and maintain professional working relationships with insureds, lawyers, corporate employees, and vendors.
• Develops legal briefs and contentions for arbitration submissions and as assigned, sits on arbitration panels.
• Directs negotiation strategies and, for large property recoveries, directs attorneys in managing agreed to subrogation plans.
• Participates in training by providing information as a subject matter expert as requested.

Experience & Qualifications Required:

• College degree required.
• 3+ years within the Property & Casualty insurance industry required.
• An understanding of local laws, insurance markets and language.
• Proficient knowledge of complex bond files and/or large property claims.
• Advanced working knowledge of Property and Specialty Lines of Business.
• Advanced knowledge of recovery/claims-related state laws, evidence-securing techniques.
• Prior experience in claims recovery, commercial lines of business.
• Excellent oral and written communication skills and thorough working knowledge of MS Office applications.
• Ability to work to tight timelines when necessary.