Recovery Specialist Large Loss

About the role

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

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
• Refers cases to approved attorneys
• Conducts missing investigations
• Affirms 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
• Maintains 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
• Completes focused claims reviews for all lines of business within AIG domestically as assigned
• This includes analysis, documentation of results and suggestions for improvement
• Aids team on ad-hoc duties, projects, and other assignments delegated by Managers/Leaders
• Handles caseload across relevant jurisdictions while ensuring all tasks are completed properly
• Testifies and presents evidence at administrative and criminal court proceedings as required
• Establishes and maintains 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

Qualifications

• 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