Recovery Officer and Claims Assessor

Job title : Recovery Officer and Claims Assessor

This role is responsible for driving optimal recovery of value from claims through effective salvage and subrogation management, while also supporting the assessment and processing of General Business claims to Policyholders within the recorded time (SLA), in order to protect company profitability and retain and attract clients.

The role involves:

• Identification and prompt follow-up of salvage and recovery opportunities arising from claims
• Retrieval, valuation, and timely disposal of salvage items to maximize recovery value
• Pursuit of subrogation and third-party recovery on claims paid
• Regular engagement with salvage buyers, insured, and brokers on retrieval of salvage
• Monthly data collation and reporting of claims with salvage/recoveries
• Acknowledgment and registration of claims notified
• Communication of claim reference to clients
• Review of Engineer's/ Loss Adjuster/ Investigator Report
• Adjustment of claims and conveying of settlement offers
• Analyzing likelihood of recovery on assessed claims

These objectives will be achieved through:

• Proactively identifying and pursuing all salvage and subrogation opportunities arising from claims
• Obtaining all necessary documentation to support salvage disposal and subrogation/recovery claims
• Engaging insured, brokers, and third parties to maximize recovery value and minimize loss
• Negotiating with salvage buyers and third-party insurers to secure the best recovery outcomes
• Uncovering suspicious and fraudulent claims that require further investigation
• Communicating feedback on recovery and claims findings to the underwriting team on risk improvement
• Proactively acknowledging, registering, and communicating claim references to clients
• Proactively seeking to clarify and resolve customers' inquiries and claims complaints using the best method and initiative
• Performing technical activities relevant to the business at a high level of accuracy and efficiency in accordance with agreed operating procedures
• Protecting the interest of the company and insurance industry when dealing with claimants and third parties
• Adherence to TAT on technical service delivery, including recovery/salvage processing

Key Accountabilities (Duties and Responsibilities) Perspective % Weight Output

Financial 45%

• Effective identification, valuation, and disposal of salvage items to maximize recovery value
• Diligent pursuit of subrogation and third-party recovery on assessed claims
• Qualitative and quantitative review of General Business claim files for approval and settlement
• Identifying and communicating risk improvement measures arising from claims for better risk management and underwriting profitability
• Avoidance of fines and penalties due to infringement on regulatory compliance and requirement
• Periodic review of claims and recovery files to achieve clean claims/recovery data

Internal business processes 25%

• Prompt display/upload and documentation of salvage items and recovery notifications to maximize return
• Prompt collation of all relevant salvage/recovery documents from insured, brokers, and internal units
• Prompt registration and acknowledgment of General Business claims notified, with communication of claim reference to client
• Monthly data collation of claims with salvage/recoveries for proper record

Customer 20%

• Regular engagement with salvage buyers, insured, and brokers on retrieval of salvage and recovery options
• Prompt issuance of salvage retrieval/recovery notification letters to avoid loss in value
• Quick, concise response to claims and recovery inquiries, and prompt resolution of customer complaints

Learning and growth 10%

• Register for professional examinations (CIIN)
• Attend knowledge-sharing sessions
• Better knowledge of the recovery (salvage & subrogation) process, Industry, Business, and products 

Job Dimensions Reporting Relationships: jobs that report to this position directly and indirectly

Indirect Reports

• NYSC
• Intern

Stakeholder Management: key stakeholders that the position holder will need to liaise/work with to be successful in this role.

Internal

• Management team
• Various functional units within the technical and operation division
• Commercial / Share Service Units
• Other claims handlers 

External

• Regulator (NAICOM)
• Brokers/ Agents
• Competitors
• Direct Clients
• External Adjusters/ Investigator
• Salvage buyers
• Third-party Insurers/ At-fault parties 

Ideal Job Specifications

Academic:

• Bachelor’s Degree or equivalent from a recognized University
• Professional Qualification (CIIN) 

Desired Work Experience and Functional / Technical skills:

• Minimum of 2 years of work experience in an Insurance Technical division, 1 out of which must be in a recovery (salvage & subrogation) or claims handling function.
• Good understanding of salvage and subrogation recovery processes, and General Business claims handling
• Working knowledge of salvage valuation, disposal, and third-party recovery/subrogation principles
• Proficient in MS Office tools and relevant AI tools.
• Very calm attitude to dealing with difficult brokers/clients/salvage buyers without being necessarily rude or arrogant to them.
• A very good oral and written interpersonal skills.
• Strong analytical mind to read, diffuse, and concisely summarize claim and recovery reports.
• Ability to build and maintain good team spirit.
• Very creative and fast thinking.
• Must be receptive to instructions
• Good negotiation skills for salvage disposal and subrogation recovery