Recovery Officer and Claims Assessor

Recovery Officer and Claims Assessor

• Job Type Full Time
• Qualification BA/BSc/HND
• Experience 2 years
• Location Lagos
• Job Field Insurance

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 fr