Subrogation Claim Professional
5 months ago
Who Are We?
- Taking care of our customers, our communities and each other. That’s the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.
- Job Category
Claim
Target Openings
1
What Is the Opportunity?
This position is responsible for investigating, evaluating, reserving, negotiating and resolving assigned Subrogation claims. Conducts, validates and/or directs front line investigations, determines liability, confirms subrogation potential and maximizes recoveries by negotiating and settling subrogation claims. Provides quality claim handling throughout the claim life cycle (customer contacts, investigation, evidence preservation, evaluation, reserving, negotiation, litigation management and resolution) including maintaining full compliance with internal and external quality standards and regulations. Serves as a contact and technical resource to the Claim Teams and our business partners. This job does not manage others.
What Will You Do?
- Investigates each claim to obtain relevant facts necessary to evaluate recovery potential, identify the cause of loss, identify responsible party targets, and develops theories of liability, through prompt and strategically-appropriate contact with appropriate parties ; obtains necessary statements as strategically appropriate; adhering to Claim Best Practices
- Delivers consistent service quality and effective diary management to ensure all claims are handled timely throughout the claim life cycle to achieve optimal outcome.
- Directs the preservation of evidence; hires experts and identifies resources for specific activities to properly investigate. Verifies the nature and extent of the loss.
- Keeps effective diary management system to ensure that all claims are handled timely. At required time intervals, evaluates liability to assess Subrogation potential. Updates as new information is presented.
- Develops and employs creative resolution strategies.
- Negotiates subrogation recoveries with responsible party.
- Recognizes and implements alternate means of resolution including arbitration, while controlling expenses.
- Develops litigation plan with panel, to assure effective resolution and to satisfy customers.
- Applies litigation management through the selection of panel evaluation and direction of claim and litigation strategy. Tracks and controls legal expenses to assure cost-effective resolution.
- Manages both allocated and unallocated loss adjustment expenses.
- Updates appropriate party as needed, providing new facts as they become available, and their impact upon the liability analysis and settlement options. Recognizes cases, based on severity/ complexity protocols that should be transferred to another level of subrogation professional and refers on a timely basis.
- Shares accountability with all business partners to achieve and sustain quality results.
- Determines settlement value by assessing extent of liability of the responsible party, determining legally recoverable damages.
- Perform other duties as assigned.
- Subrogation claim handling experience preferred.
- Analytical Thinking Skills - Intermediate.
- Judgment/Decision Making Skills - Intermediate.
- Communication Skills - Intermediate.
- Negotiation Skills preferred
- Intermediate.
- Insurance Contract Knowledge - Intermediate.
- Principles of Investigation - Intermediate.
- Value Determination - Intermediate.
- Settlement Techniques - Intermediate.
- Legal Knowledge - Basic.
- Organizational skills with the ability to prioritize and work Independently - Intermediate.
- Solid typing skills to enter and search for data - Basic.
- General ability to negotiate and solve customer inquiries or complaints - Intermediate.
- Preferably currently working towards ACII qualification.
- Thorough technical liability claim handling experience
What is a Must Have?
- Minimum of 5 GCSEs (or equivalent) including Maths and English.
- Some prior insurance related activity experience (e.g. paralegal, insurance operations, insurance broker).
- What Is in It for You?
- Private Medical Insurance: On commencement of employment, you are eligible for single cover provided by Travelers, with the option to add cover for your dependents, at your expense through payroll deduction.
- Retirement: Travelers will make a core contribution of a percentage of salary to your Pension Plan. Additionally, if you decide to contribute to the plan, you will receive an increased company contribution.
- Holiday Entitlement: Start your career at Travelers with a minimum of 25 days holiday entitlement annually, plus the opportunity to purchase additional days to allow for up to a total of 35 holidays per year.
- Wellness Programme: The Travelers wellness programme is comprised of tools, disco
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