Claims Recovery Officer

Summary

British Caribbean Insurance Company Limited (BCIC) is the #1 General Insurer in Jamaica! We foster a learning environment in which our people thrive, performance excels and business grows! We know that the right employees are the key to our success – so we are looking for a Claims Recovery Officer to join our team and help us achieve our vision.

Responsibilities

Reporting to the Legal Officer – Recovery, the Claims Recovery Officer will have responsibility for managing the Company’s portfolio of recovery cases, ensuring timely resolution, while playing a key role in:

• • Assessing and negotiating third-party recoveries, subrogation, and reimbursement claims.
• • Ensuring all claims and recoverable costs are pursued effectively.
• • Ensuring that claims together with recoverable costs are paid to the Company in a timely manner.
• Claims Recovery:

  • • Review, analyse, and manage recovery claims files to identify recovery opportunities.
  • • Handle subrogation claims and negotiate settlements with third parties, insurers, or legal representatives.
  • • Initiate, monitor, and track the recovery process from start to end to ensure timely reimbursement.
  • • Assign files to arbitration, mediation or litigation as appropriate.
• Liaison and Communication:

  • • Review, analyse, and manage recovery claims files to identify recovery opportunities.
  • • Handle subrogation claims and negotiate settlements with third parties, insurers, or legal representatives.
  • • Initiate, monitor, and track the recovery process from start to end to ensure timely reimbursement.
  • • Assign files to arbitration, mediation or litigation as appropriate.
• Negotiation and Settlement:

  • • Develop effective negotiation strategies to maximise recoveries from third parties.
  • • Conduct negotiations with third-party insurers, claimants, or legal representatives to ensure fair settlements.
  • • Arrange for customers to sign Releases and Discharges and its return to Third party insurers or representatives.
  • • Enter into and ensure the enforcement of Agreements to pay with third parties.
• Documentation and Reporting:

  • • Maintain accurate records and documentation for all recovery cases.
  • • Prepare and submit regular recovery reports to management, detailing progress, challenges, and recovery outcomes.
  • • Ensure compliance with relevant laws, regulations, and company policies throughout the recovery process.
• Financial Reconciliation:

  • • Work with the Finance Team to reconcile recovered amounts and ensure timely recording in financial systems.
  • • Assist in preparing monthly and quarterly recovery forecasts and analyse any discrepancies.
• Process Improvement:

  • • Identify areas for improvement within the recovery process and suggest innovative approaches for efficiency.
  • • Participate in training programs to stay updated on recovery best practices and regulatory changes.
• Other Duties:

  • • Takes initiatives to perform all other related duties to ensure recovery on behalf of the Company
  • • Perform other duties as assigned by the Legal Officer – Recovery, the Chief Legal and Enterprise Risk Officer or other designated manager or supervisor.

Required Knowledge, Skills and Competencies

• • Excellent verbal and written communication skills
• • Proven experience in handling insurance claims and claims/debt recovery
• • Excellent analytical and problem-solving skills
• • Detail oriented
• • Excellent planning and organisational skills
• • Effective negotiation and problem-solving skills

Preferred Qualifications

• ★ Bachelor’s Degree in Business Administration, Finance, Insurance or Diploma in Insurance Studies or a related field Paralegal Certification would be an asset
• ★ At least three (3) years’ experience working in the insurance industry

Additional Information and Instructions

Please submit your curriculum vitae no later than 5:00 pm on Friday, January 3, 2025, via email to 📧 careers@bcicjamaica.com. We appreciate your decision to apply, however, we will only contact those who are selected for an interview. Thank you for your interest in joining Team BCIC.

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