Senior Recoveries 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 Senior Recoveries Officer (SRO) to join our team and help us achieve our vision.

Responsibilities

Reporting to the Chief Legal and Enterprise Risk Officer, the Senior Recoveries Officer (SRO) will serve as an expert in claims recovery while playing a key role in:

• • Assessing, negotiating, and managing third-party recoveries, subrogation, and reimbursement claims.
• • Ensuring all claims and recoverable costs are pursued effectively, contributing to BCIC’s financial stability.
• • Ensuring that claims are initiated before the Courts of Law in a timely manner.
• • Ensuring that claims together with recoverable costs are paid to BCIC in a timely manner.
• • The Senior Recoveries Officer will be responsible for:
• • 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 cases to arbitration, mediation or litigation as appropriate.
• • Act as the primary point of contact with external third parties, liable entities, insurers, brokers, and legal representatives.
• • Collaborate with assessors, investigators and internal teams (Claims, Underwriting, Legal) to gather relevant information, supporting documents, and evidence for recovery claims.
• • 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.
• • Draft and review court pleadings and prepare legal files and briefs for internal and external Attorneys.
• • Liaise with Attorneys on legal recovery matters for the BCIC.
• • Ensure recovery suits are initiated in a timely manner.
• • 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.
• • Work with the Accounting Team to reconcile recovered amounts and ensure timely recording in financial systems.
• • Assist in preparing monthly and quarterly recovery forecasts and analyse any discrepancies.
• • 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.
• • Takes initiatives to perform all other related duties to ensure recovery on behalf of the BCIC
• • Perform other duties as assigned by the Chief Legal and Enterprise Risk Officer or his/her designate.

Qualifications

• • Bachelor’s Degree in Business Administration, Finance, Insurance, or a related field; or Diploma in Insurance Studies and/or Paralegal Certification
• • At least three (3) years’ working experience in the insurance, banking or legal industry.
• • Excellent communication skills (oral and written) to actively engage customers, third parties and other stakeholders
• • Proven experience in insurance, recoveries or claims.
• • Excellent analytical and critical thinking skills
• • Proficiency in Microsoft Office Suite (Excel, Word) and Claims Vault.
• • Excellent project management skills

Additional Information and Instructions

📄 Submit Your CV 🕔 Deadline: 5:00 pm, Wednesday, November 20, 2024 📧 Email: careers@bcicjamaica.com Thank you for your interest in joining Team BCIC! While we appreciate every application, please note that only selected candidates will be contacted for an interview.

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