Subrogation Recovery Specialist
5 days ago
Next Insurance is seeking a skilled Subrogation Claims Advocate to join our team. This role plays a crucial part in recovering claims costs from liable third parties. As a key member of our claims team, you will manage a portfolio of subrogation cases, employing your expertise in liability assessment, claim negotiation, and commercial insurance policy interpretation to maximize recovery.
Key Responsibilities:
- Investigate and assess liability: Conduct thorough investigations to identify liable third parties and assess the potential for subrogation recovery.
- File and manage subrogation claims: Initiate, document, and manage all aspects of subrogation cases from identification through final resolution.
- Negotiate settlements: Lead negotiations with third parties, their insurers, and legal representatives to achieve optimal recovery outcomes.
- Collaborate with claims teams: Work alongside claims adjusters to identify subrogation opportunities within ongoing and closed commercial property and liability claims.
- Documentation and reporting: Maintain detailed and organized records of all subrogation activities, including recovery amounts, legal actions, and negotiation outcomes.
- Policy analysis and compliance: Review and interpret policy language to ensure recovery efforts align with company policies and relevant legal requirements.
- External vendor management: Engage and coordinate with external recovery specialists, attorneys, and investigators as needed to enhance recovery efforts.
Requirements:
- Technical knowledge: Strong understanding of commercial property and liability insurance policies, as well as knowledge of relevant state and federal subrogation laws.
- Communication and negotiation skills: Proven ability to communicate effectively and negotiate with a range of stakeholders, including third-party insurers and legal representatives.
- Analytical skills: Detail-oriented with a strong analytical approach to assessing claims and identifying recovery avenues.
- Education: Bachelor's degree in Business, Insurance, or a related field is preferred.
- Experience: Minimum of 3+ years in subrogation, with a focus on commercial property claims handling or commercial general liability assessment within the insurance industry.
- Software proficiency: Familiarity with claims management and subrogation software; experience with Xactimate or similar estimation tools is essential.
- Licensure: Candidates must have, or be able to promptly obtain, any and all appropriate Independent Adjuster License(s).
Compensation and Benefits:The estimated annual salary range for this full-time position is $81,000-$95,000 USD. Next Insurance offers a comprehensive benefits package, including medical, vision, and dental insurance, life insurance, disability insurance, 401(k), flexible paid time off, parental leave, and more.
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