What are the responsibilities and job description for the SUBROGATION SPECIALIST position at Universal Insurance Managers Inc?
General Description:
The Subrogation Specialist is responsible to validate and/or direct front line investigations, determine liability, confirm subrogation potential and maximize fair recoveries by negotiating and settling subrogated claims. Promptly and aggressively recover payout.
Essential Duties and Responsibilities:
Identifies carriers of responsible party/parties; determines extent of liability, damages and contribution potential.
Evaluates liability and damages to assess subrogation potential including consideration of jurisdiction regulations.
Directs the preservation of evidence; manages evidence, hires experts and identifies resources for specific activities to further investigate the claim.
Assigns, manages and direct litigated recovery claims and associated attorney contacts.
Verifies the nature and extent of the loss by obtaining and reviewing appropriate records and damage documentation (e.g., recall information, successor corporations, etc.); conduct next tier investigations based on information obtained.
Negotiates subrogation recoveries with carriers, responsible party(s) and other legal representatives/attorneys.
Keeps diary/documentation system to manage file in a timely manner.
Manages the pursuit and recovery of subrogation claims in a timely and aggressive manner.
Manages expenses on assigned files to assure cost effective resolution, including legal expenses on the few litigated files that may be managed.
Communicates with insureds, claimants, agents, witnesses, and attorneys during the pursuit of subrogation; refers claims to other company resources if needed. (e.g., SIU, Risk Control).
Partners with counsel to develop litigation plan and adheres to applicable guidelines.
Directs and monitors activities with counsel in accordance with established litigation plan.
Recognizes and implements alternate means of resolution.
Performs other duties as required.
Supplemental Information:
This job description has been prepared to indicate the general nature and level of the work that the employees perform within their classification. This description is not and cannot be interpreted as an inventory of all the duties, tasks, responsibilities and qualifications required for the employees assigned to this job.
Education and/or Experience:
Bachelor’s Degree.
Minimum of five (5) years of claim adjusting, and /or subrogation / salvage recovery experience.
Knowledge of the content and application of state specific Statutes of Repose.
Licenses and / or Certifications:
Current and active State required adjuster licenses.