Elements and Performance Criteria
- Establish viability of recovery
- Evaluate recovery methods
- Determine benefit to organisation of using each of available recovery methods, following organisational operating procedures
- Assess methods for compliance with relevant legislative and organisational policy requirements
- Ensure recovery action selected is appropriate to circumstances of loss
- Instigate recovery of correct amount from reinsurers, where appropriate
- Appoint agents to undertake loss recovery, where necessary
- Implement and monitor recovery progress
- Negotiate recovery settlement
- Process monies
- Check file to determine whether recovery money has been received
- Prepare payment information and enter on system to facilitate payment of claim by finance department, where applicable
- Pay promptly client’s share of recovery money, where applicable
- Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, if applicable
- Record outcome