Elements and Performance Criteria
- Establish viability of recovery
- Evaluate recovery methods
- The benefit to the organisation of using each of the available recovery methods is determined following organisation operating procedures
- Methods are assessed for compliance with relevant legislative and organisation policy requirements
- Recovery action decided upon is appropriate to circumstances of loss
- Recovery of correct amount from reinsurers is instigated where appropriate
- Where necessary loss recovery agents are appointed to undertake loss recovery
- Implement and monitor recovery progress
- Demand is issued to responsible party
- Knock for knock is confirmed, if applicable
- Diary system is utilised to monitor follow-up
- Referral is made to solicitor or other relevant service provider, if applicable
- Recovery is implemented and followed up within specified timeframes and organisation guidelines
- Negotiate recovery settlement
- Process monies
- File is checked to determine whether recovery money has been received
- Payment information is preparation and entered on the system to facilitate payment of claim by finance department, where applicable
- Where applicable, client's share of recovery money is paid promptly
- Claims are finalised according to legislation, regulations, organisation operating procedures and codes of practice, if applicable
- Record outcome