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Loss Recovery Analyst Jobs in Michigan (NOW HIRING)

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Loss Recovery Analyst information

What is a loss recovery analyst?

A Loss Recovery Analyst is a professional responsible for identifying, investigating, and recovering financial losses incurred by a company due to fraud, errors, disputes, or other irregularities. They analyze transactions, review documentation, and work closely with other departments or external entities to reclaim lost funds. Their role often involves using data analysis tools and adhering to regulatory guidelines to ensure accurate recovery processes and minimize future losses.

How does a loss recovery analyst typically collaborate with other departments within a financial institution?

Loss Recovery Analysts work closely with departments such as collections, legal, risk management, and customer service. They coordinate with collections teams to review delinquent accounts, partner with legal teams to ensure compliance with recovery processes, and communicate with risk management to identify trends and prevent future losses. This cross-functional collaboration helps streamline recovery efforts, ensures accurate record-keeping, and supports effective resolution strategies. Strong communication and teamwork skills are essential for success in this role.

What are the key skills and qualifications needed to thrive as a loss recovery analyst, and why are they important?

To thrive as a Loss Recovery Analyst, you need strong analytical abilities, attention to detail, and a background in finance, accounting, or a related field, often supported by a bachelor's degree. Familiarity with risk management software, financial databases, and case management systems, as well as certifications like CFE (Certified Fraud Examiner), are commonly required. Excellent communication, problem-solving skills, and persistence help professionals excel in recovering losses and negotiating with stakeholders. These competencies are crucial for accurately identifying recoverable assets, minimizing company losses, and ensuring compliance with legal and regulatory standards.

What is the difference between Loss Recovery Analyst vs Claims Analyst?

AspectLoss Recovery AnalystClaims Analyst
CredentialsTypically requires a bachelor's degree in finance, accounting, or related field; certifications like CPCU or ARM are commonSimilar educational background; certifications like CPCU or ARM also advantageous
Work EnvironmentUsually in insurance companies, financial institutions, or legal settingsPrimarily in insurance companies, adjusting firms, or legal departments
Industry UsageFocuses on recovering losses through negotiations, legal action, or insurance claimsHandles processing, evaluating, and settling insurance claims

While both roles operate within the insurance and financial sectors and may share similar credentials, the Loss Recovery Analyst primarily focuses on recovering losses through negotiations and legal avenues, whereas the Claims Analyst manages the processing and settlement of insurance claims. Understanding these distinctions helps job seekers identify the right career path based on their skills and interests.

What are popular job titles related to Loss Recovery Analyst jobs in Michigan?

For Loss Recovery Analyst jobs in Michigan, the most frequently searched job titles are:

What cities in Michigan are hiring for Loss Recovery Analyst jobs?

Cities in Michigan with the most Loss Recovery Analyst job openings:

$110 - $150/hr

Other

Posted 13 days ago


Blue Cross Blue Shield of Michigan rating

7.8

Company rating: 7.8 out of 10

Based on 28 frontline employees who took The Breakroom Quiz

195th of 310 rated insurance


Job description

Industry: Health Technology and Business Process Services

Level: Mid-level Manager

JobFamily: Infrastructure Management

Location: Detroit, USA

Compensation: Competitive Compensation and Benefits Package

Overview

The Business Continuity Manager will lead the organization’s business resilience program, designing, developing, and maintaining business continuity and recovery plans. The role ensures minimal loss and the rapid restoration of critical functions during interruptions that affect facilities, systems, utilities, and human resources. Coordination with IT and other key stakeholders is essential to support business operations and compliance with relevant regulations.

Responsibilities
  • Identify and evaluate business and technology risks, internal controls that mitigate those risks, and opportunities for improvement in compliance with regulatory guidelines.
  • Coordinate and mentor business units on the creation and maintenance of business continuity plans.
  • Act as a coordinator for business resumption during emergencies and assist recovery support staff during interruptions, applying response and alternate operating strategies.
  • Design and conduct preparedness training and exercises for Emergency Response, Crisis Management, and Business Continuity teams.
  • Oversee the development of business contingency plans and perform Business Unit Risk Assessments and Business Impact Analysis (BIA), continually maturing the organization’s practices.
  • Plan, coordinate, and manage testing of business recovery plans with appropriate vendors.
  • Coordinate the efforts of staff across functional areas/departments in developing procedures for continuity during a business interruption.
  • Lead budget and cost analysis efforts associated with recovery and restoration planning.
  • Work with business units to assess business impact, determine critical processes, acceptable recovery time periods, and resources needed for successful resumption.
  • Provide reports and updates to executive leadership on business continuity efforts and maintain effective stakeholder communication.
  • Improve continuity capabilities by expanding knowledge, applying best practices, and identifying risk opportunities across business, technical, and infrastructure domains.
  • Represent the organization and its subsidiaries in Business Continuity Planning activities with BCBSM.
Requirements Education
  • Bachelor’s degree in Business Administration, Accounting, Finance, Computer Science, Information Systems Administration, or a related field.
  • Relevant combination of education and experience may be considered in lieu of a degree.
Experience
  • 7 years’ minimum experience in business continuity management, disaster recovery assessment, and planning.
  • Demonstrated experience with risk evaluation and control, business impact analysis, continuity strategy development, emergency response, operations, crisis communication planning, and technology recovery strategies.
  • Experience within a Business/IT environment or operations that provides necessary skills, knowledge, and abilities.
  • Experience in the healthcare and/or insurance industry preferred.
  • Three years’ supervisory or leadership experience required.
Qualifications
  • Demonstrated skills in applying business continuity principles at staff, management, and executive levels.
  • Proficiency with Enterprise Business Continuity Management Software.
  • Exceptional executive presentation and communication skills, including influencing and problem resolution.
  • Strong project management, financial/budget management, scheduling, and resource management capabilities.
  • High initiative, dependability, and ability to work independently.
  • Ability to remain calm and competent under high-pressure, high-stress situations.
  • Capability to facilitate technology-based tools or methodologies for reviewing, designing, and implementing business continuity plans.
  • General understanding of security and systems change control concepts.
  • High personal integrity, professional judgment, and confidentiality handling.
  • Capacity to identify and advocate innovative solutions to business continuity challenges.
  • Effective verbal and written communication, active listening, and information exchange.
  • Proficiency in presenting budgetary and cost information and responding to inquiries.
  • Strong workflow establishment, multi-project management, and deadline adherence.
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