Loss Adjusters

A loss adjuster falls into the occupational category of Insurance Adjusters and Claims Examiners. Loss adjusters mostly investigate insurance claims, negotiate settlements, and authorize payments. An objective, impartial expert, broker and liaison role traditionally, changed and adapted to the new economy and its demands, for example fast-tracked, outsourced claims management services, managed by chartered loss adjusting firms, whilst others have looked to develop more services in- house, engaging chartered loss adjusters to run those services, as well as the use of computer technology, to speed up services to clients and reduce claims administration costs.

Individuals and businesses purchase insurance policies to protect themselves against financial losses. In the event of a loss, policyholders submit claims, or requests for payment, as compensation for their loss. Loss adjusters, examiners, and investigators, work primarily for property and casualty insurance companies, for whom they handle a wide variety of claims for property damage, liability, or bodily injury.

As loss adjuster you might face daily or routine tasks that might include any or all of the following:

• Adjusters plan and schedule the work required to process a claim that would follow, for example, an automobile accident or damage to one's home caused by a storm.
• Investigate claims by interviewing the claimant and witnesses.
• Consulting police and hospital records.
• Inspecting property damage to determine the extent of the company's liability.
• Consult with other professionals, such as accountants, architects, construction workers, engineers, lawyers, and physicians, who can offer a more expert evaluation of a claim.
• Information gathering, including photographs and written or taped statements, is set down in a report that is then used to evaluate a claim.

When the policyholder's claim is legitimate, the claims adjuster negotiates with the claimant and settles the claim. When claims are contested, adjusters will work with attorneys and expert witnesses to defend the insurer's position.

Many companies centralize the claims-adjusting operation in a claims center, where the cost of repair is determined and a check is issued immediately. More complex cases, usually involving bodily injury, are referred to senior adjusters. Some adjusters work with multiple types of insurance; however, most specialize in homeowner claims, business losses, automotive damage, or workers' compensation.

Public adjusters assist clients in preparing and presenting claims to insurance companies and try to negotiate a fair settlement. They perform the same services as adjusters who work directly for companies; however, they work in the best interests of the client, rather than the insurance company.

Loss adjusters are still very much needed to contact policyholders, inspect damaged property, and consult with experts - just think of all the recent hurricanes and natural disasters around the globe, which might indicate that there will be growth here again soon, with all the claims, global warming and its effects and impact lingering on the horizon, a career in insurance or loss adjusting, might just be the thing for you, either as a novice and/or seasoned professional, specializing in insurance/claims processes and transactions.

There is a clear preference to hire college students and it is considered a pretty competitive job-market, because this role attracts many qualified people.

Average employment growth is envisioned for this category. There is a real need to replace jobs with those who chose to leave the career and move to other occupations, or retired workers in industry. As employers of choice, the insurance companies are still very much in consolidation mode and technological advancements might make some of the tasks, duties and functional roles and rationale obsolete.

For more information see:

Chartered Institute of loss adjusters http://www.cila.co.uk

International Institute of loss adjusters http://www.iila.com/

International Federation of Adjusting Associations www.adjustersworldwide.org

Insurance Professional www.einsuranceprofessional.com

CLAIMS MAGAZINE www.claimsmag.com/ Covering the Business of Loss

It has become a priority to keep pace with a world economy that is growing in size and complexity. Many loss adjusters and companies develop `specialist niche services, to address new challenges, customer needs and expand their provided services - redefining the role as it were, as they go along their daily business. You can be part of this evolution, if this career is right for and appeals to you.

Chartered loss adjusting firms are a good place to start looking. A multi-disciplinary team of professionals work in, with and through this group of specialists. Stepping into the new economy with confidence, as part of the service providers catering to the growing and diversified world of risk, claims and incident management on a globalized scale, awaits you.

Providing cost effective claims and risk management services to large corporations, captive insurance companies, local authorities, health services or brokers, similar (if not better), than the traditional insurance and reinsurance companies is what this function and job-sector is all about.

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