Insurance Loss Adjuster

Also known as:

Loss Adjuster, Insurance

Introduction

Insurance loss adjusters are responsible for investigating claims submitted by policy holders. They usually become involved in particularly large or complicated claims and act as an intermediary between insurers and claimants.

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Work Activities

Insurance provides a service to customers who wish to be protected from loss caused by events such as fire, theft, accident or illness. The customer pays a regular premium and receives a written policy that sets out the conditions under which an insurance company pays compensation.

Insurance loss adjusters investigate claims submitted by policyholders as a result of personal accident, loss of goods in transit, theft, fire, flood and storm damage. They usually investigate particularly large or complicated claims and act as an intermediary between insurers and claimants. Many loss adjusters specialise in a particular type of insurance, such as property or motor insurance.

A large-scale incident such as a flood may generate a sudden rush of claims, all requiring prompt action. Loss adjusters may then need to work long hours.

Loss adjusters check that the terms and conditions of the policy cover each claim and investigate the cause of loss or damage. They may have to visit sites to examine damage. They may need to interview claimants who are distressed or upset.

A loss adjuster presents a report to the insurers who then agree a suitable settlement with the claimant. Should either party dispute the findings of the report, negotiations continue until a settlement is reached.

If loss adjusters suspect that a claim is fraudulent, they may have to carry out more detailed investigations. This may require the involvement of police, private investigators and, possibly, forensic experts.

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Personal Qualities and Skills

You must be observant, well organised, methodical and systematic. You should enjoy working with figures, have a strong sense of responsibility and be aware of health and safety issues.

You must be fair and impartial in your dealings with both the claimant and the insurance company. You need sound judgement and must show integrity at all times.

Verbal communication skills are extremely important for interviewing and advising claimants and negotiating settlements with insurance companies.

Good written skills are very important for report writing. A basic knowledge of accounts and book-keeping is helpful.

You need to be patient, tactful and sympathetic, when dealing with claimants who are distressed and worried.

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Pay and Opportunities

Salaries for loss adjusters depend on qualifications and experience.

The pay rates given below are approximate.

Loss adjusters earn in the range of £18,500 - £22,000 a year, rising to around £30,000 - £45,000. Higher earners can make around £66,000 a year.

Loss adjusters usually work a 35-hour week, Monday to Friday, but often work late and at weekends in response to call-outs.

Employment is with specialist loss adjusting firms throughout the UK. Some work independently as consultants. Work in other countries is possible.

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Adult Opportunities

It is illegal for any organisation to set age limits for entry to employment, education or training, unless they can show there is a real need to have these limits.

Some applicants have a background in surveying, engineering, insurance, law or accountancy plus professional qualifications. A clean, current driving licence is often necessary.

Relevant distance learning courses are available from the Chartered Insurance Institute (CII), which may relax the normal academic requirements for adults who wish to take its exams.

• 3% of people in occupations such as insurance loss adjuster are self-employed.
• 6% work part-time.
• 18% have flexible hours.
• 2% of employees work on a temporary basis

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