The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
If you’ve been considering an insurance career, you may have thought about becoming an insurance claim adjuster. Claim adjusters play an important role in the insurance industry and the job can be very rewarding both personally and professionally. Here are some things to know about the career.
An insurance property claim adjuster is responsible for investigating insurance claims and determining the extent of the insurer’s liability. Adjusters interview claimants and witnesses, inspect property damage, and review police reports and medical records. They also consult with experts to get their opinion on the case and assist with legal proceedings when necessary.
The role of an insurance claim adjuster is critical to the insurance industry from both an insurer and a customer standpoint. Adjusters help insurance companies determine how much they should payout on a claim. They also help insurers mitigate additional losses.
During routine claims processing, a property inspection for one issue may reveal another that is a potential loss. For example, a claims adjuster goes to inspect a tree-damaged roof and while there, notices that the gutters and siding are in poor condition. These concerns are then reported to the underwriting team and agent who in turn communicate with the client about correcting the issue. This is just one more reason a claims adjuster’s value to the company cannot be overstated.
Not all claims are cut-and-dry. Auto accidents can be complicated claims when there is extensive damage, multiple vehicles, and injury or death involved. Likewise, homeowners’ claims can be a challenge. For instance, a homeowner may have water damage to their home but the claims adjuster finds that the cause of the damage has been ongoing, or the homeowner neglected to maintain their home which contributed to the damages, thereby affecting their coverage. It’s a job that includes making unpopular decisions at times and anyone considering the position should be prepared for that.
Claims adjusters are also well-trained in detecting insurance fraud. Insurance fraud costs the industry billions of dollars every year and affects everyone by driving up premiums. Adjusters use their investigative skills to detect both soft and hard fraud.
Fraud comes in many forms, such as exaggerating the extent of damages or lying about what happened, referred to as soft fraud. Hard fraud is staging an accident or damaging property on purpose. An example of hard fraud would be a homeowner who intentionally starts a fire to collect insurance money.
The job of an insurance claim adjuster is complex, critical to the industry, and comes with great responsibility. If you have strong investigative and people skills and can handle making difficult decisions, a career as an insurance claim adjuster may be the right choice for you.