When someone considers a career in insurance, it is often overlooked that they could become an insurance claims adjuster. Although insurance claims adjuster positions can seem like a good option, the demand for them is constant as accidents and catastrophes happen daily.
There are several types of insurance adjusters. Each would have an impact on your daily work.
The staff adjuster is a full-time employee of one firm. These positions are generally salaried, meaning you receive benefits such as pension, health and life insurance and ongoing education. The one company that staff adjusters work for is the insurance company where they respond to all claims. These are often car accidents claims.
These adjusters are independent contractors who work for several insurance companies or third-party administrators. These adjusters often deal with claims arising from catastrophes and are willing to travel to affected areas in the event of major weather or emergency events.
These public insurance adjusters represent policyholders directly. If a settlement is not acceptable by an insurance company, they can help individuals or businesses file claims. Public adjusters, in general, are contract employees rather than salaried.
No matter what insurance claim adjuster type you may be, your job is to do investigative work. A claims adjuster will be called to handle an insurance claim once it is submitted. The claims adjuster gathers information to determine the facts and negotiate a fair settlement. A claims adjuster may collect witness statements and photos, as well as information about property damage. A claims adjuster may interview all parties involved in an incident if necessary.
There are different types of adjusters with different goals. For example, a public adjuster wants the maximum amount for their client while an independent or staff adjuster working for the insurance company is interested in the company’s best interests.
There are many hours that claims adjusters work. An insurance company staff adjuster may be available for regular work hours of 9-5 hours, but they are not often on weekends. Independent or public adjusters work more irregularly to meet client needs and conduct investigations.
In the event of catastrophic events, public and independent adjusters may need to work up to 40 hours per week. There will be occasions during the year where their work load is less. Contract adjusters have greater control than staff adjusters over the hours they work.
An education minimum of a high-school diploma is required to become an insurance adjuster. Although some companies require you to have a bachelor’s/ associate’s degree in order to enter the field, this is not required for all.
You may also be required to have a license in some states. You may be able to travel across the country even if your state doesn’t require a license. This will be the best option if you are interested in adjusting insurance claims after natural disasters and other catastrophes. You will have to keep your license current by continuing education after you are licensed. Every state has its own requirements so make sure to check your state’s website.