What is a claims adjuster, and what do claims adjusters do?
Insurance claims adjusters play a significant role in the insurance industry as they are continually needed due to catastrophes and accidents. After a customer files a claim with the insurance company, a claims adjuster is called in to inspect the damages, determine the amount the insurance company will be responsible for, and finally, coordinate the settlement.
A claims adjuster can handle various claims, such as personal, casualty, or property. There are also different types of claims adjusters: company or staff adjusters, independent adjusters, and public adjusters.
Company or staff adjusters work full-time for only one insurance firm; therefore, they respond to claims from their insurance company. Typically, these are home and automotive claims. This position is usually salary-based, and benefits may be received.
Independent adjusters have contracted workers who can work for various insurance firms or third-party administrators. These adjusters work with catastrophic claims thus must travel to the affected areas after natural disasters or emergencies.
Policyholders typically hire public adjusters. They assist individuals and companies in filing insurance claims when insurers believe the proposed settlement is incorrect. Typically, these adjusters are considered contractors instead of salaried.
A typical day as a daily claims adjuster
No matter the type of claims adjuster one may be, the job always includes investigative work. As soon as an insurance claim is filed, a claims adjuster must gather information to identify what happened during the incident and determine a fair settlement price.
Data can include photos of the incident or property damage, statements from those involved, witness statements, police reports, or medical records. Insurance claims adjusters should have a strong understanding of property insurance and claims processing as they will be required to analyze policy coverage and research various insurance policy claims.
Insurance claims adjusters can work from home, in an office, or a hybrid environment, depending on their job. Most adjusters must travel up to several hundred miles a week when conducting a claim, mainly if the claim contains property damage.
Claims adjusters most likely have to interact with insurers during the investigative process, so they must be professional and organized. Work hours also vary, depending on the role. Company or staff adjusters may work standard eight-hour days; independent and public adjusters may work irregular hours, depending on their clients’ schedules.
How to become a claims adjuster
To become an insurance claim adjuster, a minimum education of a high school diploma or GED equivalent is required. Although some insurance companies may require a bachelor’s or associate’s degree, it is not mandatory for an entry-level position. Some states may require an adjuster license. It may be beneficial to obtain an out-of-state license, known as a Designated Home State license, so one may work throughout the country. The median base salary for a daily claims adjuster is about $65,000. The more experience one has, the larger the compensation.
For more information, please visit our website at: https://www.bsaclaims.com/services/daily-claims/