Claims Adjusters Career Description
Claims Adjusters generally work for insurance companies and the broad scope of their duties involve dealing with claims submitted. A claims adjuster will usually follow a simple claim from submission through the paperwork required to pay for the claim. They will often interview a claimant and any witnesses, and perhaps consult police and then inspect property damage. Upon their determination that a claim is legitimate, a claims adjuster may negotiate settlement with the insured party.
Claims Adjuster Career Specializations
Most claims adjusters have areas of specialization such as workers compensation, homeowner claims, business losses or automotive damage. Though the majority of claims adjusters are employed by insurance companies there are a few public adjusters. These persons are often brought in by the insured person who is not comfortable relying upon the insurance companies claims adjuster. A public adjuster may have several areas of specialization.
Job Duties and Responsibilities
A Claims Adjuster's job duties and responsibilities are determined for the most part by the company policy. However the claims adjuster usually has the responsibility of investigating and making a determination of the legitimacy of insured or injured person's claims. In most companies a claims adjuster will handle claims within their area of specialization and usually the handle simplest claims from individuals.
The environment in which a claims adjuster may find themselves will vary upon their position and their employment. Since claims adjusters often work on-site they may come to the office in the morning and received their assignments of the day, or call into the office to receive assignments and then proceed to investigate the claim on site. Many times a claims adjuster may find themselves within the office only a few hours a week, or some work completely from home or from their mobile office in their automobile. Sometimes in the case of disasters a claims adjuster may be away from home for periods up to several weeks.
Employment Outlook and Opportunities
A claims adjuster will most often find employment with insurance carriers, insurance agencies and brokerages 7/10 claims adjusters are employed by these types of companies. Relatively few insurance adjusters are self-employed a few are employed by private adjuster companies.
The potential for job growth for the claims adjuster profession is about average however, competition for the job is expected to be high despite the predicted 9% job growth rate within the field.
How much does a Claims Adjuster make - Claims Adjuster Salaries and Wages
Earnings for Claims Adjuster with 1 to 4 years experience are reported to range from $35,650 to $4,863.
Earnings for Claims Adjuster with 5 to 9 years experience are reported to range from $41,273 to $52,216 annually.
Earnings for Claims Adjuster with 10 to 19 years experience are reported to range from $47,604 to $61,180 per year.
How to Become a Claims Adjuster
Education for Claims Adjusters
Educational requirements for the job of claims adjuster vary with the company employing the adjuster. However, according to a US Department of Labor survey 45% of all employed claims adjusters held a bachelor's degree. Because of the about average growth of the claims adjuster profession and the expected competition, this number is expected to rise.
Certain degrees can be an asset to the person planning a career as a claims adjuster. The person with an architecture degree or an engineering degree might fit perfectly for a claims adjuster specializing in industrial claims. A person with an accounting background might well fit into adjusting claims of loss due to strike or mechanical breakdown in companies, and a medical background can be useful in adjusting claims for medical and life insurance.
Claims Adjusters usually work quite closely with the public should have good communication skills and be at ease in a variety of situations.
Certain States have many licensure requirements in terms of education and other states have few or none. In certain states claims adjusters who work for insurance companies may have no need to obtain their own license. In addition certain states require continuing education credits to keep the license current.