According to the Bureau of Employment, being an insurance claim adjuster is one of the most profitable careers you can have in the U.S. in the last couple of years.
What does an insurance claim adjuster do? What is the difference between an independent adjuster and a public adjuster? How can you become a full time working adjuster for insurance companies? Let us find out!
WHAT IS THE PURPOSE OF AN INSURANCE ADJUSTER?
If the insured property suffers damage, the insurance company needs to pay a certain compensation to the policyholder. Insurance claims adjusters handle the investigation of the damage and estimation of compensation.
WHAT ARE THE TYPES OF INSURANCE ADJUSTERS WORKING IN THE U.S.?
Three types of adjusters can determine how much policyholders can receive as compensation from insurance companies out of these terrifying situations:
- Insurance adjusters working full time for insurance companies;
- Independent insurance adjusters hired by Insurance companies occasionally or just part time;
- Public claim adjusters.
The first two on this list cannot be considered as neutral third parties as it is highly likely they will ensure that the insurance companies get their profit and not work to your advantage. Also, Insurance companies can also deny many insurance claims handled by these adjusters in the claim process.
On the other hand, public insurance claims adjusters have policyholders’ interest in mind and not the insurance company’s. They are considered a neutral third party that can handle any insurance claims, even the rejected and reopened ones!
WHAT DOES IT TAKE TO BECOME AN INSURANCE CLAIMS ADJUSTER?
Insurance claim adjusters need to possess at least a high school diploma. However, many companies require their employees to have insurance experience and a Bachelor’s degree. In the state of Florida, you also need a license to become an insurance claims adjuster which means you need to pass the licensing exam to do claims adjusters’ work.
If your State requires a licensing exam to become a claims adjuster in the insurance industry, the process might take a couple of months. After you land your first job, education continues throughout your career to refresh your skills and knowledge on the process.
WHAT ARE THE SKILLS A PUBLIC CLAIMS ADJUSTER NEED TO HAVE?
Being a public adjuster means working for the public’s interest and negotiating the best settlement with an insurance company. Insurance claims adjusters face many challenges in their workplace. Despite these, many still opt to pursue the public claims adjuster career although they would need these three key skills to become successful:
- Insurance adjusters need to gather and accomplish numerous forms needed for insurance claims. With this, being efficient, having top-notch analytic skills, and knowing law regulations are crucial.
- Insurance adjusters must have great negotiation skills to achieve the optimal amount of settlement from your insurance company and to be sure their client is treated fairly.
- The public insurance claims adjuster needs to deal with the stress of arguing with an insurance company. Patience and flexibility are needed to be able to ‘close’ a case.
Being an insurance adjuster is no easy feat. It might be a lucrative job but comes with it are challenges not everyone can face. With all these in mind, if you have what it takes to be an insurance adjuster, then being one might be the right career for you.