You are looking for the best way to gain experience in the insurance industry. And there are lots of advantages to a rewarding career in that field. So what are you waiting for? Just go ahead and click that link below. 10 Top Benefits of a Career As an Insurance Adjuster – You’ll Never Look Back!
So if you’re thinking about a career as an insurance assessor, you’re probably very interested in earning potential as a result. Most individuals are surprised when they learn just how much income independent adjusters earn. Here’s some information to help you get started…
You will be an independent professional responsible for the initial claim submission, which essentially is the first step in filing an insurance claim with your insurance company. You will then work closely with the policyholder (the person or business that filed the insurance claim) and the loss adjuster to analyze the claim and produce the final claim documents. The loss adjuster is responsible for collecting the appropriate forms and submitting them to the insurance company. In turn, the insurance company pays you a percentage of the actual claim amount, generally set by the insurance company at around 50% of the actual loss.
If you’ve never had a job like this before, you may be wondering what exactly your role is and how long it will take to get going. Essentially, as the adjuster you are responsible for collecting any evidence (damages or not) associated with the loss. This evidence will be used to support your claim for damages. Once the adjuster has gathered this evidence, the adjuster will make a recommendation to the loss adjuster. Based on the recommendation, the loss adjuster may pay you a percentage of the final settlement or the full amount, or a combination of both.
What is the process involved in the loss settlement process? When you file a claim, the insurance carrier will request a formal written statement from you outlining the circumstances surrounding the loss. You will then be required to either wait for a reply from the insurance company or write a reply of your own. If the claim is successful, you will be paid the lump sum amount by the insurance carrier. If the claim is denied, then you must pay all or part of the loss you incurred as well as incur expenses for attorney services.
Can you help the policyholder? Yes. Many insurance companies allow their policyholders to hire outside help for the claim settlement process. There are even some insurance companies who hire former clients or other professionals to help with the claim process. So if you previously worked as a loss adjuster or were a lawyer, now is a great time to move into the insurance industry.
Is there a difference between a property damage claim and an insurance fraud claim? No…but there can be a huge difference in how quickly and aggressively claims are handled by insurance companies. Some insurance policies can even suspend payments while waiting for an investigation to conclude…read that as “no action while you’re on the case.”
Does this mean that I no longer have to deal with my insurance agent or my insurance company? No…and no one else should have to. Insurance policies are designed to protect you…the consumer. Don’t hesitate to ask your insurance agent questions about any particular matter…ask them what could be at risk, how your insurance policy may change during your loss, or how they deal with insurance fraud.
How do I make six figures by becoming an insurance adjuster? The answer isn’t quite as simple as some insurance agents would love you to believe. In fact, becoming an insurance adjuster doesn’t require any formal training, licensing, or certification. However, it does require diligence, determination, creativity, and the ability to make the best use of information that you collect. Some insurance companies actually require that you meet their underwriters before you’re considered for employment – but most will consider you an applicant once you’ve met the underwriting requirements.
Some insurance companies are hesitant to hire insurance claims adjusters because they view this professional as somewhat unskilled. They also fear that claims adjusters will require too much responsibility and leave the company with too many liabilities. The truth is that insurance companies simply don’t want to hire anyone to work in their department who doesn’t have the necessary experience, education, and skills. So keep these things in mind when interviewing potential staff adjusters:
If you’re interested in becoming a claims adjuster, the best thing to do if you don’t have a college degree is to obtain an associate’s degree in insurance. This will allow you to focus on your core duties while earning your degree. You’ll likely need at least a bachelor’s degree in finance, although experience and on-the-job training will also be beneficial.