Building a career in claims adjusting can prove to be very rewarding. But before going into the details of how exciting a career in claims adjusting can be, let’s first understand what exactly is a claims adjuster and what does it take to be an awesome one!
Who are claims adjusters?
Claims adjusters or insurance adjusters are people who help assess damages that a policyholder has incurred due to property damage, accident, or any other incident they have insured themselves for and then determine whether or not the policyholder is eligible for compensation under their policy. If eligible, the claims adjuster is also responsible for determining the settlement amount for the same.
However, claims adjusting is not just about being able to determine the scope of loss and monetary compensation. The job involves a lot of investigative practices as well as traveling around the country to handle inspection assignments of various nature.
Since there are multiple kinds of claims, there are multiple types of claims adjusters as well. Adjusters who are employed by insurance carriers are known as desk adjusters and draw a regular income just like any other professional. Then there are independent adjusters who work on a freelance basis and receive inspection assignments for multiple firms.
You can specialize in a variety of fields and have the option to be a property claims adjuster or an auto claims adjuster or even a CAT adjuster who typically handles large loss claims which stem from hurricane, wind, flood claims. And lastly, there are public adjusters who are hired by policyholders to assist them with claims.
As an adjuster, your responsibilities are manifold and require you to visit the loss site, interview claimants, examine and inspect the damages they’ve incurred, and review their policies to understand their coverages. You also need to mediate between the insurance carrier and the policyholders and negotiate a fair settlement amount.
Sounds like a lot of work? Claims adjusting can be a really fun and promising career if you have the right skillsets for the job. And the best part is that you can earn a sizeable income very quickly while helping people rebuild their lives. But in order to achieve this, you need to be the best in the business. Let’s have a look at some of the most amazing reason for building a career in claims adjusting.
1. You don’t like being tied to a 9–5 job
If you’re someone who doesn’t go by the books and absolutely loathes being chained to a cubicle then claims adjusting just might be the solution for you! As an independent claims adjuster, you are your own boss when it comes to the amount and scope of work you’d want to pursue. Whether you want to handle 20 claims a day or 5 is something you get to decide. The most important thing to consider here is how efficient you are when it comes to closing claims and how organized you can be when handling multiple inspections.
If the idea of working for yourself and earning commissions based on your hard work sounds like a great idea then you’d do great as a claims adjuster!
2. You are a traveloholic
Claims adjusters travel a lot! And by a lot, I mean a LOT. As an independent claims adjuster, you can see yourself driving cross-country multiple times within the span of a week. And this number only increases during the CAT season! If you’re absolutely crazy about the idea of visiting multiple states and getting to work on different kinds of inspection assignments all across the country then being a claims adjuster would be a wonderful option.
3. You are a people’s person and communicate well
Being a good communicator is essential for any profession but with claims adjusting, it takes on a whole new level. Good adjusters are those who are good with numbers and settlements. Great adjusters are those who are great with people. As a claims adjuster, you get to interact with a variety of people from different backgrounds, and oftentimes, you need to be able to empathize with policyholders who are going through a very rough time in their lives.
If being genuinely warm and sincere with people is one of your stronger suits, then claims adjusting might just be the career you have always dreamt of. Your ability to negotiate with people, read their emotions, and handle psychologically complex situations will go a long way for you.
4. You are keen on making a sizeable income
The average salary for an independent claims adjuster is around $54,369 according to PayScale with more experienced adjusters earning as high as $80k a year. However, there are ways which can help you earn much higher and even help you become a millionaire. It won’t be an overnight process and may require time and effort on your side but if you plan ahead and are extremely competent as an adjuster, you can achieve that income level.
While money is not the singular motivation for everyone in terms of building a career, becoming a claims adjuster and earning more than decently doesn’t sound like a bad idea at all.
5. You want to help people and contribute to society
Claims adjusting is a very honorable job because your time and efforts are put into helping a person rebuild his/her life. As a claims adjuster, you help people understand the kind of compensation they are eligible for and act as a mediator. Insurance claims can be confusing to navigate for policyholders and as claims adjusters, you can help them makes sense of their coverages and make them understand the scope of their claim. In cases of large loss claims where people’s entire properties and livelihoods are destroyed, you are not just a mediator or a claims consultant but also provide emotional support to individuals.
If you are naturally inclined towards helping people get out of tricky situations and help them recover from loss then claims adjusting is a good fit for you.
Building a career in claims adjusting is often a road not taken by many but in the event that you do decide for it, you are in for a very interesting and fulfilling career in your life. We hope that with this article you are able to understand the ins and outs of being a claims adjuster and understand whether it is a career you wish to build.