Insurance Claims Adjuster Overview An Insurance Claims Adjuster inspects claims of damages after an accident occurs. ...
Insurance Claims Adjuster Overview
An Insurance Claims Adjuster inspects claims of damages after an accident occurs. Adjusters will sometimes work with specific types of claims such as damage or injury caused by car accidents, property damage to homes caused by fires or natural disasters or bodily injury claims. They often work with specialists who assess damage like mechanics who assess damage to a car involved in an accident or doctors who evaluate injuries.
After determining the insurance policy covers the loss claimed, they investigate, evaluate and settle insurance claims. They do their best to ensure claims are not fraudulent, and in the case of questionable claims, they may need to contact claimants' doctors or employers to validate information. Claims Adjusters meet with legal counsel when required, negotiate settlements and authorize payments.
Claims adjusters also inspect damages caused by their clients. This results in adjusters from two insurance companies negotiating for reasonable compensation for any damaged property and for the injured party.
Insurance Claims Adjuster Education Requirements
While a bachelor's degree is not a firm requirement, many claims adjusters do have business-oriented degrees. Many individuals at entry-level positions can work their way up to become a claims adjuster, but continuing education courses specific to insurance or liability laws is often a requirement for advancement.
Insurance Claims Adjuster Job Market
Job growth in this occupation is projected to be about 3 to 4 percent from 2012 to 2022, which is slower than average. One area of possible growth may be in the health insurance industry where an increase in claims is expected, primarily from high-risk individuals. Another potential growth area is in property and casualty insurance which is influenced by natural disasters, the number of which have increased in recent years. With the decline in the number of automobile accidents relative to the population, partially due to safer automobiles, there will likely be a decreasing demand for auto damage claims adjusters.
Insurance Claims Adjuster Salary
In May 2012, the median annual wage for claims adjusters, investigators and examiners was $59,960. The lowest 10 percent earned less than $36,950 and the top 10 percent made more than $89,810.