What is the job of an insurance adjuster? The job is very varied as the adjuster has many responsibilities. One thing was clear when I was hired by one of the largest insurance companies in the U.S.: “The job would be challenging and stressful.” They weren’t lying!
There are many types and levels of claim adjusters. My original training was as a total loss adjuster. I was an “inside” adjuster and didn’t have to leave the office to inspect cars. I was able to assign tasks to insurance field representatives. My job was to negotiate and settle the car’s fair market value. After handling this type claim, I was promoted into liability claims. I dealt with car accidents in which fault was not clear. Later, I was promoted to handle claims for bodily injuries.
The accident’s liability was still up to me. I had to determine who was responsible and how much. Then, I had to review the medical bills, evaluate pain and suffering, and finally settle the matter.
injured party.
There were many responsibilities. I was responsible for negotiating with insurance companies, attorneys, arbitration panels and the department of insurance. I also had to evaluate medical bills, dispute them with doctors, negotiate with lawyers, assess injury settlements, assess pain and suffering, study statutory laws, and report each claim to my supervisor within seven days. Then, every month. I was responsible for all aspects of the investigation, including recording statements, obtaining the police report, photographs, diagrams, emergency rooms reports, witness statements, and getting the police report. It was a simple job of drilling.
It was very stressful. Winter was the worst. I had so many claims to deal with that it was difficult to use the bathroom. It seemed like I had fifteen claims waiting for my attention every time I went to the bathroom.
This job requires excellent negotiation skills as well as time management skills. No time for nonsense. Managers expect their units to settle for smaller amounts. This is called “Lost Economic Opportunity”, or LEO. This meant that your bonus would be cut if you settled for more than you should have. There was no commission and I was not paid any compensation for “good settlement”. In many states, it is illegal to pay claim adjuster commissions. Insurance companies pay those who have achieved strong results at the close of the year. Those who cannot
Are simply fired if they perform well.
The adjuster will be able to take on more responsibility as they gain experience and get more time. Soon, the adjuster will handle permanent injuries and then fatalities. The “settlement authority” is given to adjusters. This
Settlement authority is different for each adjuster and every insurance company. Settlement authority is used to rank adjusters. An adjuster who has a higher authority is more respected and recognized.
The insurance company’s “rank”, or the insurance adjuster settlement authority, can help you determine the value of your car accident. The more complex the claim (and likely its value) is, the higher the rank. If you’re dealing with an experienced adjuster, it might be a good idea to speak with an attorney. This will tell you that your case may be worth more than you realize. You will not hear adjusters tell you they have a high settlement authority. This information is not “secret”. You should be able to “guess” who the person you are dealing with.
- The title of the adjuster. These titles should indicate that the adjuster is more competent in settlement negotiations.
- What number of years has the individual been working as an insurance adjuster? It is not how long they have been in the insurance industry.
- What level of education does an adjuster have? What is the difference between a Bachelor’s Degree and a Doctoral Degree?
- What level of insurance education does an adjuster have? ACI is equivalent to a B.A. ACI (equivalent to a B.A.
