Career Profile: Claims Adjuster
Why Is Claims Adjustment a Job of Tomorrow?
Claims adjustment is recession proof because as long as people continue buying insurance, they will need claims adjusters to help them file for compensation. Employment opportunities for claims adjusters are expected to increase 9 percent by 2016, according to the Bureau of Labor Statistics. Claims adjusters make an average salary of $50,660 annually.
What Does a Claims Adjuster Do?
Claims adjusters work with individuals and insurance companies to manage a claim. Insurance is bought by individuals to protect them from monetary loss due to an accident, natural disaster or other incident in which property or health is damaged. When one of these incidents occurs, the insurance policyholder files a claim to ask for compensation from the insurance company. It is the claims adjuster’s job to investigate these claims and ensure that the policyholder indeed should receive compensation from the insurance company. Claims adjusters typically conduct investigations through interviews with the policyholder, examining photographic, video or written evidence, and in certain cases, consulting with other professionals. After conducting a thorough investigation on the matter, adjusters record their findings and determine whether the claim is legitimate or fraudulent. If the claim is legitimate, adjusters will negotiate the terms of settlement with the policyholder. If the claim is fraudulent, the adjuster will work with attorneys to challenge the claim on the insurance company’s behalf.
What Kind of Training Do I Need to Become a Claims Adjuster?
Though there are no formal education requirements for claims adjusters, many employers are now specifically hiring those with either an associate or bachelor’s degree in a variety of fields. Most degree plans will prove useful in the field. An associate degree takes two years to earn, and a bachelor’s degree takes four years. The specific courses taken depend on the field of study the student enters. Claims adjusters must be licensed to work. Licensure requirements vary by state.