Claims Adjuster
Why Is Claims Adjustment a Job of Tomorrow?
In every industry, whether it is a non-profit organization, school, or healthcare facility, there is a business aspect that must be attended to in order to ensure efficiency. As
a result, these industries need employees with substantial expertise in business knowledge and skills. With some of the fastest growing industries in the country, the business sector is expected to grow by 23.3 percent by 2016, adding more than 4.1 million new jobs to the market, according to the Bureau of Labor Statistics. As businesses large and small continue to grow and the economy slowly picks itself back up, claims adjusters will rise in demand as more individuals begin taking advantage of their insurance benefits. 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 nine 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 where property or health is damaged. When one of these incidents occurs, the insurance policyholder would file 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 the 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 any 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 to earn. The specific courses taken depend on the field of study the student enters into. Claims adjusters must be licensed to work. Licensure requirements vary by state.
