Job Description
A Loss Adjuster is an independent claims specialist who investigates complicated or contentious claims on behalf of insurance companies and helps policyholders restore their property to full working order. A Loss Adjuster investigates at the scene of an incident, establishes the causes of the 'loss' and whether it is covered by the insurance policy. A Loss Adjuster then writes reports for the insurer, assessing the validity of the claim and recommending appropriate payment.
Claims could be caused by a wide range of incidents including flood, accident, fire, theft or fraud, giving Loss Adjusting jobs plenty of variety.
Typical Activities of Loss Adjusting Jobs
Loss Adjuster activities include:
Salary and conditions Entry requirements
Loss Adjuster Jobs are open to all graduates; however a finance or math's related degree/HND may increase your chances:
The degree subject is generally less important to employers than showing the capabilities and potential to handle the demands of working as a loss adjuster.
Entry to Loss Adjusting jobs is possible without a degree or HND for school or college leavers with A-level/Higher or equivalent qualifications. Work would probably start in claims handling for an insurance company.
A Loss Adjuster job is frequently a second career.
Training
Some larger Loss Adjuster firms have structured graduate training schemes. Whether or not in such a programme, most new entrants spend some time learning the mechanics of the claims handling process in a desk-based role before commencing site visits. It is then usual to accompany experienced loss adjusters on site visits before handling cases single handed.
Graduates who enter Loss Adjusting jobs without previous relevant professional qualifications must gain two years' professional experience in insurance claims or working as a Loss Adjuster before progressing to the next stage. They can also obtain a professional qualification approved by CILA (such as the Diploma CII (claims).
Career development
After gaining Chartered Loss Adjuster status following successful completion of the Chartered Institute of Loss Adjusters (CILA) examinations, there are several possible routes to Loss Adjuster jobs career development, including technical specialisation and management. As even larger Loss Adjuster firms are still relatively small organisations, it is usually necessary to adopt an active approach to furthering your career and you may need to move employers in order to progress.
Some smaller firms regularly hire loss adjusters on a case-by-case basis, so there are opportunities for those with experience and a good track record to work freelance. It is also possible to set up your own firm.
There is considerable scope for overseas travel, both for individual claims and on a longer-term basis. This is particularly the case when working on behalf of large insurers, whose own clients are global businesses. Financial loss adjusting gives particularly good scope for overseas assignments when investigating claims. Some of the larger UK-based firms of Loss Adjusters also have overseas offices.
A Loss Adjuster is an independent claims specialist who investigates complicated or contentious claims on behalf of insurance companies and helps policyholders restore their property to full working order. A Loss Adjuster investigates at the scene of an incident, establishes the causes of the 'loss' and whether it is covered by the insurance policy. A Loss Adjuster then writes reports for the insurer, assessing the validity of the claim and recommending appropriate payment.
Claims could be caused by a wide range of incidents including flood, accident, fire, theft or fraud, giving Loss Adjusting jobs plenty of variety.
Typical Activities of Loss Adjusting Jobs
Loss Adjuster activities include:
- liaising with insurers to receive instruction on new claims;
- visiting the site of a loss to survey and assess the damage;
- recording the situation at the site with equipment such as digital cameras and camcorders;
- ensuring the immediate security of the site;
- requesting reports from specialist third parties;
- advising insurers and policyholders on the most appropriate repair or replacement technique;
- recommending local specialist firms for demanding repair or restoration work;
- interviewing the policyholder making the claim to discuss valuation and validation of the claim;
- inspecting documentation to verify that the loss or damage is covered by the insurance policy to a sufficient extent;
- reviewing recordings from security cameras and reports from emergency services;
- investigating suspicious claims by inspecting claimants' records to verify the existence and value of goods being claimed for;
- liaising with any other insurers to negotiate the spread of liability;
- writing reports as swiftly as possible for the client (usually on a laptop on or near the site);
- advising claimants on security and other precautions to reduce the risk of further future losses;
- depending on the nature of the claim, Loss Adjuster jobs might involve carrying out several inspections a day or spend several days on more complex cases.
- The typical starting salary for Loss Adjuster jobs ranges from £18,000 - £22,000.
- The typical salary for Loss Adjuster jobs with three to five years' experience ranges from £22,000 - £40,000.
- After 10 to 15 years in the Loss Adjusting can earn £32,000 - £60,000.
- A Loss Adjuster commonly works outside normal office hours and may have to attend call-outs in the evenings and at weekends in response to emergencies.
- A Loss Adjuster spends most of their time ‘on-site'.
- A Loss Adjuster may be called upon following incidents such as fires, train crashes and earthquakes.
- Most Loss Adjuster jobs are conducted independently as part of a small team.
- Loss Adjusting Jobs are available in most areas.
- An experienced Loss Adjuster will find a range of opportunities to work abroad.
Salary and conditions Entry requirements
Loss Adjuster Jobs are open to all graduates; however a finance or math's related degree/HND may increase your chances:
The degree subject is generally less important to employers than showing the capabilities and potential to handle the demands of working as a loss adjuster.
Entry to Loss Adjusting jobs is possible without a degree or HND for school or college leavers with A-level/Higher or equivalent qualifications. Work would probably start in claims handling for an insurance company.
A Loss Adjuster job is frequently a second career.
Training
Some larger Loss Adjuster firms have structured graduate training schemes. Whether or not in such a programme, most new entrants spend some time learning the mechanics of the claims handling process in a desk-based role before commencing site visits. It is then usual to accompany experienced loss adjusters on site visits before handling cases single handed.
Graduates who enter Loss Adjusting jobs without previous relevant professional qualifications must gain two years' professional experience in insurance claims or working as a Loss Adjuster before progressing to the next stage. They can also obtain a professional qualification approved by CILA (such as the Diploma CII (claims).
Career development
After gaining Chartered Loss Adjuster status following successful completion of the Chartered Institute of Loss Adjusters (CILA) examinations, there are several possible routes to Loss Adjuster jobs career development, including technical specialisation and management. As even larger Loss Adjuster firms are still relatively small organisations, it is usually necessary to adopt an active approach to furthering your career and you may need to move employers in order to progress.
Some smaller firms regularly hire loss adjusters on a case-by-case basis, so there are opportunities for those with experience and a good track record to work freelance. It is also possible to set up your own firm.
There is considerable scope for overseas travel, both for individual claims and on a longer-term basis. This is particularly the case when working on behalf of large insurers, whose own clients are global businesses. Financial loss adjusting gives particularly good scope for overseas assignments when investigating claims. Some of the larger UK-based firms of Loss Adjusters also have overseas offices.
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