Looking for a careerin Loss Adjusting?
If you are wondering if a career in Loss Adjusting might be a good fit for you then the below information might help answer that question. Find out what a Loss Adjusters day to day duties are, the career paths you could take and what skills you would need to thrive.
What does a Loss Adjuster do?
A Loss Adjuster is an independent evaluator of a claim normally hired by an Insurance company. Their aim is evaluate the loss, identify the cause, check policies for adequate cover and finally, to recommend the best way to get the individual or company back on their feet. In some cases the Loss adjuster will be employed by the company or the individual of a claim (the Policy Holder) and will negotiate with the loss adjusting and insurance company for a fair outcome.
What does an investigation entail?
Loss Adjusters are often the ‘second responder’ to a claim or incident. This can include:
- Escape of waters – pipes bursts
- Chemical spills
- Acts of god – storms, hurricanes, earthquakes
This often means that, after the police, ambulance or firefighters have left the scene, the next arrival will often be a Loss Adjuster. The job of a Loss Adjuster is to use reports alongside their accumulated knowledge and experience to:
a) assess the damage
b) identify the cause of the damage and, (if covered by the policy)
c) the process and costs to get the Policy Holder back on their feet.
A Loss Adjuster will typically look at the following:
- That the right insurance is in place to cover the loss
- That all conditions of the policy have been met
- The loss falls within the policy
- The amount being claimed
Most Insurance Companies will have a panel of Loss Adjusters or Loss Adjusting Firms to take care of any claims. Some larger insurance companies have their own in-house loss adjusting teams instead.
What does a day in the life of a Loss Adjuster look like?
The job experience of a loss adjuster varies in the types of sector areas they work in. A desk based handler of property claims will have a different experience to a major loss handler working in marine or construction.
However the day to day duties will likely include most of the same tasks:
- Gathering and checking evidence
- Attending sites of claims or analysing evidence of sites
- Interviewing policyholders
- Liaising with contractors and suppliers – restoration, drying services, construction, surveyors etc.
- Writing reports – for insurers or policyholders
- Liaising with brokers, lawyers and policy holders
- Reviewing policies
- Helping to quantify the loss of a claim: belongings, equipment, damage to buildings, loss of income etc.
- Advising on how to mitigate future potential claims/losses
- Providing evidence in court
What types of Loss Adjusters are there?
There are different areas of loss adjusting;
- This covers employers, public and product liability. It also covers professional indemnity claims
- This covers buildings and contents, both residential and commercial
- Construction, Energy & Engineering
- This covers large items such as machines, factories, buildings in progress and equipment
- Being employed by a policyholder to provide expert claims advice and assistance
- Business interruption
- This includes business interruption and other financial risk claims
- Fraud investigation
- Investigating claims that may be false or exaggerated
These adjusters will work in various sectors of insurance cover, these include:
- Construction & Property
- Energy & Engineering
Frequently any one claim may cross over areas and sectors involving either a combined approach or team work among Adjusters of different expertise.
What Skills will I need?
You’ll need to have:
- Excellent communication and interpersonal skills
- Negotiation and diplomacy skills
- Numeracy and IT skills
- Written skills for reports and communications
- Research, analytical and investigative qualities
- Good judgment and impartial eyes
- Problem solving and decision making
- Attention to detail
- Independent working – holding yourself to multiple deadlines under some pressure
- Integrity, confidence, empathy and calm under pressure
- Travel – at any time you might be called on to respond to a surge in claims. These events can occur anywhere in the UK or Internationally so a passport is vital to getting the most out of your role.
Loss Adjusters have a dual side to their roles. On the one they are technically focused, pulling knowledge from many areas of expertise: legal, structural, financial, accountancy etc. On the other hand they also have a personable and empathetic nature lending them excellent negotiation and diplomacy skills. Arriving on a scene of any claim, regardless of personal or business nature, they will often find a traumatised or stressed Policy Holder. A Loss Adjuster will be the first impression and representation of the Insurer and the seeker of a fair outcome making both sides of the role equally important as the other.
Travel. Most Loss Adjusters will travel throughout the UK to meet Policy Holders at their various sites but for others this will also include international travel with your role taking you places throughout Europe, EMEA, America or even the Caribbean – Pina Colada? Developing and maintaining relationships across borders and cultures will be a core part of the role – so make sure your passport is up-to-date!
What would I earn as a Loss Adjuster?
Earning potential will vary depending on role, position and area however as a guiding point:
Entry or Starting level: Salaries typically ranges between £25K – £35K, depending on experience and previous qualifications.
Experienced: Salaries typically ranges between £40k – £60K. Experienced Loss Adjusters will have completed CILA or CII qualifications and may have Chartered Status.
Major or Complex Loss Adjusters: Salaries for this role normally range between £60K – £90K. The Adjusters in these roles will likely have Chartered status and at least 5 years experience.
Management or Global Head: Salaries range from around £65K all the way to excess of £100K.
Beyond salaries, working in an Insurance sector will come with various additional benefits which may include a company car, private medical care, pension scheme and bonuses.
Another main benefit is job security, insurance sectors are largely recession proof. Even in times of uncertainty or economic struggle, people and businesses still need insurance to protect themselves from other risks. Loss Adjusting is an important part of that offering and therefore has a level of certainty that many other roles cannot provide.
How do I become a Loss Adjuster?
Hopefully we have piqued your interest! Loss Adjusting is a great career for anyone looking for a blended skill and experience based job.
You do not need to have any particular degree or previous qualifications to become a loss adjuster. However skills and qualifications in engineering, law, surveying, accountancy or risk management are very relevant. Some firms offer graduate schemes which often require at least a 2.2 or above to qualify. Many companies also offer apprenticeship schemes that are for entry level jobs and allows employees to learn and train on the job.
Most Loss Adjusters will be required while in role to pursue a professional qualification. Most often this will be a CILA qualification or Chartered Insurance Institute (CII) qualification and in some cases, both.