Expert Tasks Loss Adjusters on Training, Status Enhancement

As insurance business in Nigeria grows, industry watchers have opined that the loss adjusting arm of the industry is not growing at a corresponding rate. Of significant importance is that not many people seem to know the role of loss adjusters in insurance. While some have blamed this on lack of awareness brought about by the industry lukewarmness, others believe that this arm of business has chosen to hide at the back of the insurance industry instead of correspondingly creating its image enhancing platform. Who is a loss adjuster and what role does he play in the insurance business?  Industry watchers say the loss adjusting profession is in a state of flux. According to expert opinion, the market, as with other areas of insurance, is characterised by a shortage of candidates to fill the available pool of loss adjusting jobs.
Loss adjusting as a profession has always been viewed as contractors, but the lack of availability of quality permanent candidates has brought about a situation where employers are hiring a more diverse workforce, including older loss adjusters and those loss adjusters who want to work more flexible hours. Having loss adjusters in close proximity is the main priority of claims managers.  The result is that there is a shortfall in the number of adjusters expected to cope with the renewed pace of the insurance companies especially after the recapitaliszation of the insurance industry.
Nigeria has been growing at the same pace with insurance. So since the general impression is that insurance has had it rough in terms of acceptability, loss adjusting therefore cannot be any better. However, due to the cyclical nature of loss adjusters workloads, there are periods where firms are not as frantic about anlarging the horizon by taking in more loss adjusters.The market has experienced skills shortages, especially within specialist and property claims.
Succintly put, the Nigerian loss adjusting market is characterised general lack of qualified loss adjusters and this has also been the case in other areas of insurance such as underwriting jobs. Employers across the country seek smart, personable, customer service-focused individuals but identifying this mix of skills is not always easy. For some insurance firms, investment in training is more crucial than ever.
Increasingly, employers within the insurance industry are training candidates from diverse backgrounds such as engineering, surveying and accountancy. This provides a pool of talent that can be deployed across businesses. As the boundaries between financial services companies become less defined, more candidates are moving to and from broking jobs, insurance and loss adjusting segments of the industry.
More than before, there is renewed need to entice new entrants into the loss adjusting profession to cope with the projected business explosion which may result from the operators determination to join in the fast-moving global insurance train.  But in an attempt to attract candidates into it, employers are offering structured training programmes and benefits such as flexitime and generous bonuses in response to candidates demanding security, exposure to more sophisticated markets and the ability to fulfil their career aspirations.
Concerned industry watchers have therefore tasked the leadership of Institute of Loss Adjusters of Nigweria,(ILAN), on the need to redouble their efforts by taking campains to the higher institutions as well as intensifying training programmes with a view to enhancing the profession. This becomes more so as the insurance industry in Nigeria is beginning to enjoy a measure of acceptability from the insuring public. With a good platform, professionals in other business areas may be attracted into loss adjusting as a career.
Commercial adjusters have to be qualified to cope with emerging trends which makes training a necessity. Following the market they serve, loss adjusting business is increasingly becoming more flexible. The role of Loss Adjusting firms is expected to evolve into claims solutions companies as it cannot be detached from insurance. Expectedly therefore, mergers and acquisitions, either by insurers or other outsourcing firms cannot be ruled out, a situation that will further consolidate the market.