Loss Adjusters – The Impartial Claims Specialists

In insurance, one of the most important issues is that of claims payment. And one of the major reasons why insurance in Nigeria has poor image and below average penetration level is the public view that insurance companies are unwilling to pay claims, even after all necessary premiums have been paid. It is the one that is of utmost concern to the insured and interestingly, it is the one that insurance companies shy away from. But in talking about claims making, especially when big sum of money is concerned, one expert whose service is crucial is that of the loss adjuster. Unfortunately, not many people understand the role of the loss adjuster in insurance transaction. It is important for the insuring public to know hence we have chosen to discuss this topic. Who is a loss adjuster and what business does he do in insurance. A loss adjuster falls into the occupational category of insurance adjusters and claims examiners. Loss adjusters mostly investigate insurance claims, negotiate settlements and authorize payments. Individuals and businesses purchase insurance policies to protect themselves against financial losses. In the event of a loss, policy holders submit claims, or requests for payment, as compensation for their loss. Loss adjusters, examiners and investigators, work primarily for property and casualty insurance companies, for whom they handle a wide variety of claims for property damage, liability or bodily injury. In discharging these duties, loss adjuster may face daily or routine tasks. These include Adjusters plan and schedule of work that required processing a claim that would follow an insured event, for example an automobile accident or damage to one’s home as a result of a storm. Investigating claims by interviewing the claimant and witnesses. Consulting police and hospital records, inspecting property damage to determine the extent of the company’s liability, consulting with other professionals, such as accountants, architects, construction workers, engineers, lawyers, and physicians, who can offer a more expert evaluation of a claim and information gathering, including photographs and written or taped statements, which are set down in a report that will be used to evaluate a claim.  When the policyholder’s claim is legitimate, the claims adjuster negotiates with the claimant and settles the claim. When claims are contested, adjusters will work with lawyers and expert witnesses to defend the insurer’s position. Many companies centralize the claims-adjusting operation in a claims center, where the cost of repair is determined and a cheque is issued immediately. However in more complex cases, usually involving bodily injury, they are referred to senior adjusters. Some adjusters work with multiple types of insurance products. For instance, some specialize in property claims, business losses, vehicle damage, or workers’ compensation as the case may be. Public adjusters assist clients in preparing and presenting claims to insurance companies and trying to negotiate a fair settlement. They perform the same services as adjusters who work directly for companies however they work in the best interests of the client, rather than the insurance company. Even in case where the public may not see the need for them, loss adjusters are still very much needed to contact policyholders, inspect damaged property and consult with experts Average employment growth is envisioned for this category. Because of its unpopularity among the public, there may be temptation among the practitioners to change jobs and move to other occupations, or retire. Loss adjusting as a career poses great prospects for new entrants, especially under the emerging insurance climate where insurance has become the second most active business in the financial services scheme. The prediction is that insurance companies are still very much in consolidation mode and technological advancements might make some of the tasks, duties and functional roles and rationale obsolete. It has become a priority to keep pace with a world economy that is growing in size and complexity. Many loss adjusters and companies develop specialist niche services, to address new challenges, customer needs and expand their provided services. Chartered loss adjusting firms are a good place to start looking. Stepping into the new economy with confidence, as part of the service providers catering for the growing and diversified world of risk, claims and incident management may offer a good platform for those interested in loss adjusters.