what is a claims adjuster?
As a claims adjuster or insurance adjuster, you investigate claims and help the insurance company determine the amount to pay. When a policyholder experiences loss, like a damaged car or home, they notify the insurance company to receive compensation. When a policyholder files for compensation, the insurance claim is assigned to an adjuster. Your job is to determine if the loss is covered by the policy, the extent of the loss, and the amount the insurer should pay.
You handle claims involving damage to properties or structures, as well as liability claims associated with third-party property damage and personal injuries. You speak with the policyholder and start your investigation. As a claims adjuster, you interview witnesses, read police or medical records, and inspect properties. Your investigation reveals the cause of loss and determines a fair settlement amount.
As an insurance adjuster, you rely on the information gathered to determine that the claim is not fraudulent and save money for the insurance company. The role requires critical thinking since you investigate complex insurance cases that affect people's lives and well-being. The ability to think critically helps you evaluate claims and provide a realistic value for repairs or replacement.
Would working as a claims adjuster suit your critical thinking and investigative skills? Then read on to find out what competencies and qualifications you need to thrive in a claims adjuster role.
claims adjuster jobsaverage claims adjuster salary
According to Job Bank, the median salary of a claims adjuster in Canada is $89,300 per year. When you are new to the role, you start with a salary of $69,000 per year. In a senior-level position, you take home $92,625 per year.
how to increase your salary as a claims adjuster
As a claims adjuster, your earnings depend on your expertise and years of experience. When you join the profession, you start with a lower salary, but your earnings gradually increase with experience. Having over five years of experience highlights your expertise, and you can take home a higher salary compared to claims adjusters with minimal experience.
The value of the insurance claims you handle also influences your earnings. For instance, if you are a public adjuster, you are paid by the claimant to get a higher payout from the insurance company, which means you get a percentage of the claim paid out.
Working in a large city increases your earning prospects significantly due to the high demand for claims adjusters. Smaller towns may have fewer insurance claims, lowering the demand for claims adjusters.
types of claims adjusters
Some of the different types of claims adjusters include:
- company adjuster: when you work as an in-house claims adjuster for one insurance company, you are the company's adjuster. You work for the insurer exclusively and handle all the claims. That means you are salaried, and the insurance company pays all the benefits.
- independent adjuster: as an independent claims adjuster, you are a contracted third-party adjuster. You can work for any insurance company and go wherever your services are needed. Most independent adjusters deal with emergency losses to assist in-house claims adjusters.
- public adjuster: as a claims adjuster, you represent the claimant/policyholder. Your job is to assist businesses and individuals in filing insurance claims and reviewing the proposed settlement from the insurance company. You negotiate the highest settlement since you are paid a percentage.
working as a claims adjuster
If you are interested in working in insurance, check out the duties, responsibilities and work environments of claims adjusters.
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what does a claims adjuster do?
Some of the duties of claims adjusters include:
- reviewing claim details: as a claims adjuster, you review the details of the claims you receive. Your job is to review details of accidents or property damage submitted to ensure claim forms are properly filled out and that all information has been provided. You also review the policyholder's details to determine the coverage that applies to the claim.
- investigating claims: it is your job to determine the validity of a claim. You gather information to establish how the incident happened and determine a fair settlement price. Some of the documents you gather during the investigation are police reports and medical records. You also take photos of the incident or property damage.
- interviewing those involved: as a claims adjuster, you interview everyone involved in the incident. For instance, if it is a car accident, you speak with the drivers, witnesses and passengers. You record witness statements and review the scene of the accident. It is also important to get the claimant's version of what happened during the interview.
- writing reports: after an investigation, you present your findings to the insurance company. Your report should reveal whether the insurance covers the damage or not. You may also recommend further inspection to determine the cost of the repairs or coordinate with mechanics to write up the repair estimate.
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work environment of a claims adjuster
As a claims adjuster, you work in the insurance industry. While you spend most of your time in the office reviewing claims and policies from policyholders, you also work outdoors when investigating claims. For instance, you travel to the accident scene to review incidents and take photos. Claims adjusters also work from home or in hybrid work settings with minimal outdoor work.
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who are your colleagues?
Depending on the company you work for, you are likely to interact with insurance consultants, insurance brokers and insurance agents. You also work with data analysts, office managers and administrators. Other professionals you are likely to interact with include internal auditors, accountants or external auditors.
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claims adjuster work schedule
Claims adjusters typically work regular business hours. You may work from 9 am to 5 pm, with occasional weekends or evenings. When you are a public adjuster, you are likely to work irregular hours to accommodate clients’ schedules. However, that means you may work less than 40 hours a week in less busy seasons or more than 40 hours during busy seasons.
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career opportunities as a claims adjuster
Claims adjuster is an exciting career in insurance with promising career prospects. The job opportunities in the role are expected to rise to 29,900 between 2022 and 2031, with only 24,900 job seekers joining the market. As a claims adjuster, you can specialize in various aspects of insurance claims. For instance, some claims adjusters become independent adjusters, while others focus on property or automobiles.
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advantages of finding a job as a claims adjuster through randstad
Working with Randstad offers you a range of benefits:
- always a contact person you can fall back on and ask for help from
- many training opportunities
- a range of jobs in your area
claims adjuster skills and education
Some of the educational requirements for becoming a claims adjuster include:
- bachelor’s degree: to become a claims adjuster, pursue a college diploma or a bachelor’s degree in a relevant field. Any degree related to finance, business or criminal justice prepares you for the role. A college program can also equip you with the necessary knowledge.
- work experience: you require extensive experience in the insurance industry to excel as a claims adjuster. Gain experience through entry-level roles like claims clerk or seek on-the-job training opportunities. To work as an independent adjuster, you require a provincial licence from a relevant regulatory body. For instance, in Alberta, you require a licence from the Alberta Insurance Council (AIC), while in British Columbia, the regulatory body is the Insurance Council of British Columbia. In Nova Scotia, licences are issued by the Department of Finance and Treasury Board.
competencies and characteristics of claims adjusters
Some of the qualities and characteristics of claims adjusters include:
- communication skills: as a claims adjuster, you communicate with various people during your investigation. Your communication skills are useful in talking to claimants, witnesses and lawyers as you gather information. Aside from verbal communication, you require good writing skills to prepare reports and reviews, which are used to determine the insurance claims amount.
- critical thinking skills: as a claims adjuster, you investigate various claims. The insurance cases are complex and can cost the insurance company millions of dollars. Hence, you should think critically to determine the truthfulness of the claims. You rely on your critical thinking skills when investigating claims, interviewing witnesses, and reviewing medical records or police reports.
- attention to detail: as a claims adjuster, you help insurers make the final decision on paying or denying claims. You rely on your attentiveness to detail to investigate every aspect of the claim. Your detail-oriented skills help you identify damages or losses that are not immediately apparent to claimants. It also helps to determine if the claim is legitimate and not fraudulent.
- negotiation skills: as a claims adjuster, you don’t just investigate the claims, but you also determine the settlement amount. You rely on your negotiation skills to determine a fair claim amount and come to a resolution suitable for both parties.
FAQs
Here, you will find the answers to the most frequently asked questions about the profession of a claims adjuster.
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what does an insurance adjuster do?
As a claims adjuster, you investigate the circumstances surrounding insurance claims. Your job is to ensure claims on property damage or personal injury are not fraudulent. That means you investigate claims, interview witnesses, and examine records and reports. Your investigation determines the amount payable to claimants.
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how much does a claims adjuster make in Canada?
The average salary of a claims adjuster in Canada is $89,300 per year. Entry-level positions in the role attract a salary of $69,000 per year. If you have additional experience, you are likely to earn more than $92,625 annually. The earnings fluctuate based on the complexity of your duties and the size of the insurance company.
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how do I become a claims adjuster?
To become a claims adjuster, pursue a bachelor's degree in business, finance, or any related field. Some college diploma programs also prepare you for the role. After completing your education, you require several years of experience as a claims clerk. Alternatively, complete on-the-job training to gain general insurance experience.
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how long do insurance adjusters have to investigate claims in Canada?
Insurance companies are expected to act fast when determining claims to be paid to policyholders. As a claims adjuster, you have less than 30 days to investigate claims and present your findings to the insurance company for the final decision. If you cannot complete an investigation within 30 days, you provide a written explanation for the delay.
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why do insurance companies use adjusters?
Insurance companies rely on claims adjusters to investigate claims and determine the best settlement for both the insurer and claimant. Adjusters investigate claims and can verify whether the claimant deserves an insurance claim. Insurers use adjusters to get independent claims verification.
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how do I find a job as a claims adjuster?
Finding a job near you as a claims adjuster is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the ‘Apply’ button top right on the page. No jobs available right now? Send us your resume and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
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