Working in the insurance industry

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Specialist Career Fields: Loss Adjusting Loss Adjusters Or Assessors Act On Behalf

Specialist Career Fields: Loss Adjusting Loss adjusters or assessors act on behalf of insurers in the settlement of fire and accident losses. Average adjusters deal with the settlement of marine losses.

Both types of work are highly specialised, and require thorough experience of insurance supplemented by specialist professional training. Most firms of loss adjusters specialise in either fire or accident adjusting. The profession has expanded enormously in the past five years as a result of demand from insurers. Loss adjusters are employed by insurance companies or by Lloyd's syndicates, not by clients, and their fee is based on a portion of the claim.

They deal with loss in transit, burglary, liability and accidents. The work involves going to meet the insured to ascertain what happened, whether the insurers have liability, and, if so, to establish the size of the claim. The work involves a lot of investigation, and adjusters have to be prepared to work at all hours as this is not a nine - to - five job and work pressure can be very heavy, particularly after events such as floods. Adjusting gives different kinds of work satisfaction - from helping an old lady after a burglary to giving evidence in court after proving a fraud. Recruits to adjusting may have had experience working in insurance, as claims handlers or underwriters, and may possess professional qualifications.

Alternatively, some companies have a predominantly graduate intake and will accept most degree subjects, although law is particularly useful. Recruitment opportunities for women are limited, as discrimination dies hard and employers often feel that women cannot be sent to deal with certain types of claims. Prospects and Salaries: Qualified loss adjusters are valuable to the insurance world and can command good salaries.

They Are Employed By Brokers Or By Independent Firms Of Adjusters Who

They are employed by brokers or by independent firms of adjusters who have branches throughout the country. There are also good chanc

They May Advise Small Or Recently Established Life Companies, And, Generally, Their

They may advise small or recently established life companies, and, generally, their services are available wherever independent actuarial

During This Time I Was Studying For Actuarial Qualifications Through A Correspondence

During this time I was studying for actuarial qualifications through a correspondence course, getting two half - days day - release a week. I took eight years to qualify,