Loss Adjuster

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LOSS ADJUSTER

What do Loss Adjusters do?

Loss adjusters investigate insurance claims arising out of losses such as fires, car accidents and burglaries. They determine the amount of damage or loss covered by the insurance policy. Adjusters make recommendations regarding payment of benefits, based on the coverage noted on the insurance policy and negotiate payment and settlement. Loss adjusters also:

Ensure that those who have suffered a loss receive all of the benefits and assistance to which they are entitled.
In disputed claims, may also be required to investigate the cause of the loss - how a fire started, why a plane went down, etc.
Investigate, negotiate and settle a variety of claims in an efficient manner and in compliance with a variety or requirements.
conduct witness interviews, take statements and consult with police reports.
Report in a variety of ways - in writing, through e-mail or on-line, and must present or report on these findings, propose solutions and negotiate settlements and agreements with third parties, clients or other concerned parties.
Inspect and/or evaluate damages when required, estimate costs or commercial value, examine reports or other documents, evaluate losses, establish claims guidelines and quantifying settlement amounts.
Participate in private and/or mandatory mediation, settlement meetings, settlement conferences, pre-trails, court proceedings and other dispute resolution methods as required.

Loss adjusters are often hired by insurance companies, government services or independent adjusting firms.

Some examples of roles within this field are: bodily injury (BI) claims representative, accident benefits (AB) claims adjuster, field claims representative, claims examiner, marine insurance coordinator, catastrophe adjusters, claims assistant, physical damage (PD) claims representative, claims specialist, telephone adjuster, road adjuster, property or liability adjuster, technical service representative and call centre agent.

Is this career for me?

The following qualifications may be required for a career as a losss adjuster. Do these statements describe you?

At minimum, a university degree or specialized college diploma in criminal studies, law and security or business administration is required
Must have, or be willing to attain, appropriate license requirements
Understanding of criminal or civil investigation
Ability to analyze medical reports
Computer proficiency
Strong interpersonal and communication skills
Exceptional negotiation, decision-making, problem-solving and investigation skills
Understanding of, or working knowledge of, current industry legislation
Analytical and thorough
Aptitude in dispute resolution

If you answered yes to these statements, then a career as a loss adjuster might be the perfect fit!

How do I get there?

A variety of skills sets are necessary for the Loss Adjusting profession. Your experience in one of the fields listed can lead you to a successful career in the insurance industry.

Law Enforcement:

Your formal legal education and the skills you have gained from your experience in the legal industry may make this career an excellent choice. Your experience working with legal documents and your knowledge of Canadian legislation may help you succeed. You will be required to meet the appropriate licensing requirements in your province if you are planning on working with an independent adjusting firm. A greater understanding of insurance will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

Health Sciences:

Your formal health sciences education and the skills you have gained from your experience in the health industry make this career a great fit. Your experience working with the general public in situations of distress and your knowledge of rehabilitation procedures will help you to succeed as an adjuster. You will be required to meet the appropriate licensing requirements in your province if you are planning on working with an independent adjusting firm. A greater understanding of insurance will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

What does the future hold?

Earning Potential for this role depends on education, experience, and geographic region. Much weight is given to those with specialized experience and education (ie fully licensed and/or CIP designation with specialization in adjusting). Many employers offer performance-linked bonuses.

Across Canada employment opportunities for claims adjusters are on the rise. The increase is largely due to organizations responding to losses and catastrophes. Loss adjusters will also need to replace retiring workers and meet the needs of an increasing population, especially in urban centres. This has already created a substantial number of job openings and professional opportunities.