The economy has been showing more signs of improvement in recent months, but millions of Americans are continuing to struggle with finances while eyeing potential new career opportunities. For some, one interesting job option to consider could be to become an insurance adjuster.
According to the Bureau of Labor Statistics (BLS), there is no specific college major needed to become an insurance adjuster, and in some cases, those with a high school education may be able to find work in this sector. When it comes to working with auto insurance claims, the federal agency notes that one option may be to take courses at a local vocational college on estimating repair costs.
However, the BLS adds that people with business and accounting backgrounds may be particularly desirable to insurance companies in need of adjusters. Other fields that would likely allow a smooth transition into insurance adjusting include engineering, architecture and law. Also, those who want to work with life and health insurance claims may find that a background in medicine or healthcare is helpful.
Insurance adjusters also often work closely with investigators in incidents where fraud is suspected. In some cases, adjusters can move on to become investigators as they become more experienced. Otherwise, the BLS suggests that a background in law enforcement, private investigation or insurance examining is a good way to start working in this area.
Insurance adjusters will often find their work easier in cases where policyholders have held on to receipts for valuables, and where they have not discarded damaged items or tried to make short-term repairs to a structure.
The recession has made it more important than ever for insurance adjusters to have a sharp eye for potential fraud. This is because of the general upswing in fraud cases reported in many states over the past several years. For example, a good insurance adjuster will usually be able to tell the difference between actual hail damage on a vehicle, and the tell-tale marks left by a hammer if the policyholder is trying to inflate a claim or commit another type of fraud.
Adjusters and insurance investigators may also find themselves up against more sophisticated operations where entire criminal rings will stage phony accidents.
This field does not always require an individual to be employed by a specific insurance company. Some who get into the field may find the opportunity to work as a public insurance adjuster. With this position, an adjuster is hired by policyholders who recently suffered a loss to handle many different aspects of the claims process.
According to the National Association of Public Insurance Adjusters, workers in this sector can work with policyholders on common situations like fires, floods and theft, as well as other incidents such as riot damage, explosions and collapsed buildings. The group adds that a public adjuster inspects the site where the damage occurred, reviews a client’s insurance coverage, determines replacement costs and other things on behalf of a policyholder.
Elsewhere, the Insurance Information Institute notes that public insurance adjusters can charge as much as 15 percent of the total value of a claim settlement for their work, and this amount will not be covered under a policy. The organization also advises consumers to check an adjuster’s qualifications with their state insurance department and to be particularly wary of those who go door-to-door after a disaster. In fact, the III also advises consumers that in the event of a disaster, states will often place a limit on how much an adjuster can charge for their services.