Not everyone is really familiar with the word independent insurance adjuster. If you are wondering what it means, then you are in the right place. In this article, we will be telling you everything you need to know about an independent insurance adjuster.
Whenever you identify with any insurance company and are already convinced about the premium coverage it offers for what you are insuring, it’s necessary to have an intermediary who serves between you, the policyholder, and the insurance company.
Who is an Independent Insurance Adjuster?
An independent insurance adjuster is a professional who is hired to act as an intermediary between the policyholder and the insurance company. They help conduct investigations and verifications and enable settlements of claims for the insurance company, government agencies, or an individual firm. They work on behalf of the insurance company and work directly with the policyholder.
Reasons for Hiring an Independent Insurance Adjuster
The reasons for hiring an independent insurance adjuster include the following:
- Independent insurance adjusters are hired by insurance companies to help investigate claims filed very quickly. There are times when an insurance company might be hooked up with lots of claims filed or might not have enough manpower to investigate and negotiate. Hiring someone who will work on their behalf is the best thing to do. Consulting an independent insurance adjuster is relevant to negotiating on its behalf.
- The law of some countries where an insurance company operates might also require an adjuster before carrying out any insurance agreement.
- Another reason for hiring an independent insurance adjuster is the need for special expertise. They are professionals who have expertise in the field of investigating and negotiating between two bodies to help render peace between them.
- They are sometimes hired when the policyholder requests it.
Just like every other establishment, there are several reasons for setting them up. Now I believe you’re very familiar with the reasons for hiring an independent insurance adjuster.
What Does an Independent Insurance Adjuster Do?
Here is what an independent insurance adjuster is expected to do in their line of settlement of claims:
- Independent insurance adjusters are responsible for gathering evidence, taking pictures, and collecting medical records of an event relating to claims. They do these to understand the cause and to what extent the claims have been made. As an independent insurance adjuster, it is very necessary to have a deep understanding of the policy language and what is at stake in the policies before carrying out their investigations.
- They also ensure that, in carrying out their work as hired professionals in the field, claims filed are settled. They are in a position to review and conduct the necessary assessments surrounding the claims and to determine a satisfactory conclusion in settling the claims.
- They review and access documents and evidence by conducting interviews with the parties involved and determining the volume of the request.
- They provide and give guidance to the parties involved on the insurance policy coverage they obtained and also on the process of the claim.
- In the case of accessing complex or specialized claims filed by the policy holders, they collaborate with specialists and expertise to carry out a valid mode of settlement.
- They also calculate the total cost of the damaged property and
These professionals play a crucial role in accessing and determining the state of the statement given to the insurer and the policyholder.
How Does Independence Insurance Adjusters Make Their Money?
In any business or work one decides to venture into, the sole aim is to make profits, just as the independence insurance adjuster.
They make their money from any deal relating to a claim settlement between the policyholder and insurer, and they work on a contract basis. They do not earn monthly or weekly. But their earnings depend on the amount of contract they got and the amount of claims they were able to settle.
What Do I Need to Become an Independence Insurance Adjuster?
Anyone is liable to become an independent insurance adjuster. If you are interested in becoming an independent insurance adjuster, here are the requirements to get qualified for it:
- A high school diploma will be requested.
- You must be 18 years of age or older.
- One with good listening skills. As an independent insurance adjuster, you must always listen to both sides before coming to a final conclusion on the settlement.
- Good communication skills are also important if you want to become an independent insurance adjuster. You must be very vast in your knowledge and be able to communicate clearly about all that’s needed to be known.
- You must be able to gather answers due to the information you have gathered together.
- Finally, you must earn your Accredited Claims Adjuster License (ACA). Earning an Accredited Claims License gives you the edge to earn more. It exposes you to more diverse insurance coverage and policies, like analyzing more legal issues, gathering vital data, preparing and gathering investigations, etc.
Therefore, becoming an accredited claims adjuster license holder will also allow you to become an independent adjuster or a company employee adjuster.
If eventually you fall into these categories listed above, then you are very likely to become an independent insurance adjuster. You can decide to work as a company employee adjuster or also decide to work as an independent insurance adjuster. It all depends on what you decide to do and which one favors you in the long run.
What Does an Independent Insurance Adjuster Inspect?
Below is what an independent insurance adjuster inspects:
- Car accidents: Whenever a car accident occurs, the independent insurance adjuster is expected to inspect the fender bender, the collision that has happened, and the cause of the accident.
- They also inspect for fire damage. Fire damage that took place at home or in a business place. They also look into the cause of the fire outbreak.
- Wind damage is another inspection they carry out. Wind damages things like fallen trees and broken windows and doors.
- Hurricane damages are also included in what an independence insurance adjuster inspects, such as food and water damages and tile and roof damages.
Independence insurance Adjusters inspect a lot of things when carrying out their inspections of damages that have occurred. They have to be more informed and involved in the insurance coverage process and settlement.
Challenges faced by Independence Insurance Adjusters
Every successful project you see today comes with a lot of challenges; one wouldn’t know unless the owner told you and you eventually decided to start it up someday. Challenges will surely come, but your ability to never let them weigh down your business is another factor you must ensure you have. We will be showing you some challenges faced by independent insurance adjusters in the course of their careers.
- They sometimes have to deal with “difficult people,” and this is where the ability to be patient comes in.
- Independence Insurance Adjusters are always “traveling.” They are likely to travel more than three times in a month, depending on where they are being called up for work.
- They sometimes do not have claims coming in to settle. The independence insurance job is a seasonal kind of job. They are only called upon when their services are needed.
- Your level of experience and manner of handling issues and interpreting and gathering information give adjusters the edge to strive for the job. So if you are not well experienced, you won’t be recommended.
- Having to deal with different companies’ guidelines and ways of carrying out their coverage can be difficult. Different insurance companies have different ways of carrying out their coverage. Therefore, you must be able to learn and know how it has been done in order to have a smooth working process.
With all listed above, it is evident that being an independence insurance adjuster isn’t all rosy and sweet. It takes a lot of patience and dedication to be able to strive and be in good working condition. Also note that there is no work or job that is challenge-free; every job has its advantages and disadvantages.
Do I Need a Formal Education to be an Independent Insurance Adjuster?
It is important to note that there is no formal education required to become an independent insurance adjuster, but you need to obtain an adjuster’s license.
How Much Does an Independent Insurance Adjuster Earn?
The amounts of money an independent insurance adjuster earns vary based on several factors, including the number of cases they have settled, their location, and the type of claim they handle.
Is Being an Independent Insurance Adjuster Stressful?
There is no work or job you want to start today that doesn’t involve stress. Independence insurance adjuster work is encapsulated in stress. It requires you to move from one area that is affected to another in order to gather enough evidence, and it also requires more communication, which takes lots of energy. But your ability to balance work and rest depends on you.