Claim Adjuster Careers

More than 294,000 Americans worked in the insurance claims adjusting and investigation industry as of 2008, according to the U.S. Bureau of Labor Statistics (BLS). The BLS predicts that the number will grow by 7 percent through 2018. Overall, this growth should result in the creation of more than 20,000 new jobs for claims adjusters and investigators, particularly within the health insurance industry.

Duties

When a policyholder files a claim due to a loss, insurance company claim adjusters perform the work necessary to determine whether to pay or deny a claim. This may include conducting interviews, gathering written statements and police reports and collecting photographs. After gathering the necessary information, adjusters compose reports of their findings. Insurance companies then determine what action to take for a claim based on these reports. If a claim is approved, adjusters work with the policyholder to arrange payment. With a denied claim, adjusters may need to prepare evidence to use in an appeal or a law suit. To complete their work, adjusters use email, financial analysis and document management software programs. Claims adjusters are often required to work overtime; many average 50 to 60 hours of work per week, according to BLS. To settle claims, adjusters may work evening and weekend hours.

Training

The minimum education necessary to work as a claims adjuster is a high school diploma or GED. Although no specific degree is necessary to work in the field, approximately 35 percent of all adjusters have a minimum of a bachelor's degree, according to the Occupational Information Network. College majors for prospective insurance adjusters include finance, business administration and insurance and risk management. Most employers provide on-the-job training for new adjusters.

Credentialing

In some states, claims adjusters must receive professional licensure before working in the field. Each state has its own licensing requirements, but completing a training course and taking a written examination are often included. Voluntary certification is also available for adjusters. The National Association of Professional Insurance Adjusters offers the Certified Professional Public Adjuster designation to adjusters who have at least five years of full-time experience in the field and can pass a test. Certifications are also available in specific specialties. For example the Federal Emergency Management Agency offers a Certified Flood Insurance Adjuster credential for professionals who complete a special training program.

Compensation

As of May 2009, claims adjusters made an average of $58,780 per year, reports BLS. The lowest-paid 10 percent of adjusters received $34,820 or less per year, while the highest-paid made $85,810 or more. Average salary rates vary among insurance specialties, according to December 2010 reporting from Payscale. Adjusters in auto insurance averaged $35,641 to $55,000 per year. Those in disability insurance earned an average of $38,346 to $49,152 annually, and adjusters in commercial or business insurance averaged $41,177 to $56,326.

References

• U.S. Bureau of Labor Statistics: Claims Adjusters, Appraisers, Examiners, and Investigators
• Occupational Information Network: Summary Report for 13-1031.02 - Insurance Adjusters, Examiners, and Investigators
• Federal Emergy Management Agency: Adjuster Certification
• National Association of Professional Insurance Adjusters: Certification
• U.S. Bureau of Labor Statistics: Occupational Employment and Wages, May 2009 13-1031 Claims Adjusters, Examiners, and Investigators
• Payscale: Salary Snapshot for Insurance Claims Adjuster Jobs