Claims adjusters work with claimants and insurance companies to investigate the validity of insurance claims, assess damage, authorize payments, and reject claims. Adjusters are responsible for preparing detailed reports, settling claims, determining payment amounts, and increasing insurance premiums. He or she is also responsible for investigating information that has been provided by claimants, managing litigation filings, and making court appearances if needed. Claims adjusters negotiate and oversee all settlement terms. Adjusters may be employed by a single company or may subcontract himself or herself out to several different companies. He or she may cover a broad range of claim types or may specialize in one particular area (such as automobile claims, homeowner claims, liability claims, worker’s compensation claims, or commercial insurance claims).
While only a high school diploma is required to become a claims adjuster, the majority of adjusters hold a Bachelor’s degree. Many companies offer on the job training. Other necessary skills include: computer skills, customer service skills, investigative skills, analytical skills, negotiation skills, organizational skills, problem solving skills, attention to detail, and knowledge of local laws. Some employers may require an adjuster to be licensed. The field of claims adjusting is expanding and has a current growth rate of about 13%.
The typical average salary of an experienced claims adjuster is about $50,600 per year. Claims adjusters who specialize in the automotive insurance field have an average salary about $49,180 per year.