Claims adjuster salary rates are pretty competitive because these industry professionals play an important role in claims processing. In fact, this is considered one of the highest-paying careers in the industry, which is one of the top reasons why many aspiring insurance professionals dream of becoming one. <\/p>
But how much do insurance adjusters make? Does entry into the profession follow a smooth sailing path? And what factors impact how much claims adjusters earn?<\/p>
A claims adjuster investigates insurance claims to determine the extent of insuring a company’s liability. Claims adjusters may handle property claims involving damage to structures, and\/or liability claims involving personal injuries or third-person property damage.<\/p>
A claims adjuster reviews each case by speaking with the claimant. They interview witnesses, research records (such as police or medical records), and inspect any involved property.<\/p>
Claims adjusters verify policyholder requests for funds from an insurance policy. They determine a fair amount for settlement. These can be any type of claim, from personal injury to property damage. In property damage claims, the main role of the insurance adjuster is to carry out a detailed investigation into the claim by:<\/p>
For example, if a homeowner makes an insurance claim due to a tree falling on the house, a claims adjuster would interview the claimant (homeowner), along with any witnesses, and inspect the property to determine the extent of the damage and the costs of repairing the property. The claims adjuster then submits documentation to the insurance company describing the incident and recommendations for the claim amount (how much money the insured will receive from the insurance company to repair the property).<\/p>
Desk adjusters, also known as inside adjusters, work in offices. They handle claims using their computers by information, including images, sent to them by policyholders. Field adjusters, meanwhile, go to the center of the action. They travel to where the damage occurred, interview people there, take pictures, and assess the damage firsthand.<\/p>
Catastrophe adjusters, also called CAT adjusters, are tasked to handle large-scale calamities and are often deployed to disaster zones to work on the claims. Given that these professionals work extremely long hours, with each assignment lasting weeks to even months, and face brutal conditions, they are also among the highest-paid adjusters.<\/p>
Daily claims adjusters, on the other hand, handle claims resulting from losses that can happen in our everyday lives, including clogged toilets, grease fires, and burglary.<\/p>
Insurance adjusters earn a mean annual salary of $73,380 or an hourly rate of $35.28, according to the latest data from the Bureau of Labor Statistics (BLS). While entry-level salaries can be significantly lower than this figure, industry veterans with an established reputation and professional network can earn a six-figure salary. <\/p>
In coming up with the national average, the BLS factored in all types of insurance adjusters, including specialists that handle property, casualty, life, health, and other forms of claims for an employment estimate of 285,270. The table below reveals the percentile wage estimates for \u201cclaims adjusters, examiners, and investigators\u201d based on the bureau\u2019s latest Occupational Employment and Wage Statistics (OEWS<\/a>). <\/p>