Making a move into Loss Adjusting

The summer floods of 2007 put the Loss Adjusting industry firmly in the full glare of the media spotlight.  Never before had the UK insurance industry witnessed such a severe weather related event, which was eight times the combined cost of the Boscastle (2004) and Carlisle (2005) floods (source ABI).  Indeed the final cost is estimated in the region of £3 billion and comprised over 165,000 claims at an average cost of £20,000.

The subsequent shortage of Loss Adjusters led to larger firms bringing in employees from overseas offices as far a field as South Africa and the United States.  However for ambitious Claims Technicians, what are the options available to progress to an external role?

Type of Skills Required

Loss Adjusters are appointed by insurance companies to specialise in the investigation of insurance claims, but they operate independently of them in order to act as an intermediary between the insurer and policy holder.  Individuals are sourced from Insurance, the Legal profession, Accountancy, Building Surveyors, Civil Engineers and Structural Engineers.  They are involved in a wide range of claims including Property, Subsidence, Fraud, Major Loss, Liability/Casualty, Environmental and Marine.

As a Claims Technician, you are essentially the first point of contact for insured’s.  The ability to display empathy and communication skills are vital personal attributes, which apply to a Loss Adjuster.  The main route to a trainee Loss Adjuster role is to progress internally within an organisation.  An individual who has gained substantial desk topping experience, shown the willingness to progress with CII qualifications and holds the aforementioned “people skills” is certainly a cheaper recruitment solution (in the short term) from a firm’s point of view, as opposed to recruiting externally.  There would also be the added advantage that the internal candidate is fully familiar with the company’s working methods.  In comparison, a newcomer would need time to address issues of being unfamiliar with company specific systems and procedures.  Nevertheless, the Loss Adjusting industry is very receptive to individuals from an insurance company background.

An alternative route is to gain experience and qualifications within a different industry which are transferable to the loss adjusting sector.  For example, the shortage of qualified Surveyors or Engineers within the London area has led a number of loss adjusting practices to recruit graduates with little or no practical experience.  The CII have recently emphasised the need to compete with other sectors to attract graduates to the insurance industry.  Increasingly loss adjusting firms have recognised the importance and benefits of attracting “new blood” to the profession and many now operate dedicated graduate schemes with a set number of annual intakes.

As with any career, progression also offers rewards from a financial perspective.  At Claims Technician level, salaries vary greatly from a non-technical Subsidence Assistant or Household Claims role starting in the region of £15,000 up to an experienced Liability Claims Handler, earning up to circa £25,000 (assuming full knowledge of relevant legislation and case law).

On an external level, a trainee Loss Adjuster, likely to have achieved Cert CII or Dip CII as an absolute minimum, earn a basic salary of around £20,000 - £22,000 (in addition to benefits such as a company car/allowance and bonuses).  An experienced General Adjuster can expect to earn between £25,000 - £35,000, although commercial knowledge would raise this to approximately £40,000.

Where professional qualifications are specifically sought, slightly more scope for flexibility is available.  As a result, qualified surveyors or engineers working within the subsidence arena can command salaries of £45,000 upwards.  Typical qualifications include MCIOB, MICE, MRICS, MIStructE and NBEng.

Established in 1981, Adjusting Appointments offers a total recruitment service for the UK Loss Adjusting industry, from Managing Director to junior level.  We work with a large number of firms, from small independent practices to multi-national organisations with representation on every continent.  We offer a complete fee and confidential service, with a professional CV writing service included.  If you would like to discuss career options and how we can potentially be of assistance, please contact me on 0113 246 0525.

Rob Adams (Consultant - Adjusting Appointments)

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