Have you ever made a huge insurance claim after suffering a loss due to a natural disaster or any other event? Then you probably have met a loss adjuster before. These are professionals hired by insurance companies to assess a claim request before processing it any further.
The role of experts like loss adjusters and risk managers is extremely critical as far as insurance agencies are concerned, Although just because these adjusters are hired by an insurer, it doesn’t mean that they always favor them. Learn more about loss adjusters here.
Who are Loss Adjusters?
As the name suggests, loss adjusters are insurance claim evaluation experts hired by insurance agencies for loss adjustment. Their prime job is to investigate a claim request by determining the nature of the loss. They help the insurers look into each claim and offer honest settlements.
Even though insurance companies could assess claims themselves, it’s beneficial to get it done by loss adjusters. It is so because these experts will not only look into the cases but also create a loss report with extensive information about the claim and loss suffered by the insured.
This is why you will see many insurance companies, especially in places with higher chances of catastrophe events, hire loss adjusters. For example, you will find loss adjusters in the Caribbean Islands quite commonly.
3 Reasons Why Insurance Companies Hire Loss Adjusters
Now that you have an idea of who loss adjusters are, let us look into the top reasons why insurers hire them.
Cost-Effective
Insurers could hire employees to assess claims for them instead of independent loss adjusters. But this option is more expensive. This is because when you recruit permanent resources in your company, you have to spend money on employee benefits along with regular salaries.
But insurance companies hiring loss adjusters from outside don’t have to worry about these major expenses. They can simply call them when they have a case and need expert assistance, get the work done, and pay them their fees.
Expertise in Handling Different Claims
Another reason why insurers hire loss adjusters is that they have in-depth knowledge of dealing with different types of claims. In simple terms, if an insurance company hires experienced loss adjusters in the Bahamas, they can rely on them to help them settle all types of claims easily.
For example, these adjusters might be skilled in handling property and business interruption, high-value homes, yachts, renewable energy claims, and more Therefore, regardless of the insurance claim type and the industry it’s related to, the best loss adjusters get the job done.
Fair Financial Settlement
As we said earlier, even though it is the insurance companies who hire loss adjusters, these professionals are not partial toward them. They are required to assess each claim request fairly so that neither the policyholder nor the insurer has to suffer from unfair financial loss.
Loss adjusters are unbiased experts responsible for investigating and settling claims as they come. It doesn’t matter if the results favor the victim whose claim request gets accepted, or the insurance company, who can have the claim value reduced as per the insurance policy.
To Sum It Up
Hiring loss adjusters has become a common practice among various insurance companies today. So, whether you are a policyholder or own an insurance company, you must familiarize yourself with what loss adjusters are. It’s important for you to stay on top of the latest trends.
Loss adjusters are professionals who aim to bridge the gap between a claim request and settlement. They take over the burden of claim evaluation off the insurer’s shoulders while helping the insured get the compensation they deserve.