Loss adjusting careers
The loss adjusting profession is in a state of flux. Liability is the busiest area in terms of growth; household in terms of volume. The market, as with other areas of insurance, is characterised by a shortage of candidates to fill the available pool of loss adjusting jobs.
There was always a trend to take on contractors, but the lack of availability of quality permanent candidates has meant that employers are hiring a more diverse workforce, including older adjusters and those who want to work more flexible hours. Having a loss adjuster in close proximity is the main priority of claims managers.
Lack of qualified loss adjusters
London has historically always been a vibrant market, offering many loss adjusting career opportunities competition among employers to attract and retain staff is extremely fierce. However, due to the cyclical nature of loss adjusting workloads, there are periods where firms are not as frantic about finding adjusters. The market has experienced skills shortages, especially within specialist and property claims.
The crux of the problem seems to revolve around a general lack of qualified adjusters and this has also been the case in other areas of insurance such as underwriting.
Employers across the country seek smart, personable, customer service-focused individuals but identifying this mix of skills is not always easy. For some firms, investment in training is more crucial than ever.
Increasingly, emloyers within the insurance industry are training candidates from diverse backgrounds such as engineering, surveying and accountancy. This provides a pool of talent that can be deployed across businesses.
As the boundaries between financial services companies become less defined, more candidates are moving to and from brokers, insurers and adjusters.
Enticing new entrants to loss adjusting
Employers are offering structured training programmes and benefits such as flexitime, more annual leave and generous bonuses in response to candidates demanding security, exposure to more sophisticated markets and the ability to fulfil their career aspirations.
Candidates increasingly want to know if there is a sufficient training provision to ensure career development. Benefits are assuming far greater importance, in particular for those who move across from other business sectors.
Demand for similar packages is expected and the loss adjusting industry has had to react by carefully looking at recruitment strategies to fulfil both candidate needs and business requirements.
Commercial adjusters have to be CII-qualified with a strong work ethic; for more senior roles, CII and CILA credentials are required. In the domestic field lesss concerned with formal qualifications and more interested in candidates' commitment and enthusiasm to learn.
The Society of Claims Technicians (SCT) was driven by leading loss adjusters. This recognised qualification introduces career-minded claims handlers to different aspects of the insurance industry, has grown in popularity and has begun to shape salary trends.
The future for loss adjusting
Loss adjusters recognise that to attract and retain quality staff, recruitment strategies have had to be reviewed to keep up with the increasing work-life trend.
Adjusting firms will evolve into claims solutions companies, and that mergers and acquisitions, either by insurers or other outsourcing firms, will further consolidate the market. The role of loss adjusters has become more flexible as it has followed the market they serve.
For more information, visit www.cila.co.uk or www.cii.co.uk.
