Claims Adjusters, Examiners, and Investigators held about 106,600 jobs in 2012. The median annual wage for these workers was $63,670 in May 2012. The lowest 10 percent earned less than $37,040, and the top 10 percent earned more than $103,350.
What Does a Claims Adjuster Do?
A claims adjuster is an insurance professional who investigates insurance claims and determines the extent of the insurer’s liability. Claims adjusters may work for insurance companies or as independent adjusters.
An insurance claims adjuster’s job is to investigate insurance claims and determine the extent of the insurer’s liability. The claimants may be individuals, businesses, or government entities. Adjusters inspect property damage, review police and hospital reports, interview witnesses, and consult with experts to determine the cause of the loss. They then calculate the cost of repairs and evaluate the extent of the insurer’s liability.
The work schedule for this position is Monday-Friday 9:00am-5:30pm. Some evenings and weekends may be required as needed. Overtime hours may also be required during busy periods.
Education and Training Requirements
Education requirements for claims adjusters, appraisers, examiners, and investigators vary by State. Some States have no formal education requirements, while others require investigators to have a college degree. SomeStates require investigators to be licensed as private investigators. Many claims adjusters, appraisers, examiners, and investigators have college degrees in business or accounting.
How to Become a Claims Adjuster
Most insurance companies require claims adjusters to have at least a high school diploma, although some prefer applicants who have taken coursework in business, math, and accounting. Those interested in a career as an insurance claims adjuster should consider completing an associate’s or bachelor’s degree program in business, insurance, or a related field. Many community colleges and universities offer 2-year and 4-year degree programs in this field.
Many states require licensed insurance adjusters to complete continuing education credits on a regular basis to maintain their licensure. Claims adjusters who complete voluntary certification programs may have an advantage when seeking employment or advancement opportunities.
Salary and Job Outlook
As a claims adjuster, you will help people who have suffered property damage or losses get the compensation they deserve. Your job will be to investigate claims, negotiate with insurance companies, and occasionally testify in court. The median salary for a claims adjuster is $63,670, and the job outlook is positive, with a projected 9% growth in the next ten years.
What is the Average Claims Adjuster Salary by State?
The average claims adjuster salary varies depending on the state you work in. Here is a breakdown of the average claims adjuster salary by state:
-District of Columbia: $65,850
The job outlook for medical and health services managers is expected to grow by 20 percent from 2016 to 2026, much faster than the average for all occupations. An aging population and chronic conditions, such as diabetes and obesity, are driving demand for healthcare services. In addition, as the Baby Boomer generation ages, there will be a greater need for managers in nursing care facilities and continuing care retirement communities.
The median annual salary for medical and health services managers was $96,540 in 2016. The lowest 10 percent earned less than $58,350, and the highest 10 percent earned more than $172,240.