Modern insurance is largely a creature born from the shipping industry in London during the 15th century, and its origin can be traced to the Lloyds cafe where news was exchanged about whether shipments arrived in sound condition. From there, it expanded into the business we commonly know today. The phrase perhaps best stated about this business is that honest news delivered quickly is the lifeblood of insurance and that still holds true today. Insurance is only successful when it knows whats happening in the field. Our six tips for success in the insurance claim adjusting business are as follows:
1. Dont delay bad news.
This is the most important of our ten tips because if Underwriting isnt made aware of bad news quickly it can mean disaster down the road. Insurers dont always have cash funds for immediate availability and some losses may require more lead time to make funds available. Fraud can also play a role here and the foundation should be built quickly and early to resolve such issues.
2. Ask Questions.
If youre not sure about something then just ask instead of guessing. No two insurance claims are alike and each will present its own unique challenges, whether youre working with premises liability or surplus lines. Getting in over your head on account of pride is never a good idea and youll often find that people who are in the business are willing to help.
3. Work Within Your Boundaries.
Everyone has a place and purpose within the insurance sector. Underwriters dont evaluate claims as much as they evaluate risk because thats the job of the adjuster or surveyor. Attorneys dont go in the field because their job is to deal with the issues of litigation. Agents shouldnt comment on the claim process, but they should be a bridge between the insurer and insured.
4. Keep a Log or Diary of Your Activity.
Perhaps one of the most important aspects of working as an adjuster is to keep a log of activity for each file, so that it can be easily referenced when necessary. Keeping your information available and up to date means faster response times and is an overall good practice for this business.
5. Work Without Prejudice
The importance of working without prejudice cannot be understated but its rarely encouraged. The only thing that can result from adding bias to a claim is litigation or damage to reputation neither of which are worth the trouble. Give the parties the same courtesy you would expect if you were in their situation.
6. Share Common Courtesy.
In today’s world of fast paced global insurance it can be easy to forget use of common courtesy, especially through e-mails. Insurance is a business of trust and its nice to get know that each party take a moment to deploy a thoughtful greeting. A simple courtesy can be the difference between a relationship that lasts for one transaction, or a hundred more. It takes less than a second to type Good Afternoon for most of us.