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Insurance Loss Adjuster

Insurance loss adjusters act as mediators between insurers and claimants when insurance claims are made.

 

Tasks & duties

Insurance loss adjusters may do some or all of the following:

  • inspect damage to property, vehicles or equipment
  • determine the cause of damage
  • assess and investigate the loss
  • interpret the insurance policy wording
  • estimate the cost of repair or replacement with the assistance of tradespeople, such as builders
  • obtain tenders and quotes for repair or replacement
  • recommend whether repair or replacement is appropriate
  • discuss and agree with the claimant on a suitable repairer
  • authorise payments once a claim is accepted by the insurance company
  • organise and supervise repairs
  • negotiate between claimants and insurance companies when claims are difficult to settle
  • write reports on all claims

 

Specialisations

Insurance loss adjusters may specialise in one of the following insurance areas:

  • aviation
  • domestic (for example, general household and small business claims)
  • natural disasters
  • engineering
  • building construction and materials
  • financial
  • heavy motor
  • motor
  • liability
  • marine

 

Skills & knowledge

Insurance loss adjusters need to have:

  • knowledge of the insurance industry, particularly their area of specialisation
  • knowledge of insurance policies, including what each policy covers
  • an understanding of relevant laws such as the Insurance Law Reform Acts, the Privacy Act, the Human Rights Act and the Consumer Guarantees Act
  • research and investigation skills
  • skill in analysing and interpreting information
  • good communication skills, including interviewing skills
  • negotiating skills
  • maths skills
  • organisational skills
  • computer skills

 

Entry requirements

There are no specific entry requirements to become a loss adjuster. However, most loss adjusters have a background in insurance and often have qualifications in accounting, engineering, science or business. 

Depending on the area of assessment insurance you wish to work in, you may need specialist qualifications. For example, if you are interested in working on claims caused by natural disasters, it is useful to take Earthquake Commission (EQC) papers.

 

Secondary education

There are no specific secondary education. However, a tertiary entrance qualification with English and maths may be useful.

 

Training on the job

Loss adjusters may complete further training to become chartered loss adjusters. To do this you must apply for membership of the Australasian Institute of Chartered Loss Adjusters (AICLA).

After this you must complete exams administered by the Australasian and New Zealand Institute of Insurance and Finance. Passing these allows you to qualify for a Diploma of Financial Services (Loss Adjusting).

 

Useful experience

Useful experience for insurance loss adjusters includes work in another area of insurance, especially claims, survey or inspection work, or legal or accountancy work. Practical experience in a relevant industry, such as panel beating or building, is helpful.

 

Related courses

Insurance and Actuarial Studies

 

For more information, please refer to Career Services.

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