The loss adjuster is usually the first insurance representative on the scene when disaster strikes, and often perceived to be the “agent” of the insurer or risk carrier.
Experienced in the effective resolution of a variety of losses, the skilled adjuster is key to providing that much needed support, guidance and empathy to the insured in their time of need.
The added value of this service to both the insurer or risk carrier and broker, cannot be underestimated, as a correctly and professionally dealt with loss will usually leave the insured feeling confident that their decision to elect and forge a relationship with the specific insurer or risk carrier, was justified.
This important role, however, is not the only vital cog in the value chain, as the adjuster’s involvement and ability to correctly apply cover more often than not assists with the containment of claims costs and reduction of “leakage”.
To answer the question of whether a qualified loss adjuster adds value, one only need consider the earthquake which occurred on 27th February 2010 in Chile. This reached a magnitude of 8,2°, affected several densely populated areas, and resulted in the intimation of approximately 180,000,00 claims.
Insurers and risk carries, in conjunction with the Superintendency of Securities and Insurance, who regulate the industry, met with the Association of Independent Official Insurance Loss Adjusters (ALOSI), implemented a workable and effective strategy and together ensured that the majority of claims were settled and resolved in as short a period as possible.
Adjusters were penalised, where applicable, for failing to meet specific deadlines, but, the upshot of their involvement and ability to attend properly to the resolution and adjustment of these claims, resulted in a renewed confidence in the local loss adjusters, and an empathic approval in respect of the added value brought to table.
Insurers and risk carriers the world over are beginning to recognise the value a qualified loss adjuster can provide, and, in countries where loss adjusting skills are lacking, insurers and risk carriers are appointing loss adjusters from beyond their borders, to look after their customer in a time of crisis.
The increase in both frequency and severity of natural disasters around the globe provides an excellent opportunity for loss adjusting firms to capitalise on their diverse set of skills and resources, and the profession, and, in particular, the expert or qualified loss adjuster, will flourish in the years to come.
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