At first, it can be a little confusing to answer the question, “Who do I work for when I become and Independent Adjuster?” Here is a little bit of perspective on it that we hope will clear things up for you.
This is an excerpt from our free eBook titled “Catastrophic Insurance Adjusting – Making it Your Career” where I have written about working as an Independent Adjuster.
“Ultimately, we are bound by the rules and regulations of the insurance company that hires our employers. However, we aren’t paid directly by the insurance company nor are we usually supervised directly by the insurance company. As Independant Adjusters we work for separate third party companies called third party administrators (TPAs) or Independent Adjusting firms (IA Firms).IA Firms are contracted by the insurance companies to hire, supervise, and ultimately administer the rules and regulations of the insurance company. They are therefore our employers. To understand the role of IA firms it helps to understand why they are necessary to our industry. Insurance companies hire staff adjusters to handle their daily claim volume although some companies have national CAT teams as well. These staff adjusters take care of the day to day claims such as a water heater leaking or a small kitchen fire, etc. Insurance companies hire just enough staff adjusters to cover these types of losses.
However, during a large storm event those staff adjusters simply cannot handle the volume of claims that come in. With the spike in claim volume from a catastrophe, comes the need for independent adjusters to help close those claims. This business model makes sense as the insurance companies keep their day to day operational costs low and during large events they have the support to handle the overflow.IA’s work the same type of claims as the staff adjusters; however, they are only in one location until the volume is reduced so that the staff adjusters can handle them. It is for this reason that IA firms and independent adjusters are an integral part of the claims handling process, especially during a major storm event. This niche is what makes becoming an independent adjuster such an awesome opportunity for someone who doesn’t have a college degree or someone looking for a second career after the military or anyone looking for a new career.”
If you would like to read more about what it is like working as an Independent Insurance Adjuster, click the link below to download a free copy of our eBook “Catastrophic Insurance Adjusting – Making It Your Career”.
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