Principle Job of Insurance Adjuster

The insurance adjuster that has been asked to work on a new case must seek to achieve 2 goals.

What are the 2 goals towards which all adjusters strive?

Getting each claimant to accept the offer of compensation from the insurance company.

Avoiding situations where displeased claimant has chosen to initiate a lawsuit.

Adjuster’s tasks, during pursuit of the first goal is to complete all aspects of a thorough investigation. They will use a formula to gain an estimate for the value of the investigated case.

In the formula the total of the claimant’s medical expenses gets multiplied by a figure that is called a multiplier. The multiplier is usually some number between 1.5 and 5, although it could be higher. It represents the nature and extent of the reported injuries for the investigated case.

The product from the multiplication operation gets added to the value for the claimant’s lost income. That sum represents the estimate for the case’s value. Adjuster will present the claimant with the initial offer and await the claimant’s response:

• It could be a new demand or a refusal to accept the opening bid/offer.
• Make changes in the offer/bid
• Raise it slightly, if it’s a new demand
• Raise it to a greater extent, if the claimant has refused the opening bid.

They will continue with exchange of demands and offers until both sides agree on a specific figure.

Confirm the date for delivery of compensation and the injury lawyer in Kitchener for the plaintiff will include in confirmation a reminder that the insurance company must first receive a signed release.

Make arrangements for delivery of a release form.

Arrange for delivery of promised compensation, following receipt of the signed form.

Adjuster’s tasks during pursuit of the second goal

In response to the demand letter, share thoughts on any weaknesses in the presented claim. This should keep a claimant from expecting an unreasonably large compensation.

If the adjuster’s opening bid were to be viewed as an unreasonably low one, the negotiating process would slow down. That could frustrate the claimant. A frustrated individual might want to initiate a lawsuit.

Make sure to give an appropriate response to any future demands. Keep working to avoid any delay and any amount of frustration.

Understand that it is the claimant’s right to question the logic behind an unreasonably small bid/offer.

Strive to minimize the length of any delay, when responding to a claimant’s questions. Do not provide any claimants with a reason for sending a letter to a superior, one working at the insurance company.

Work to achieve the goal: Achievement of an agreement, regarding the size for the compensation. Afterwards, have the same compensation delivered, once the negotiations have led to an agreement, and the insurance company has received the signed release form.