Occupation Profile for Insurance Adjusters, Examiners, and Investigators
Investigate, analyze, and determine the extent of insurance company's liability concerning personal, casualty, or property loss or damages, and attempt to effect settlement with claimants. Correspond with or interview medical specialists, agents, witnesses, or claimants to compile information. Calculate benefit payments and approve payment of claims within a certain monetary limit.
Signficant Points
- Employment is expected to increase moderately, but many job openings will arise from the need to replace workers who retire or leave for other reasons.
- Licensing and continuing education requirements vary by State.
- College graduates have the best opportunities; competition will be keen for jobs as investigators because this occupation attracts many qualified people.
Earnings
Earnings of claims adjusters, appraisers, examiners, and investigators vary significantly. Median annual earnings were $50,660 in May 2006 for wage and salary workers. The middle 50 percent earned between $38,520 and $65,210. The lowest 10 percent earned less than $30,890, and the highest 10 percent earned more than $79,170.
Median annual earnings of wage and salary auto damage insurance appraisers were $49,180 in May 2006. The middle 50 percent earned between $40,870 and $57,830. The lowest 10 percent earned less than $34,220, and the highest 10 percent earned more than $68,420.
Many claims adjusters, especially those who work for insurance companies, receive additional bonuses or benefits as part of their job. Adjusters often are furnished a laptop computer, a cellular telephone, and a company car, or are reimbursed for the use of their own vehicle for business purposes.
Job Outlook
Despite average job growth, keen competition for claims adjuster, appraiser, examiner, and investigator jobs is expected, especially in smaller, privately owned companies. For claims adjusters, opportunities will be best for those who have a license and related experience. For appraiser jobs, opportunities will be best for those who have some vocational training and previous auto body repair experience.
Employment change. Employment of claims adjusters, appraisers, examiners, and investigators is expected to grow by 9 percent over the 2006-16 decade, which is about as fast as the average for all occupations. Many insurance carriers are downsizing their claims staff in an effort to contain costs. Larger companies are relying more on customer service representatives in call centers, for example, to handle the recording of the necessary details of the claim, allowing adjusters to spend more of their time investigating claims. New technology is reducing the amount of time it takes for an adjuster to complete a claim, thereby increasing the number of claims that one adjuster can handle. The demand for these jobs will increase regardless of new technology, however, because they cannot be easily automated. Additionally, a growing need for adjusters, appraisers, examiners, and investigators will stem from more insurance policies being sold to accommodate a growing population. Further, as the elderly population increases, there will be a greater need for health care, resulting in more health insurance claims.
Employment of insurance investigators is not expected to grow significantly, despite the expected increase in the number of claims in litigation and the number and complexity of insurance fraud cases. Technology, such as the Internet, reduces the amount of time it takes investigators to perform background checks, allowing them to handle more cases. However, adjusters are still needed to contact policyholders, inspect damaged property, and consult with experts.
As with claims adjusters, examiners, and investigators, employment of auto damage appraisers should grow by 13 percent, which is also about as fast as the average for all occupations. Insurance companies and agents continue to sell growing numbers of auto insurance policies, leading to more claims being filed that require the attention of an auto damage appraiser. The work of auto damage appraisers is also not easily automated because most appraisals require an onsite inspection, but new technology is making them somewhat more efficient. In addition, some insurance companies are opening their own repair facilities, which may reduce the need for auto damage appraisers.
Job prospects. Numerous job openings also will result from job growth and the need to replace workers who transfer to other occupations or leave the labor force. Overall, college graduates and those with previous related experience will have the best opportunities for jobs as claims adjusters, examiners, and investigators. Auto damage appraisers with related vocational training and auto body shop experience will also have good prospects. People entering these occupations with no previous experience or formal training may find more opportunities working directly for an insurance carrier.
Competition for investigator jobs will remain keen because the occupation attracts many qualified people, including retirees from law enforcement, the military, and experienced claims adjusters and examiners who choose to get an investigator license. Heightened media and public awareness of insurance fraud also may attract qualified candidates to this occupation.
Employment
Adjusters, appraisers, examiners, and investigators held about 319,000 jobs in 2006. Insurance carriers, agencies, brokerages, and related industries, such as private claims adjusting companies, employed more than 7 out of 10 claims adjusters, appraisers, examiners, and investigators. Less than 5 percent of these jobs were held by auto damage insurance appraisers. Relatively few adjusters, appraisers, examiners, and investigators were self-employed.