The insurance industry is posi- tioned to undergo a significant ransformation as nearly a quar- ter of professionals including
claims adjusters, are expected to retire
in the next 12 to 18 months. The impact
on the industry is already being felt as
insurers are actively recruiting the next
generation of adjusters, claims managers,
technology experts and data scientists.
Technology will help mitigate some
of the loss as new apps, programs and
equipment allow adjusters to better manage their time and resources, but there
will be some changes in how jobs are assigned, who handles them and even who
reports claims in the future.
Adjusters are already feeling the impact of these challenges. Some are seeing
the staffing issues as other adjusters leave
the industry. Some have not had raises in
several years. Many of the respondents
feel that their salaries are not keeping up
with the growing workloads and yet 64
percent said they would still recommend
this profession to other people.
A wide variety of professionals responded to this year’s survey: 40 percent
were company claims staff, 22 percent
were independent adjusters, 3 percent
were appraisers, 2 percent were members of special investigative units, and 33
percent comprised risk managers, third-party administrators, claims executives,
claims managers and consultants.
This year, almost half of the respondents were field adjusters, while the balance were owners or senior management.
Seventy percent were male and 30 percent were female.
Time is money
Interestingly, 85 percent of the company
adjusters said that their companies do not
pay overtime and yet 64 percent of the respondents indicated that they work more
than 40 hours a week. All of them work
full-time for their firms. Of those who do
work overtime, 7 percent work less than
five hours more per week; 5 percent work
6-10 hours and 3 percent work an additional 11-20 hours a week.
Independent adjusters were more likely to work part-time as indicated by 20
percent of the respondents, but the other
80 percent work anywhere from 50 to 80
hours a week.
The number of hours company adjusters are working seems to be keeping
steady, with the majority (69 percent),
saying their hours haven’t changed significantly over the past year. That’s just a
slight drop of 2 percent from last year’s
survey. Here’s how the numbers fall:
How many years until you retire?
Less than 10 years to retire
More than 30 years
$60,000 - $79,000
$80,000 - $100,000
$100,000 - $129,000
$130,000 - $180,000
Hours worked by company adjusters
Stayed about the same
How are you compensated
for the majority of assignments?