Insurance assessors

oldbaldman

Hi everyone,

Any insurance assessors here? Can anyone give me some detail of how insurance assessors are paid, in particular is there is a bonus system or structure on keeping claims down or declining responsibility for a claim citing "non insured peril", or by any other means?

regards

obm

Quentin

Think you are enquiring about "adjusters"


There are some who come here. They tell us they don't try and save their paymasters by keeping claims down etc and always act fairly.


Makes you wonder why there is any need for "assessors" (who are employed by the policyholder to make sure they get what they should for the cover they paid for)!


(Though there are plenty threads and posts here from policyholders who get a raw deal from the adjusters)

oldbaldman

That might be them.

I understand that they may be on a bonus if they can keep the cost of claims down, but need to clarify, or confirm this?

obm

TSx

Most adjusting contracts are fixed fees in bands. The higher the claim cost the more the adjuster gets. For repudiations a reduced fee is often charged. Individual adjusters are usually targeted on fee income.

nobbysn*ts

TSx wrote: »

Most adjusting contracts are fixed fees in bands. The higher the claim cost the more the adjuster gets. For repudiations a reduced fee is often charged. Individual adjusters are usually targeted on fee income.

So, insurers give repeat business to adjusters that "adjust" the claim down to a much, much, smaller claim. So, basically, yes, loss adjusters will screw you down through the floor, and they get paid for it. The better they are, the more they get paid.

Prothet_of_Doom

Having dealt with someone with a Job Title "Loss Adjustor", the role appears to be to try and confuse the victim, into accepting less than he really needs for replacement. It might have been that one person, or it might be all of them, but I ended up presenting a case for 4 time more than his figure and accepting 3 times his first figure.
If he'd have been less aggressive with his first valuation, and offered twice what he did, I would have accepted it, but I was so enraged, that I ended up with more.

oldbaldman

Thank you for all your comments. I will update when the issue is resolved.

obm