A major factor in bridging the insurance industry talent gap is whether or not long-time insurance professionals can get young people on board with a career in the industry.
Currently, Millennials and younger generations don’t have a whole lot of interest in joining the industry. Why this is and what can be done to change it has been a hot topic here at AgentSync and across the entire insurance industry. While there are a few different factors that make the industry less attractive to certain individuals, a lot of it boils down to the industry’s current reputation among young people.
Younger generations lack knowledge and understanding about insurance in general. This is likely due to a lot of Millennials waiting longer to do things that typically require insurance products like buying a house, getting married, or having children. And unfortunately, the industry has a reputation for being slow to adapt and not the most exciting field to work in. We absolutely beg to differ, and as we’ve written about before, the industry offers something for everyone, even if insurance itself isn’t their passion.
Why do insurance adjusters in particular have such a bad rap?
Claims adjuster may be one of the least understood career paths in the insurance industry, even though it’s a vital role. In fact, the entire claims management process is often a source of frustration for both insurers and policyholders thanks to a historically glacial process. Unfortunately, throughout the proceedings, a lot of consumers perceive claims adjusters as the main thing standing in the way of receiving their settlement.
While an insurance adjuster’s main job is to decide how much a carrier should pay for a claim, that doesn’t mean they’re trying to cheat consumers out of the money they’re entitled to. At the end of the day, adjusters are just trying to reach a fair settlement and help insurance carriers avoid paying for any fraudulent claims. But, since the job is so misunderstood, we’re sharing the truth about five common insurance adjuster misconceptions.
5 Myths about working as an insurance adjuster
1. Being an insurance adjuster is boring
One of the most common misconceptions about working as an insurance adjuster is that the job is boring and repetitive. This actually couldn’t be further from the truth. As an insurance claims adjuster, you can expect each day to look pretty different. Just think about a job in auto claims. One day you might be dealing with a small fender-bender involving two parties and the next day you’ve got a ten car pile-up on your hands.
Looking for a high-adrenaline job? When catastrophe strikes, insurance adjusters are often some of the first people on the scene. Insurance adjusters get to put on their detective hats while investigating accidents, interviewing key witnesses, and determining whether or not a case is fraudulent. Plus, endless travel opportunities and remote work flexibility means insurance adjusters are rarely stuck in an office staring at a computer all day.
2. There’s no room for growth
Wrong! Plenty of insurance professionals start out with a career as an adjuster, but that doesn’t mean they stay there forever. There’s plenty of room for growth both as an adjuster and within the wider insurance field. Some adjusters choose to specialize in a specific claims area, such as bodily injury or natural disaster loss. Others work for a few years as an adjuster and then choose to pivot to a career as an agent or underwriter.
Either way, working as an adjuster can help you develop important skills that’ll stay with you throughout the rest of your career in the insurance industry (or beyond) including:
- Communication and negotiation skills
- Attention to detail
- Time management
- Industry knowledge
- Customer service
- Claims handling
- Investigative skills
3. It’s not a satisfying career
While satisfaction is subjective, claims adjusting can definitely be a rewarding and fulfilling career. A lot of people find satisfaction in careers that help other people. At the end of the day, adjusters play a large role in helping businesses and individuals recover after devastating losses.
Whether a business is a victim of theft or an individual experiences property damage and loss from a house fire, adjusters are there to assist. It’s not always easy to reach a settlement that’s fair to both the insured and the insurer, but knowing that all the work required is going toward helping people recover after what may have been a life-altering event can make the job worth it.
4. Insurance adjusters only deal with property claims
You might think that working as an insurance claims adjuster means you’ll only ever be dealing with property claims like car accidents and home damage. That’s because a lot of professionals start their career in the property claims space. While property claims adjusting is a great way for new insurance folks to gain experience, it’s not the only career option.
There are plenty of different areas and specializations an insurance adjuster might explore. For example, if you’re interested in healthcare, you might be a good fit as a long-term disability or medicare fraud claims adjuster. Or, with cyber security attacks on the rise, maybe you’d enjoy a career investigating cyber-crime claims. The point is, from bodily injury to ocean marine, there are plenty of options for insurance adjusters beyond property claims.
5. You don’t need a license to become an insurance adjuster
Ok, this one is mostly false, but adjuster licensing can get a little tricky. Some states require licensing only for general independent adjusters or public adjusters, but not for insurance carrier staff adjusters. Others require licenses for any adjuster no matter who they work for. If you’re unsure whether or not your resident state requires adjuster licenses, it’s always a good idea to reach out to the department of insurance to find out.
And if your resident state doesn’t require insurance adjusters to hold a license, but you want to work in multiple states, you’ll need to choose a state that does license their adjusters as your Designated Home State (DHS) so you can work as an adjuster anywhere in the country. Nuances like this can make navigating insurance adjuster compliance overwhelming.
Don’t let these misconceptions keep you from pursuing a job in insurance
Whether adjusting claims sounds like your cup of tea or not, the insurance industry really is an excellent field to make your career in. For more information on what makes the industry so great, and why you should take the time to build your career in it, check out our other articles.
Or, if you’re already in the industry, whether you’re a carrier, agency, or MGA/MGU, see how AgentSync can help you manage state-by-state adjuster (and producer) licensing requirements and turn adjuster licensing validation from a nightmare into a dream. Schedule a demo with AgentSync today.