- Member Since: December 10, 2017
How Independent Firms Can Assist Insurance Companies
Day to day claims are processed by insurance companies in-house. The company sends out an Insurance claims adjuster who is a permanent member of staff. commercial insurance adjuster assesses the damage or medical needs indicated in the claim of the policyholder. There are also times when a policy holder may be located quite a distance from the nearest office.
Instead of spending the money to send an insurance adjuster, the company may save time and money by contracting with an independent firm that provides nationwide claims adjustment services. An Independent Adjuster closer to the location will go to the location and handle the claim. That adjuster does not work directly for the insurance company, but represents the company at that time.
The company may experience a shortage of adjusters in times of severe winter weather, a sudden catastrophe, or a natural disaster. Since all of those situations are beginning to happen in record numbers, most companies do not have adequate adjusters to meet the needs of residential and commercial policyholders. An independent firm can help in several capacities.
While the insurance company adjusters are responding to claims, the firm can send in supplemental adjusters to assess and identify the potential risks of a situation, building, or proposed project. independent insurance adjuster allows the company to make decisions regarding new policy requests without having holders with claims wait for processing.
In the event of a large loss, either from one policyholder or several, outsourcing some of the adjusting duties expedites resolution of the situation. Policyholders receive excellent and timely service, the company can process the loss faster, and any clean up, replacements, or major repairs can commence immediately. That saves companies money on related additional claims.
An example is a roof collapse of an apartment complex. In addition to any damage or medical claims, insurance companies will be inundated with claims for temporary accommodations, travel and meal expenses, and even possible business interruption claims. The sooner the roof is fixed and people can get back into their apartments or business spaces, the less money companies have to pay out in related claims.
Some large independent firms also provide initial and ongoing training for new and experienced adjusters. Laws, terms and conditions, and procedures are constantly changing when it comes to insurance. Some changes are instigated by oversight agencies, while others are adopted by individual companies. Updates, best practices, and new tools or methods of handling claims can be passed on to working adjusters faster and cheaper from one training source instead of companies developing and conducting their own training.