If you are considering a career move, insurance adjusting provides opportunities that appear to be on the rise in the immediate future. You should take the time to understand the position and what to expect, in addition to understanding the level of demand for insurance adjusters. If you have an eye for detail and a willingness to work hard when opportunity arises, you can find a challenging, satisfying career path.
Bureau of Labor Statistics
According to the Bureau of Labor Statistics, the demand for insurance adjusters is expected to grow by about three percent through 2024. You should know going in that some demand fluctuates based on types of claims. If you plan to adjust catastrophic claims, for example, more demand will arise with an increased quantity and intensity of natural disasters, such as wildfires in the West and hurricanes in the Southeast. When large events strike, catastrophic claims adjusters spring into action.
Of course, the growth expectations will also change over time. Right now, it appears that natural disasters and health industry claims provide the largest growth potential. Five years from now, this may change. Continuing education and experience have a tremendous impact on your prospects.
Build Knowledge and Experience
Just as you would expect for any career path, you need to build knowledge and experience to find the best opportunities. Coursework and adjuster licensing are critical in order to gain opportunities to work on large claims. In turn, the more you take advantage of these moments to build experience, the better your long-term prospects of growing in the field. Pilot’s Learning Management System (LMS) is a great place to start to further your education!
An independent claims adjuster should also make and cultivate as many strong relationships in the industry as possible. Join industry groups and attend networking events to find greater growth in the field. What you know matters most, but an abundance of industry contacts can make a difference in how often you are called upon and what kinds of claims you can adjust as well.
Growth potential in insurance adjusting depends on following trends and gaining general experience and knowledge. The demand will be there for those who work hardest to excel at their craft.