Claims Work refers to the process that determines the amount payable by the insurance companies to the policy holders in event of an accident. This task is performed by a team of claims experts who measure the seriousness of the accident in monitory terms and calculate the amount payable as insurance. Here is a synopsis of the claims work.
Work Nature
Claims work consists of accounting, data management, negotiations and coordination functions. It is a combination of duties of typical office and investigations. Claims work includes data management functions of maintaining insurance files, premium payment status and claim details. On receiving claims application, the case is investigated by the examiners and authenticity proven. This investigation report is studied and calculations are made to determine the policy cost and accident claim. The determined amounts are negotiated by both parties and on approval, the amount is disbursed.
Job Scope and Responsibilities
Claims team consists of three main designations. They process the claims files. Job seekers can take up any profile and handle claims procedure.
Claims Clerk: They maintain insurance policy records. They update them after receipt of payment. They provide information to claims team as and when required.
Claims Investigators: They visit accident locations and take an overview of the conditions. They judge the authenticity of the accident and degree of the damage caused, to draft investigation reports.
Claims Appraisers: They study the investigation reports and measure the extent of damage in monitory terms. They compute the amount that should be paid to the policy holders.
Claims Adjusters: They convey the determined amount to the policy holders and take charge of the negotiations made by them.
Qualifications and Skills
To work in insurance claims, one requires Bachelor's Degree in Accounts or insurance. Practical knowledge and other attributes can be acquired with on job experience. The key attributes for claims work include:
Work Environment
Work Place: Investigators undertake travels to accident site on any day to investigate and evaluate the authenticity of the accident. They rarely stay back in offices for work. Accident sites may make them vulnerable to health and safety risks. Claim adjusters, clerks and accountants work in insurance office.
Schedule: Both adjusters and investigators have erratic schedules, drafted as per the availability of the claimants and appointments to visit sites. On the other hand, appraisers, clerks and accountants enjoy typical working hours of 5 days and 40 hours a week.
Stress Levels: Adjusters need to negotiate with policy holders on claim amounts. Differences in claim amounts may cause tensions between the two parties and turn the situation hostile. Negotiations make the task of adjusters stressful. Investigations require travels, keen observations and thorough thought process. It makes their job mentally and physically tiring.
Career Advancements
Most insurance claims members begin work as clerks. They acquire competence in claims settlements and handle accounting and appraising responsibilities. Those without accounting background take up investigations or adjuster jobs. They begin at junior positions and later move on to supervisory, managerial and advisory positions. Insurance companies that function on a large scale have several hierarchy levels that job seekers can explore. Small organizations have fewer employees handling all responsibilities. Such organizations offer limited scope for progress.
Career Prospects
The volume of insurance, claimed by policyholders is increasing rapidly. Organizations give insurance to employees and their families. In addition, the significance and awareness of being insured has increased. This has increased the number of applications for insurance policies, directly increasing the requirements for claims executives. The growth of claims industry is set to record growth at an average rate and is sure to open up ample opportunities for job seekers.
Claims work is responsible, challenging and stressful. At the same time, it offers growth opportunities and decent remunerations. This makes claims work an interesting career option for all jobs seekers.