The insurance industry safeguards individuals and financial institutions from any kind of a set back. Such a financial loss may occur due to auto accidents, natural disaster, disability and property loss as well as other circumstances. In such cases the insurance industry is meant to offer a proper backing to help recover from such setbacks. The entire process involved with buying a policy and making an insurance claim is taken care of by insurance professionals. Insurance professionals would include underwriters, adjusters, agents and third parties.
Individuals who have great analytical skills can make good underwriters. They are meant to analyze the risks associated with the clients of an insurance company and design a policy to secure long term profits for the company. They are required to be adept in analyzing risk, settling offers and analyze claims etc.
Adjusters on the other hand also analyze claims, but their work is also somewhat related to a face-to-face interaction with the claimant. Adjusters not just analyze claims but also negotiate with the claimant and finally settle the procedure within the purview of the Federal & Statutory laws. Whether a claimant will put his trust on the adjuster provided by the insurance company or whether he will look for a public adjuster on his own is solely his discretion. Since the public adjusters are not working with any particular company they see the interest of the claimant (then their client) as priority.
Insurance agents are those individuals who guide customers who are looking for insurance policies to suit their needs. It is the job of the insurance agent to offer possible solutions to the customer and find him a policy that suits his needs. There are independent insurance agents and captive insurance agents. As the name suggests the independent agent can work with companies of their choice and are not bound by the policies of any company. Captive agents on the other hand work with a particular company and are entitled to bring in business for that one company alone.
Investigators function when the case is conveyed by the adjusters in case there is a fraud involved. The fraudulent activities include:
- Raising a fire
- False disability claims
- Accidents that are made deliberate
- Healthcare treatment costs exaggerated
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