In order to fully investigate claims and avoid fraud, insurance claims adjusters contact doctors, employers, and legal counsel for additional information and questions regarding claims. Claims adjusters, appraisers, examiners and investigators also authorize payments and keep all claims files on record. Claims adjusters (sometimes spelled “adjustors”), appraisers, examiners, and investigators have a love-hate relationship with people. They review all insurance claims and decide if an insurance company must pay a claim, and if so, how much. States requiring licenses also require continuing education credits each year.
Claims adjusters can meet this requirement through attending classes, workshops, writing articles for claims publications, or by giving lectures and presentations. Insurance investigators typically need a high school diploma or equivalent. Businesses tend to hire insurance investigators with prior experience as law enforcement officers, private investigators, claims adjusters, or examiners for their interviewing and interrogation skills. Public accountants generally advance within their first two years, and become senior management with a few more years. Some accountants will advance to a management or partner position, start their own accounting firm, or transfer to executive positions in management accounting or internal auditing in private firms. Accountants and auditors often specialize in areas such as assurance services or risk management, among others.
Accountants and auditors prepare tax returns and assure taxes are paid. They are also responsible for reviewing and assuring accuracy and regulation compliance in financial statements, account books, and accounting procedures.
Some self-employed claim adjusters work for individuals not interested in working with the insurance company’s claim adjuster. Not all insurance companies keep an insurance claims adjusters on staff; rather, they may hire self-employed claims adjusters as needed. Insurance claims adjusters, appraisers, examiners, and investigators closely review and settle insurance claims, determining how much of a claim the insurance company should cover.
Cost estimators usually begin their career by shadowing a more experienced cost estimator for a few months to a few years, depending on the complexity of the type of estimating being trained for and the company’s specifications. Every company has unique preferences a cost estimator must learn and meet. A claims examiner career involves reviewing claims to assure claimants and adjusters have followed the guidelines. Claims adjusters may work for companies or as self-employed public adjusters.
In some areas, financial clerks may need specific technical training, for example, in the gaming industry clerks need education in regulations, procedures and policies. Some financial analyst jobs may require a bachelor’s degree, such as a Bachelor of Accounting degree, Bachelor of Business Administration degree, or a Bachelor of Finance degree. Related fields of study, such as economics and statistics, are also applicable to financial analysts. Some employers also require a Masters in Business Administration or a Master in Finance degree. Cost estimators need work experience in the field they plan to perform cost estimating.