Loss adjuster starting pay?

[lossadjuster]

Hi all,

I just started working for about 1 mth as a motor investigator in a loss adjusting company, getting 2.8k gross pay.

I have a degree and using that, I have the post nominals of 'Senior Associate (CIP) with ANZIIF' and 'ASII'; but I do not have ACII at the moment, as I would need to take an advance dip with Chartered Institute of Insurance (CII).

Now, despite working for only 1 mth, the chairman noticed my zeal for success with hard work, he offered me to transfer to another department as a Loss Adjuster, which will be handling general insurance claims such as Public Liability, Property Liability and perhaps marine, etc.

However, I don't think the pay would be adjusted and based on the work load I am projected to handle, am I still worth 2.8k?

Please take into consideration that I am currently 34, with investigation experience in Police, LTA, etc. Having said that, I understand that these experience wont matter in General Insurance, as they are of a different skill set.

Should I take up the offer and work as a Loss Adjuster with the same pay (2.8k)?

Thank you to all friends out there.

[lossadjuster]

Another thing... what are the prospects of a Loss Adjuster?

Where can I look forward to and what is the pay range for this path?

I tried searching in the internet but the answers are not to easy to obtain unlike brokers, financial advisers, banker, civil servants, etc..

There was infact an article about the work of a MotorCar Insurance Investigator in Strait Times. Two to three months ago, I think it was on Classified back page on a Saturday/Sunday copy. Perhaps you can call up Strait times to ask about the article. Sorry, i just cannot recall when it was published. But i remember reading about it because it was an interesting article about the challengers of the work scope.

Once u become a director or run ur own loss adjustor firm, u get paid by assignments.
There is a fee guide somelike that
min $A, $X for $Y of claim paid.

If you hoot 1 big big claim in million, u may be able to charge a high 5-digit fee for your services. These type normally handle by directors level. U may be lucky if ask to assist and have some share in the fee.

Most new loss adjustors in the market do not last long... U will likely get those shitty assignments like burst sewerage pipe, graveyard shift, etc. or u have some directors who appeared once and claim most % of your fee.

With the experience, you may consider a job in insurance or reinsurance claim handler or underwriter

Originally Posted by Unregistered

Once u become a director or run ur own loss adjustor firm, u get paid by assignments.
There is a fee guide somelike that
min $A, $X for $Y of claim paid.

If you hoot 1 big big claim in million, u may be able to charge a high 5-digit fee for your services. These type normally handle by directors level. U may be lucky if ask to assist and have some share in the fee.

Most new loss adjustors in the market do not last long... U will likely get those shitty assignments like burst sewerage pipe, graveyard shift, etc. or u have some directors who appeared once and claim most % of your fee.

With the experience, you may consider a job in insurance or reinsurance claim handler or underwriter

Thank you for sharing.

Based on your understanding, what is the pay scale I can look forward to, in this line of work? It's a professional job but the pay, understandably doesn't equate those as of accountants, lawyers etc.

How much would a reinsurance claims handler fetch in remuneration? say, 5 yrs experience in loss adjusting.

This would help in my limited understanding of market value I can project myself 5 years down the road.

You have a part to play in creating your market value. The other part is created by the recruiter representing you.

If you have 5 years of experience handling small claims such as small fire in residential houses, go to only insurer. Since you are an ex-Police on motor investigation, motor claim may be keen on you. From those salary indicated on jobsite, maybe $3 - $5k per month as a senior executive / AM. You may want to note that insurers pay varies from X 12 to X 14.5 months.

As compared to experiences in complex claims such as engineering claims and big fire losses in factory, reinsurer then may be keen. Salary indicated may hit $70k - $80k pa. A friend manages to catch a claim job with <$100k.

First thing first, go get yourself a ACII

Originally Posted by Unregistered

You have a part to play in creating your market value. The other part is created by the recruiter representing you.

If you have 5 years of experience handling small claims such as small fire in residential houses, go to only insurer. Since you are an ex-Police on motor investigation, motor claim may be keen on you. From those salary indicated on jobsite, maybe $3 - $5k per month as a senior executive / AM. You may want to note that insurers pay varies from X 12 to X 14.5 months.

As compared to experiences in complex claims such as engineering claims and big fire losses in factory, reinsurer then may be keen. Salary indicated may hit $70k - $80k pa. A friend manages to catch a claim job with <$100k.

First thing first, go get yourself a ACII

Does the claim job of $100k amounted to the reserve amount or do you mean this $100k is actually the remuneration?

Thanks for the advice so far. Yup, I would be getting the ACII and I have just certifed my true copies at SCI.

Well, on a side note, I am just thankful that I am able to contribute to the society and my family with this occupation, in this volatile job market that seems to claim many people's rice bowl.

Hi all, just want check with you all, how is the pay in singapore working as loss adjuster with 2 years ++ experiance? Actually i working in malaysia as a loss adjuster and i feel my salary is underpaid. so wondering if working in sg is how much?

I m a certificate holder in building services and working in malaysia adjusting firm about 2 years+ in general claim. Is that possible find adjuster work in sg? Normally how much they pay i.e. c/w allowance.

can any experienced insurance professional share about the career prospects and pay for actuaries, underwriters, loss adjusters and brokers? heard that reinsurance brokers can earn alot?

Originally Posted by Unregistered

can any experienced insurance professional share about the career prospects and pay for actuaries, underwriters, loss adjusters and brokers? heard that reinsurance brokers can earn alot?

The highest earner is the insurance agents