What does a Insurance Claims Settler do?
Insurance claims settlers, also known as claims handlers, adjusters, administrators or assessors, are either insurance technicians or graduate trainees specialising in claims. They deal with the payment of claims to policyholders who have suffered loss or misfortune. Insurance claims settlers also:
- issue claim forms to customers
- check details of claims
- make sure that the premiums have been paid and that the policy covers the claim
- inform clients if the claim will affect the terms of their policy or their premiums in the future
- gather further information when necessary, such as receipts or photographs of property or jewellers’ valuations
- arrange payments where claims are straightforward and within set financial limits.
Where claims are for an amount above a set limit or where they are not straightforward, for example if there is some doubt about them or a suspicion of fraud, they pass the claim on to a claims manager.
What's the working environment like working as a Insurance Claims Settler?
The normal working hours are 9am to 5pm, Monday to Friday.
Claims settlers are usually office based. In the case of major disasters such as floods, they may set up an office near to the site of the incident to deal with claimants personally. In these situations they may work outside normal hours and may have to stay away from home.
What does it take to become a Insurance Claims Settler?
As a claims settler you should:
- be an excellent communicator to deal with clients in person and on the telephone
- be able to deal with all types of people, some of whom are going through distressing circumstances
- be able to handle angry or aggressive clients calmly and assertively
- be attentive to detail, to check facts and gather information for reports
- possess good written communication skills for producing reports
- be efficient so that claims are paid promptly and be able to work well under pressure
- have good keyboard skills as much of the work done is on a computer.
Insurance Claims Settler Career Opportunities
After some years’ experience of claims work, claims settlers can move on to become claims managers.They are likely to continue their studies and become associate members of the CII or IFS. See Insurance Claims Manager for further details.
As claims settlers build up their experience in an insurance environment, it is possible for them to make sideways moves into loss adjusting, broking or sales. See Insurance Loss Adjuster, Insurance Broker and Insurance Broker Consultant for further details.
If you would like to know anything about Insurance Claims Settler that does not appear on Hotcourses, further information can be found below. Financial Services Skills Council
51 Gresham Street
Tel: 020 7216 7366
www.fssc.org.uk Chartered Insurance Institute
Tel: 020 8989 8464
www.cii.co.uk Institute of Financial Services
4-9 Burgate Lane
Tel: 01227 818609
Chartered Institute of Loss Adjusters
36 Monument Street
Tel: 020 7337 9960
Financial Services Authority (FSA)
25 The North Colonnade
Tel: 020 7066 1000
Facts and Stats:
- The UK pet insurance market is worth more than £110m
Insuring the Mona Lisa would cost an estimated $35m
The Great fire of London in 1666 heralded the introduction of fire insurance on buildings