Insurance auditors verify claims made to insurance companies and determine fair compensation for lost or damaged items. They specialize in various industries, such as automotive and fine art, and investigate fraud. Their work involves assessing monetary losses and gathering evidence, with pay based on efficiency.
An insurance auditor is a professional tasked with determining the validity of claims that are submitted to insurance companies for payment. This individual not only needs to visually inspect and verify any statements made by each party during the claim process, but also needs to communicate with experts to determine the validity of the testimony given. Another aspect of being an insurance auditor is to determine a fair assessment of anything lost or damaged by an insurance company’s customers so that compensation can be made. There are many different types of insurance auditors who specialize in just about every valuable commodity sold on the planet.
Perhaps the most familiar insurance auditor is one who works with the automotive industry. When a vehicular accident occurs, the auditor inspects the vehicles in question to determine the cause of the accident, how much physical damage is present, and any other factors that may be related. This process typically requires the insurance auditor to speak with the police and other witnesses to ensure the claim is valid, and from that point onwards, an agreement will be reached based on the extent of damage. With hundreds of separate factors to consider and thousands of parts on every automobile, this type of auditor often remains very busy.
In almost any industry, there are typically a small amount of fraudulent insurance claims. Another part of an insurance auditor’s day-to-day responsibilities is to investigate fraud and work closely with the authorities when criminal intent is suspected. An insurance auditor who deals in fine art, for example, could save his company millions of dollars each year by noticing subtle problems during claims processing, because often these types of crimes are very well thought out and difficult to prove. . The banking industry also sees a great deal of fraud by consumers who deny transactions on their account were authorized and these types of cases often lead to criminal prosecution. In some of these cases, the insurance adjuster ends up being the main witness for the prosecution when the incident is brought to trial.
An insurance adjuster’s position is rarely about catching notorious criminals; however, on a typical day, a single assessor may be required to handle half a dozen standard cases. Most of the workday is devoted to assessing monetary losses over the phone or the Internet, with several hours of driving involved gathering evidence and processing each claim. This type of career is typically paid “per job,” meaning that the overall efficiency of the insurance adjuster will determine the size of their average salary.
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