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The Developing Role of the Loss Adjuster Tim Thompson.

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Presentation on theme: "The Developing Role of the Loss Adjuster Tim Thompson."— Presentation transcript:

1 The Developing Role of the Loss Adjuster Tim Thompson

2 Key competencies of loss adjusters Investigate cause and policy liability Report Manage expectations through good interpersonal skills Customer care Pull the threads together and quantify Negotiation skills Identify the ‘golden moment’

3 Some of the changes in the last 20 years New Technology More involvement by Insurers in key decisions Increased use of external consultants Impact of legislation/regulation on reinstatement costs

4 External Changes (Contd) More complex programmes and sophisticated use of captives Less manufacturing in UK and better risk management

5 Response of adjusters Loss mitigation More focussed industry knowledge More transparent reserving

6 Next 10 Years? Continued development of industry and product teams of adjusters/external consultants with Loss Adjuster as Project Manager More front end loading Better reserving More cash settlements Refreshing our reports

7 Next 10 Years? Insurers to ‘prepare’ claims ? Effect of changes in the claims management world Need for genuine thought leadership Impact of developments in rest of the world

8 Conclusions Many significant developments Some driven by world events Well-placed given its key competencies Profession has adapted well to change and must continue to do so

9 Any Questions?

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