Key Insurancr Industry Roles

Question 1

Loss adjusters

Answer 1

Loss adjusters are independent professionals who are hired by an insurance company to assess the nature of loss suffered by a claimant. They make recommendations to the insurer as to the size of claim that should be made.

Question 2

Loss assessors

Answer 2

While loss adjusters are employed by the insurer, loss assessors are hired by the claimant

Question 3

Claims personnel

Answer 3

Claims personnel interact with customers making claims and deal with more basic claims deciding whether more complex ones should be passed on to loss adjusters

Question 4

Surveyors

Answer 4

Surveyors consider the risk posed to underwriters

Question 5

Forensic services

Answer 5

Forensic services include engineers, scientists and lawyers offering specialist investigation services to an insurance company

Question 6

Actuaries

Answer 6

Actuaries model risk on behalf of insurance companies and consider the solvency of insurers. They can also advise trustees.

Question 7

Compliance officers

Answer 7

Compliance officers work for insurance companies to ensure the firm is compliant with all relevant laws and regulations

Question 8

Underwriters

Answer 8

Underwriters have the role of considering the risk posed to the insurance pool by the policyholders