If you’ve ever had to make an insurance claim, you’ll know it can be a lot more complicated, and that you receive less insurance compensation than you were expecting.
Of course, we would like to think our insurance company will be more than happy to give us the maximum we are entitled to – but why would they want to do that? Like all businesses, insurance companies are money minded, and they will do their best to give away as little as possible. It only takes a moment to realise that those adverts, inviting us to save money on our insurance premiums, must have a flipside when it comes to the policy actually paying out.
What’s more, they deal with insurance claims on a daily basis, and employ experts who know exactly how to trim down the amounts the company pays. You, on the other hand, probably have very little experience of dealing with insurance claims, and equally little knowledge of exactly how much you are entitled to. Insurance companies exploit this advantage to ensure that, when a claim is made, they look to pay the bare minimum.
What the claimant needs is someone working on their behalf. An insurance loss assessor. So, what are the differences?
The Loss Adjuster
When a customer makes an insurance claim, the insurance company assigns an insurance loss adjuster to investigate the claim and give them their confidential opinion whether or not, and if so, how much compensation the company should offer the claimant. They will survey the circumstances of the incident, interview the claimants and report back any shortcomings on security, compliance (or otherwise) with any policy warranties or endorsements, investigate any loss or damage being claimed for and gather any necessary evidence surrounding the case. They will also work to ensure that the claim being made is not fraudulent.
An insurance loss adjuster works for the insurance company, and it is in their best interests to ensure the minimum possible payout is made. The claimant often has no one of equivalent skill and experience working on their behalf.
The Loss Assessor
This is where an insurance loss assessor can help. When making an insurance claim, the claimant can employ an insurance loss assessor to manage the claim on their behalf. Insurance loss assessors assess, collate, present and negotiate the claim, but with the claimant’s interests in mind. Employing the skills and services of an insurance loss assessor takes the unfair advantage away from the insurance companies and ensures the claimant receives the maximum entitlement.
It’s not complicated, but it is a minefield, littered with traps and dead-ends and if you don’t know what you’re doing or how best to cast your claim, results can vary wildly. Yes, Loss Assessors do charge a fee for their services, however, we at Truman Associates are ever mindful of what is best for you, and whereas we know can make a difference to virtually any claim outcome, we do ensure that we only step in where we can see that there is a net benefit to you, our customer.