Many jobs in the insurance industry require people to solve problems. Whether you want to work as a claims adjuster, an underwriter, an actuary, or some other position, a fundamental part of the job is solving problems.
The claims adjuster is a case in point.
The first thing claims professionals have to do is figure out what happened, how it happened, and how bad the situation is. To do this, the claims person needs to have good investigatory and analytical skills. These problem-solving skills are necessary to determine the cause of the mishap and who bears responsibility.
Adjusters need to use problem-solving skills to peel off the various contributing factors and examine each individually, breaking down a big event with many moving parts into something more manageable. For example, adjusters need to determine if the crux of the claim involves gaps in coverage, liability ambiguities, or unrecorded damages.
Adjusters also need to focus on getting the best result based on the uncovered. . Based on what is found, the adjuster needs to determine whether the claim should be paid or denied. Then, they’ll need to decide the best course of action to reach the result. Adjusters have to know which experts to turn to for help – mitigation vendors, legal experts, medical experts, or appraisers. It’s important to be knowledgeable in a range of areas to help with decision making.
So, pretty much from start to finish, problem-solving skills are a necessity.
Another example is the actuary.
Actuaries use data from different sources to make predictions. An actuary in the health insurance field, for example, would rely on claims data, membership data, information about the management of care, provider contracts, and other sources, to do his job.
As technology has advanced, actuaries are now working with data scientists and engineers. They need the right technical skills to do their job in an industry that is changing rapidly. But, even more important, they need problem-solving skills.
Leaders in the insurance industry are changing the job descriptions of actuaries to focus on problem-solving abilities.
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