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mrrmac
USA
1 Posts |
 Posted - 11/25/2002 : 14:19:34
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I have been looking at a career field change at 35 years of age. I have been a Retail Sales Manager in the Building Materials Industry and a Computer Networks Sales/Installer/Technician for the last 8 years. I hate the retail side of business and I can't deal with the ups and downs of the tech sector. Even when times are good for the economy the tech sector is volatile.
I am considering going to Pace Setter Training in January and was wanting to know what the "OLD SALTS" of this industry would say to someone considering a move to the Claims Adjustment Field.
Thanks
MRRMAC |
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OBHF
USA
6 Posts |
Posted - 11/25/2002 : 14:53:10
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| This is the best advice you'll ever get-- consider some other line of work. |
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Gale
USA
231 Posts |
Posted - 11/25/2002 : 22:13:15
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Roy, while Joel’s short answer may be correct in your case it does not deal with the logic or reason behind his reply, which might be helpful as you consider the adjusting industry.
Some currently in the industry consider new blood to be bad for their income. I know that logic may not be sound but it is common. CAT adjusting is much more up and down then the tech sector from what I have personal seen over the past 8-10 years.
You can go to school at Pace Setter, Vale, IMS or many others and only wind up spending your money without getting a job or it could be the key to you breaking into the industry.
The days of CAT adjusters grossing $1K a day are over for most with the $300 - $500 amount more common and there is no real reason to expect this to turn around but with the right chain of events it could happen. For some reason some CAT adjusters will work 70-99% of each year and do it year after year while others count on a working spouse so they can stay in the trade. Success in the field of adjusting seems to be based 10% on abilities and 90% on attitude just like in the Building Materials Industry, Computer Service Industry or any other industry.
Your background should be helpful in the adjusting industry. If you could find a staff position with a carrier your odds of breaking into the industry and feeding yourself would greatly increase. If you are typical at this point you do not know how little you know or perhaps it would be more correct to say you do not know how much you need to learn at this point.
In 2003 there will be several new CAT adjusters start and never look back yet most will quickly drop out never to return. Over the past 5 years I have provided a lot of estimating software to those like yourself that have come to CADO looking to break into the industry or attended a short adjusting course at some school but seldom has this been of any value to either party but since I am a strong believer in everyone’s potential I will try to encourage everyone that is willing to try.
Since you are not all that far from me you are free to drop in if you are ever in Murray, KY or just click on my name on this post and email me for a link to our website so you can download PowerClaim or I will mail you a CD if that would be best for you. We should also be listed in the vendor area as well.
Just remember your attitude is more important to your success than that of mine or anyone else.
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Dancatman
USA
5 Posts |
Posted - 11/26/2002 : 01:38:24
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What a load of CROCK. Tell it like it is! Adjusters have been dropping like flies over the last 3 years. Most have lost just about everything they own. The insurance carriers have won. The Vendors did not standup to them, nor did the adjusting community. Now we are paying the price for not being united. It is almost impossible for, what is it you said? New Blood to enter into this field. Well that is a very correct statement. Of course the distributors, vendors and carriers do like young new adjusters so they can train you for the new style of adjusting, which is not adjusting at all!!!
So much for my soap box today.
Bottom line, the quick little adjuster class might help you break into this business. Don't expect to make more then $30,000 a year after Taxes and overhead. Its not a glamorous job. You work 7/12 plus. Turn in 10 files, receive 3 or 4 back because some lead adjuster thinks he knows more about the claim than you, but you were the one that completed the inspection. So you have to rework returned files as well as continue to close 8 or 10 new ones a day. What I have laid out here is the cold hard truth. You will have a few adjusters disagree with what I'm saying, those will be the ones still trying to butter up the carriers and or distributors. Facts are Facts. |
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JimF
USA
1014 Posts |
Posted - 11/26/2002 : 06:36:28
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Well said Dancatman.
"For fools rush in where angels fear to tread"
Amen. |
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slowhandfan
USA
26 Posts |
Posted - 11/27/2002 : 21:26:33
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| If you are closing 8-10 files a day then you are making far more than 30K a year. Again, if it is so damn bad then get your ass out of the business |
Kerry A Freeman |
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Cecelia
USA
25 Posts |
Posted - 11/28/2002 : 08:31:29
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That's if you're closing 8-10 per day and working all year. I think the $30k was meant as a "net" at the bottom of the tax return. Figure 50% of your gross is what you can net. In a year with as few opportunities as this past year has been, most adjusters will be lucky to net $30k. And I know so many independents that HAVE gotten out of the business.
You have such a succinct way of putting things, Kerry, but I find your tone offensive. |
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KileAnderson
USA
875 Posts |
Posted - 11/29/2002 : 14:45:26
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To put it in a nutshell, if you work hard and don't complain you do OK. If you complain about every little thing and refuse to adapt and believe you know everything about this business and the companies that actualy make their money in the insurance business know nothing then you will have problems.
This isn't a decision that someone else can make for you. If you are aggressive and a self starter you will have a chance of success. If you want to wait for someone to tell you exactly what to do and when and where to do it then you will not make it. Don't let the "old salts" on this board scare you off. They have problems of their own. I started 4 years ago and have increased my income every year. It is possible to do, but you have to keep in mind that this is a marathon and not a sprint. Good Luck. |
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JimF
USA
1014 Posts |
Posted - 11/29/2002 : 19:09:37
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As Kile said, I am one of the 'old salts', and as such, I suggest to you the following for your consideration:
(1) Cat adjusting is dependent on Mother Nature and the past couple of years, Mother Nature has not been particularly kind to cat adjusters. Your income and your work is almost entirely dependent on forces beyond mere supply and demand.
(2) An increase in the number of vendors and people trying to break into cat adjusting has caused a corresponding 'bidding down' in the rate and fee schedules such that more and more work (closed claim files) is required today to make just the same amount of income as compared to years ago.
(3) Alternative methods of claims resolution (telephone adjusting, daily rate adjusting, etc.) have reduced the cat adjusting pie so that more and more cat adjusters are chasing fewer and fewer cat claims.
(4) There are generally no benefits (401-K's, health and dental insurance, disability insurance, worker's comp insurance, retirement pensions, etc.) and when measured year in and year out, those benefits have a great deal of worth that many here fail to realize or calculate.
(5) The out of pocket costs for travel, transportation, hotel, telephone and cell, computers and other hardware, sofware and all the other attendant costs are not always fully calulated in deriving a net income to cat adjusters comparable to other vocations.
(6) There is a price one pays to be away from family and health costs which are not measured in dollars from the stress of working 18 hour days and 7 days per week and being away for healthy eating and habits for extended periods of weeks if not months.
As the head of Cunningham Lindsey said in a speech to the London Insurance Institute a few years ago: "cat adjusters are the adjusters of last resort in the insurance claims process". |
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SHOULD I OR SHOULDN'T I ???
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