How to become a Loss Assessor
- Price: £5.99
- Published: August 2015
- Type: Business Opportunity Profile
- Format: PDF
- What qualifications and skills are required?
- What are the key market issues and trends?
- What are the main trading issues?
- Further information
A loss assessor provides a full claims management service to commercial and individual policy holders making an insurance claim. Services include assessing the value of the claim, arranging repair work and liaising with the insurer. They take over the burden of dealing with the claim and help to secure a higher or more satisfactory settlement from the insurer than if the client had handled the claim themselves. Loss assessors also help settle disputes between insurers and policy holders, and provide expert witness services for solicitors acting for the policy holder if disputed claims go to court. Loss assessors must be authorised by the Financial Conduct Authority (FCA) to deliver their services, which are regulated activities under the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012).
Loss assessors work solely on behalf of policyholders and differ from 'loss adjusters' who are engaged by insurance companies to investigate claims. However some independent loss adjusters act as claims advisers to policyholders.
This profile provides information about starting up and operating as an independent loss assessor. It describes the skills required, the training available, the current market trends and the key trading issues. It also explains the legislation that must be complied with and provides sources of further information.