The learning never stops
Claims adjusters are the CSIS of the insurance industry: They investigate and document circumstances surrounding such incidents as car accidents, thefts or floods, estimate the damages and then resolve clients’ cases as efficiently as possible. They must do all of this with great diplomacy and compassion, says Nancy Joyal, a chartered insurance professional and director of claims at La Capitale General Insurance’s client contact centre in Montreal.
“When clients call us, it’s not because they want to; nobody wants to speak to a claims adjuster, because that means something unfortunate has happened to them,” said Joyal, who has worked in insurance for 11 years. “The biggest part of a claims adjuster’s job is to do everything possible to help that client, and that’s what I love most about my work.”
Joyal attended a three-year insurance administration program at CEGEP du Vieux-montréal, where she studied property and casualty insurance techniques, then continued her training at the Institut d’assurance de dommages du Québec to obtain her Chartered Insurance Professional designation.
Joyal says that, typically, claims adjusters begin their careers dealing with cases by telephone. Then, they move on to work on the road, handling residential files such as minor floods and robberies. The most experienced claims adjusters are called upon to settle fires or major accidents.
When she worked on the road, Joyal photographed things like flood damage, and brought in experts such as engineers or contractors to help determine costs for repairs. “Claims adjusters never stop learning,” she said.
Playing detective can prove challenging, especially if a claims adjuster suspects fraud or foul play. “That’s where our investigative skills come in: When you pay an insurance premium, it ensures against accidental acts, not criminal acts or voluntary acts,” Joyal said. “When we pay out a fraudulent claim, everyone who buys insurance is penalized (by paying higher premiums), so a big part of a claims adjuster’s job is to thoroughly investigate the circumstances.”
Joyal reports that clients are often so happy they send her letters and Christmas cards. “A satisfied customer who says ‘Thanks for helping me’ is very gratifying.”
Sylvain Rhéaume’s passion for the insurance business did not come from lifelong plans to pursue corporate risk management.
“It’s pretty rare that children dream of a career in the insurance industry,” laughed Rhéaume, 27, a commercial underwriter with l’union Canadienne in Quebec City who specializes in property and casualty insurance. “Most people end up in insurance either because one of their parents is in the industry or because they started in a different field and changed career paths,” he said.
“During my university studies, I was headed toward a career in finance when I realized that jobs at head offices of major corporations were mostly in Toronto. I wanted to stay in Quebec City, and after attending an insurance conference in Montreal, I was drawn to the commercial risk management sector.”
Rhéaume, who has a bachelor’s degree in business administration from Université Laval and a Canadian Risk Management designation, began his career in 2008 as an insurance agent. He joined l’union Canadienne as an underwriter for commercial lines about a year ago.
The term underwriter stems from a tradition at Lloyds of London, which used to insure ocean-crossing ships. Lloyds agreed to assume all the risks of sailing, including shipwrecks, in return for a premium paid by the ship’s owner. The financial backers of the sea voyage would literally sign directly under all the listed risks, and were soon known as “underwriters.”
As an underwriter, Rhéaume distributes his company’s insurance products to brokers at brokerage firms. To make sure new insurance proposals meet underwriting standards, Rhéaume reviews and assesses insurance applications and decides how much coverage the clients need. He evaluates risks, establishes premiums and sets deductibles before issuing the policy.
Rhéaume says the most challenging and interesting part of his job is having to be so versatile: “An underwriter must possess technical knowledge about insurance standards but also has to accumulate a vast general knowledge about all kinds of industries,” he said.
Rhéaume says the biggest myth about underwriters is that they’re shut up in their offices alone all day. “Underwriters work as part of a team,” he said. “I’ll often consult with colleagues to get their opinion on a file, so I’m constantly learning. I love that.”