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News from Aspen Claims

Ins and Outs of a Career in Underwriting Explained by Insurance Adjusters


July 11, 2018

Are you looking to understand more about the world of underwriting? Underwriters play a critical role in the insurance claim process. There are many different fields that underwriting is used in. One of them is insurance. Underwriters take the time to assess any risks and help provide guidance to the insurer on taking the risk to insure a person, piece of property, etc. This is what sets pricing on premiums, coverage, and more. If you are looking for a career in underwriting, learn more about this career in underwriting explained by insurance adjusters. 
 

Career Overview

 
In 2017, the Bureau of Labor Statistics noted that insurance underwriters have an average annual salary of almost $70,000.  In order to get a career in this field, they noted most will need a four-year degree that is complemented by experience in the field. Much of the work in this career will need to be done on a computer, so it is important to be savvy enough to be able to learn and understand how systems work. Those in this role will take the time to create insurance policies for customers, as well as note anything that cannot be covered due to various risks. Underwriters may also negotiate as well when a third party is involved to come to an agreement.
 

Differences Between Underwriters and Claims Adjusters

 
While both underwriters and claims adjusters work in the insurance industry, often for the same company, they play different yet important roles. An underwriter is a person that assesses and makes calls on various risks an insurance company can make. They will go through every element to understand any and all risks. They use computer software to quickly calculate risks and determine policies and premiums. Claims adjusters have a role after a person has submitted a claim. They will research a claim to ensure it is legitimate and find the documentation, facts, and important information to back-up their findings. This can be anything from reviewing documents and statements to interviewing those involved and professionals in the field.
 

Working with a Claims Adjuster Service

 
There are many places a person can get a career in underwriting. One of those places is for a claims service. This will allow you to get a broad amount of experience with several different types of requests as opposed to working with a single company. Independent firms have a growing demand both providing regular services for customers or assisting agencies with overflow.
 
If you are looking for a fulfilling career as an underwriter, apply today with Aspen Claims Service. We serve the entire 48 contiguous states, with licenses in more than 30 of them. This will allow you to work with both local and nationwide cases, allowing for you to have broader experience in the field. To get started, review claims adjuster careers and more to see if a position for a service is right for you. With Aspen Claims Service, we will ensure you have a fulfilling career. Have questions? Give us a call at 888-819-5904. We look forward to reviewing your application!
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Working with Businesses on their Damage Claims


June 27, 2018

Whether you are a new insurance company, bringing on commercial to your agency, or are looking to expand your knowledge—the world of commercial damage claims is large. Establishing great relationships with your commercial customers is the key to success for a long future together. It is important to take the time to ensure you are providing great service by understanding various types of claims, working side-by-side with clients, and utilizing adjusters as needed.

Most Common Commercial Claims

When it comes to common types of claims submitted by commercial businesses, theft cases top the list. This can lead to millions and millions of dollars in lost materials both for small business, such as convenience stores and coffee shops, to large establishments like offices and retail stores.

Next on the list are weather claims. It is common for businesses to experience a variety of weather-related issues including hail or wind damage, as well as tornadoes. In the colder months, businesses that do not properly cover pipes can have to deal with frozen pipes.

Fire is also destructive. It can occur due to a variety of reasons and be as simple as fixes needed to be fixed in a contained area, or total loss. Companies should also be protected in the event of customer injuries or damage.

Working with Customers

Anytime a business owner has to put their business on hold due to an accident or event, money is being lost. The quicker the issue can be resolved will get the company back up and running. One of the best things you can do is be proactive and develop relationships with customers before they have an incident to report. This can be through periodic calls to help them understand their insurance or check in on coverage needs. Many insurance companies have started newsletters or blogs to help give their customers valuable information. Ideas can be explored in the three ways to retain insurance customers.

When they call to file a claim, work with them to swiftly work through the problem. Gather all the details and review their claim—and work to get an adjuster out as soon as possible to assess the damage.

Utilizing Adjusters

A great way to help save your insurance agency time and money is utilizing an adjuster service. This saves time as you can go to a trusted source to manage the assessment rather than having them on your payroll. Along with their expertise also comes trusted brands that help them do the job quick and accurately. Between this and being able to reach someone at all times of the day, every day, your insurance agency will save in the long term.

For an adjuster your agency can trust and rely on, Aspen Claims Service has you covered. Available 24 hours a day, seven days a week, our team covers any insurance company within the contiguous 48 states. Our adjusters have the attention to detail needed to compile a successful report. See how we can help you by calling us today at 888-819-5904.
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How to Explain Property Insurance to New Customers


June 12, 2018

As a person in the insurance industry, property insurance is very familiar to you. However, it is always important to remember it is not to the customers you work with each day—especially those new to this type of insurance or situation. It can be easy to fill the conversation with words they may not understand, or internal, insider knowledge. Give your customers better service and take a refresher on property insurance. It will help you learn to break things down on a level they can understand—and make the entire process a win for everyone!

What is Property Insurance?


As you know, property insurance protects homeowners and renters in the event of a destructive situation that negatively impacts a structure. These incidents can occur due to a variety of reasons such as inclement weather (storms, floods, or earthquakes), fires, or theft. The customer will purchase a specific amount of insurance to protect their valuables up to a certain amount. There are also a variety of elements to be included in property insurance, it is not an umbrella over all things. This can be confusing and devastating to certain customers who have damage that is not covered by their plan.

Explaining Property Insurance to Clients


When speaking with customers about insurance claims with their property there are a few key terms to use and explain. First is “replacement cost.” Based on how much insurance they purchased, the damage will be covered up to a certain point. This is the amount that it will take to replace what has been damaged. Actual cash value is another common term to help break down to customers. This is what an item will cost based on what it is worth today. It takes into consideration it’s condition as it has aged over time and been cared for. Last, another term used often to help break down to new customers. The deductible is the amount of money the person is responsible for paying, while the rest will be on insurance. If you have a new customer that is unfamiliar with the process, provide them with these homeowners insurance basics for help.

Working with Customer Claims


As you work with new customers, it is important to have patience. You can do this in a variety of ways, including explaining the differences between daily and catastrophe claims.  Be prepared to walk through each step thoroughly and ask along the way how they are doing. Make sure they feel comfortable telling you what they do not understand. When you hit bumps in the road, show empathy. This will help prevent an “us vs. them” mentality. When sending out an adjuster, be sure they understand the process and who will be coming to review their property.
Does your insurance company need assistance when it comes to insurance adjusting assistance? Aspen Claims Service is here to help. We provide a wide array of adjusting services for both residential and commercial properties. We also have the knowledge and expertise to speak with new customers to ensure they understand all steps during the process. We have adjusters available 24 hours a day, seven days a week throughout the entire continental United States. Call us today at 888-819-5904 to get started.
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Are You Prepared For A Volcano? - Aspen Claims Service


May 30, 2018

There are nearly 165 volcanoes that are active in the United States today. If you have been watching the news, you may have heard about the eruption of the Kilauea volcano, located on Hawaii’s Big Island. Volcanoes can lay dormant for years, possibly even hundreds or much more. However, when they do erupt, the damage is devastating. Learn about volcanoes like the one wreaking havoc in Hawaii and tips for insurance adjusters working with clients.

What are Volcanoes?

Volcanoes are mountain-like formations with openings on the top, that can live in water or land. They are classified as active, inactive, or extinct. A majority of today’s active volcanoes are located in the “Ring of Fire,” which is a 25,000 boundary, somewhat semi-circle in shape, located in the Pacific Ocean. This area covers coastlines, water, and islands on or near Australia, Asia, Europe, North America, and South America.

Basics of Volcanic Eruptions

Volcanoes are filled with magma, which is made of hot liquid, minerals, rocks, and gasses. Magma becomes lava if they erupt and exit the volcano. It all begins when there is movement of the plate tectonics underneath the earth’s surface, it causes the magma to rise. Each volcano’s magma is different in thickness and consistency, which makes a difference in the destruction if it erupts.

Over time, while volcanoes lay dormant, energy may be building. The magma will slowly continue to rise until it eventually erupts out of the volcano. The lava may flow out during an eruption slowly, while some volcanoes have explosive eruptions.

In these cases, the magma bursts out so violently it changes construction into something called “tephra.” Tephra is rock-like and can be small and ashy or very large, even as big as a house! While slow moving, lava is also destructive.

Problems and Dangers

One of the primary dangers of volcanoes is the lava or tephra. Lava is hot liquid that is dangerous but slow moving. Those living in an area need to heed evacuation notices but when returning, homes, buildings, plants, landscaping, etc. can be destroyed. Land can be forever changed. The ash that comes out of volcanoes is also hazardous to humans, wildlife and plant life and tephra can be extremely dangerous because it can range in sizes to be as large as a house! The ground will move, mudslides and more can occur, making it a dangerous place to be. Breathing in tephra and other gasses is dangerous, too.

Tips for Insurance Adjusters

Residents and property owners in areas near volcanoes should have volcano insurance that protects their home and property from destruction. Be sure to fully review what type of insurance they have. Many are covered for the direct effects, such as lava, but may not be from natural disasters the occur because of the eruption. In many cases, insurance also does not cover the removal of the remnants of the lava or ash.

If your insurance agency ever deals with an influx of requests due to a volcano, Aspen Claims Service can help. Catastrophe claims are one of the many areas we excel in, helping you better serve your customers. Call us today at 888-819-5904 to see how we can help your business.
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What You Need to Know About Earthquake Property Claims


May 16, 2018

Earthquakes strike at a moment’s notice, not giving much time at all to do anything other than evacuate. Once the thread is over, a property owner has to assess their damage. It is a stressful time, making it important for insurance companies to help throughout the process. Learn about earthquake statistics in the United States, tips to help your insurance company manage claims, and when you may need to call in additional adjusters to assist with property claims.

Earthquake Overview

An earthquake can occur when the earth has two tectonic plates that slide pass or break apart from each other, causing the ground to shake. The science of earthquakes can be quite fascinating, however, they can cause must destruction depending on their magnitude. To measure the magnitude, the Richter Scale is used.

The Richter Scale ranges from one to 10, with 10 being the highest and most destructive. Once an earthquake is over, there is still the chance for aftershocks, which is an earthquake with a lower magnitude. In addition, if an earthquake happens in the ocean, it can create incredibly large waves, tsunamis, that can be destructive and dangerous.

Statistics

To date, one of the world’s highest recorded earthquakes was a 9.5 magnitude in Chile. The largest recorded in America was a 9.2 magnitude quake in Anchorage, Alaska in 1964. The west coast sees the most in earthquake activity as it has close proximity to a seismic belt. However, they can strike wherever. There are fault lines in the Midwest, especially Oklahoma, and southeast coast of the country increasing the chances for an earthquake to occur.

Tips for Your Company to Manage Claims

The customers you serve may be in an area where earthquakes are more likely to happen. Once an incident occurs, adjusters will go out to assess the damage. Each event is unique, as is everyone’s insurance plan. It is important to pay close attention to your clients plan to ensure you use their coverage. There are many home or property owners that do not have insurance the protects them again earthquakes, so no matter what the case, it is best to be forward with them in a caring manner.

Calling in For Adjusters

If an earthquake causes total destruction to an area, it can really cause a spike in your business. With these home and property owners still getting over the shock of the quake, and processing damage, it is important to provide great service. You do not want your customers to have to wait extended periods of time to start their claim. If this is the case, make sure you take advantage of remote adjusters. They can handle the excess work and evaluate claims.

Do you have, or think you will have increased workflow? How to get assistance with insurance claims is important—which is why you can trust the experts at Aspen Claims Service. Our team of nationwide claims adjusters is available throughout the contiguous United States, specializing in daily and catastrophe claims. Contact us now to get us in your system at 888-819-5904 today to get started.
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