Andrey Bogachov: "Advanced loss adjustment implies well-developed insurance business"

28 August 2014.

New professions appear together with development of various human activity spheres. One of those is adjuster, i.e. the specialist in loss settlement. The person is to calculate the amount of loss caused to the Insured, consider the facts and circumstances of the event insured.

- What is the difference between the insurance company and loss adjuster activities?

- Adjusting is the service for the insurance company, for the insurance business. The economical well-being of the population and the society is primary. If the society has something to care for the risks are applicable. The insurance companies appear at the market being one pf the options of risk management aspects settlement. Consequently, the insurance companies provide cover for such risks and the events bearing the signs of the insured ones occur from time to time. Thus, in order to consider if the event is insured one, whether to pay or not, and if positive than what amount should be indemnified the specialized, i.e. loss-adjusting companies are being engaged. In other words, loss-adjusting company's main function is to provide the insurance companies with the recommendations on whether to pay or not, and the amounts of such. At the same time their recommendations are not obligatory but mostly advisory.

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