Loss Adjuster v Loss Assessor – What is the difference?

The FCA requires that intermediaries handling claims are fit for purpose. This includes requirements for qualifications, training and competency in relation to the controlled function being performed, plus the attainment of suitable relevant professional qualifications. The involvement of an independent Chartered Loss Adjuster or team of adjusters acting for the policyholder ensures the necessary expertise and experience is available to project-manage the claim. 

Typical context

Without Lorega’s assistance, in a typical claim scenario, a Loss Adjuster is employed by the insurance company to establish the cause of the loss and determine whether it is covered by the policyholder’s insurance policy. They will visit the site and gather evidence and assess the damage, from the point of view of the insurer. Policyholders often have to deal with their claim alone, lacking claims expertise and having to abandon their business to manage a claims process that is very time-consuming and demanding. They will feel at a disadvantage against the insurer and, in desperate need for assistance, they often turn to Loss Assessors to manage the claim on their behalf. The cost of a Loss Assessor can be very high and is not covered by the insurance policy. This is where Lorega offers an innovative solution.

Why choose a Lorega Chartered Loss Adjuster

We want your customers to benefit from the expertise of a qualified Loss Adjuster who will act on their behalf. Through Loss Recovery Insurance, a Chartered Loss Adjuster will be responsible for working hand in hand with your customer to help identify, calculate, negotiate and settle their claim. The cost of this expertise is covered by the Loss Recovery policy so the assistance from the Chartered Loss Adjuster will not cost your customer anything. 

Lorega Solutions’ Chartered Loss Adjusters are regulated by the FCA and adhere to the professional code of conduct of the Chartered Institute of Loss Adjusters (CILA). They act independently of supply chain networks and, therefore, always act in the best interests of the customer, without commercial conflict.  All Loss Adjusters are experienced in dealing with policyholders. This is what really differentiates us in the UK insurance market today.

On the other hand, Loss Assessors may be contacted by the person making the claim, but many of them will turn up on the site of a loss and promote their services. In addition, Loss Assessors may not have the same level of expertise or qualifications as Chartered Loss Adjusters. 

More Information

If your customers do not have Loss Recovery Insurance as part of their insurance cover, they can still benefit from our Expert Help, after the event. So, they will still be able to have a Chartered Loss Adjuster in their corner to handle their claim from notification to final settlement.

For more information, contact us today on 020 7767 3070.

The video below describes the role of the Lorega Chartered Loss Adjusters on a claim.