Hoosierfrog
Tier 1
I'm by no means an insurance expert, and maybe in the last 10 years or so (that's how old my information is) all this has changed.
Adjusters are given settlement ranges for the sorts of claims that they handle routinely. Records are kept of average settlements paid, and median settlement amounts.
Promotions, bonuses, and job retention are based to a large and in some situations exclusive extent, on where those average payments are in relation to the appropriate ranges and to a lesser extent in relation to median settlements paid.
In other words, an adjuster may be working in a job where, if he settles for an average of 50% of his range (just a hypo), all is sweet with his employer. If, on the other hand, the settlement average is higher, there may be no promotions or bonuses. To close to the top of the settlement range, and the adjuster is looking for work.
So don't tell me that adjusters aren't rewarded for favorable settlements. They are.
For someone that is not an expert you sure seem to have a lot of detail. I did a lot of work with these people and never heard such stories and they loved to gripe about pay to anyone that would listen.
I never heard of bonuses for settling claims, in fact it was my understanding the state board of insurance frowned upon it. Even if they did get any bonuses, anything insurance companies might have paid out would be pretty meager. The only people making money for insurance companies are the slimy people at the top. If you ever see an adjuster driving a BMW there’d likely be an investigation.
But regardless, if we are talking about profiting we are talking water melons to peas when comparing lawyer money to anything an adjuster might make. Just an absurd comparison.