Becoming An Insurance Adjuster: Malaysia's Requirements And Steps

If you're looking to become an insurance adjuster in Malaysia, you'll be dealing with insurance claims and assisting those who have filed them. This involves investigating and evaluating losses and compensation following accidents. To become an insurance adjuster, you'll need a degree in a field like Finance, Economics, Law, Business Studies, or Accounting Insurance. Some companies also offer full training for those who don't have a degree. It's also important to have strong multi-tasking and prioritization skills, as well as knowledge of insurance regulations, markets, and products.

Education and experience requirements

To become an insurance adjuster in Malaysia, you will typically need a degree in a field related to finance, economics, law, business studies, or accounting. Some companies may also accept candidates with a degree in a STEM field, such as engineering. Candidates with investigative experience, such as ex-policemen, are also desirable.

Full training is usually provided for insurance adjuster roles, but prior knowledge of insurance regulations, markets, and products is advantageous. Additionally, several years of experience in the insurance industry is often required for more senior adjuster positions.

For more entry-level positions, such as trainee investigators, a minimum of 3-4 years of working experience is typically required.

Licensing and certification

In Malaysia, insurance adjusters are required to have a license. The process of obtaining a license typically involves completing pre-licensing coursework, passing a written exam, and undergoing a background check. While the specific requirements may vary across states, having a license is generally necessary to work as an insurance adjuster.

To obtain an adjuster license in Malaysia, candidates must meet certain educational and experience requirements. For instance, a degree in a related field such as finance, economics, law, business studies, or accounting is often preferred. Additionally, some positions may require several years of experience in insurance or a related area.

It is important to note that insurance adjusters in Malaysia need to maintain their licenses and stay up to date with any changes in regulations. This ensures that they can continue to work in the field and provide accurate and compliant services to their clients.

In addition to licensing, insurance adjusters in Malaysia may also benefit from obtaining certifications that demonstrate their expertise and knowledge in specific areas. These certifications can enhance their employability and career prospects.

Job search and application

Now that you have the necessary qualifications and licenses, it's time to start your job search and application process. Here are some steps to guide you through this process:

• Identify Job Opportunities: Search for insurance adjuster job openings in Malaysia through online job boards such as Indeed, Glassdoor, or AdjusterPro's job board. You can also check the career pages of specific companies you're interested in, such as Mestari Adjusters, MSM International Adjusters, Zurich Insurance, AIG, Prudential plc, and more.
• Prepare Your Resume: Create a resume tailored specifically for the insurance adjuster role. Highlight your relevant skills, qualifications, and experiences. Emphasize your investigative abilities, written communication skills, and time management capabilities.
• Reach Out to Companies: Contact the human resources departments of major adjusting firms and insurance companies. Inquire about open positions and their hiring processes. Show initiative and build relationships with key contacts within these organizations.
• Apply for Jobs: Start applying for insurance adjuster positions that match your qualifications and interests. Follow the application instructions carefully and submit all the required documents, including your resume and relevant licenses.
• Network: Join local and national industry associations and insurance job boards. Networking can be a powerful tool to learn about job opportunities and connect with potential employers. Attend industry events, join online communities, and reach out to professionals already working in the field.
• Follow Up: Don't forget to follow up on your job applications and personal contacts. Stay diligent and proactive in your job search. It's important to stay persistent without being pushy.
• Stay Compliant: Ensure that your licenses are current and in good standing. This is crucial, as most employers will require you to have the necessary licenses before considering your application.
• Be Prepared to Deploy: Especially during catastrophe season, be ready to deploy quickly if you're offered a position. Employers in the insurance industry often work with tight deadlines, so be responsive and prepared to start working when needed.

Salary expectations

Experience

An early-career insurance claims adjuster with 1-4 years of experience can expect an average total compensation of RM 37,735, while a mid-career adjuster with 5-9 years of experience can earn an average of RM 45,250.

Location

It's important to note that salary can vary by location, so it's essential to research the average salaries for insurance adjusters in your specific area or region.

Type of Insurance Adjuster Role

The type of insurance adjuster role you pursue will also impact your salary expectations. Here are some common types:

• Independent Adjuster: This is the most common role, where you work as a contractor for one or multiple independent adjuster firms. Independent adjusters have high income potential but less control over their schedule and travel plans.
• Staff Adjuster: Staff adjusters are the second most common and work directly for a single insurance company as an employee. This role may offer a more consistent schedule and workflow but may trade-off some income potential.
• Desk Adjuster: This role is similar to an independent adjuster but involves working remotely and sitting in front of a computer.
• Catastrophe Adjuster: This role involves travelling to impacted areas to handle claims arising from weather events. Catastrophe adjusters can make good money, but their schedules are less predictable.
• Daily Adjuster: Daily adjusters work locally on various claims, combining income potential with reduced travel requirements. This role is usually offered to more experienced adjusters.
• Public Adjuster: Public adjusters represent the party making the claim, rather than the insurance company. The licensing requirements are more stringent, and the incentive structure differs from other adjusters.

Salary Ranges

According to various sources, the salary range for insurance adjusters in Malaysia is between RM 29,918 and RM 60,000 per year, with an average base salary of around RM 30,716 to RM 39,001.

Increasing Your Salary

To increase your salary as an insurance adjuster, you can consider changing employers, obtaining advanced degrees or certifications, or gaining management experience.

Career progression

Entry-Level:

• Trainee Investigator/ Adjuster: Entry-level insurance adjusters often start as trainee investigators or adjusters. They typically hold a degree in a related field such as finance, economics, law, business studies, or insurance. Full training is provided by the employer, and on-the-job learning is a significant aspect of this role. Trainee investigators/adjusters gain experience in insurance claims investigation, documentation, and reporting.
• Specialist Roles: After gaining foundational knowledge and skills, trainee adjusters can specialize in specific areas. For example, they may become property & casualty adjusters, motor insurance claims investigators, or complex claims examiners.

Mid-Level:

• Senior Claims Specialist: With experience, insurance adjusters can advance to senior-level positions within their area of specialization. Senior claims specialists have expertise in insurance regulations, products, and markets. They are responsible for handling complex claims, negotiating settlements, and providing recommendations.
• Claims Manager: Insurance adjusters can also progress into management roles, overseeing a team of claims technicians or adjusters. Claims managers ensure efficient claims processing, provide guidance to their team, and maintain relationships with clients and service providers.

Independent Adjuster:

Insurance adjusters in Malaysia can also choose to work as independent contractors, collaborating with multiple independent adjuster firms (IA firms). This path offers higher income potential but may require more travel and provide less control over one's schedule. Independent adjusters must build strong relationships with IA firms, showcase excellent customer service skills, and obtain licenses in multiple states to expand their work opportunities.

Catastrophe Adjuster:

Another option for independent adjusters is to specialize in catastrophe adjusting, travelling to impacted areas to handle claims arising from weather events or natural disasters. This role can be financially rewarding but often demands an unpredictable schedule.

Public Adjuster:

Public adjusters represent the party making the insurance claim, rather than working on behalf of the insurance company. This role has more stringent licensing requirements, including the need to carry a surety bond, and it offers a different incentive structure.

Overall, insurance adjusters in Malaysia have diverse career progression opportunities. They can advance within their chosen specialization, move into management roles, or transition to independent contracting. A combination of experience, performance, and a proactive approach to learning and networking can enhance their career prospects.

Frequently asked questions