I’m Gerri, a Property Claims Adjuster at Velonetic. I’m originally from Bulgaria, where I studied for a degree in Management before starting my career in retail.
If someone had told me 10 years ago that I’d end up working in insurance, and enjoying it as much as I do, I probably wouldn’t have believed them! But I’ve now been at Velonetic for two and a half years, and I love the variety the role brings.
No two claims are the same. You’re constantly learning, thinking and solving problems, while developing skills in communication and managing challenging situations. What I enjoy most is knowing that my job matters and that the work I do can have a real, tangible impact.
The role of a Claims Adjuster
In simple terms, when something goes wrong and a policyholder needs to make a claim, I ensure that the claim is handled and paid as accurately and efficiently as possible.
It isn’t always straightforward. Not every claim is covered by the policy, and sometimes there are conditions or wording that need to be interpreted. There can also be circumstances that weren’t anticipated when the policy was originally written. Part of my job is working through those complexities and helping policyholders understand what their policy means for their claim.
At Velonetic, I work in specialty insurance. This is large, complex or unusual risks, such as marine, energy, aviation and large commercial property risks. I currently handle commercial property risks.
Specialty insurance can also involve some surprising things. I once heard on a Bulgarian TV show that Sir Tom Jones had insured his chest hair with Lloyd’s for $7 million. That one turned out to be a myth, but some of the genuine examples from the insurance world are just as remarkable.
The Titanic, for example, was insured through Lloyd’s, with claims following the sinking reportedly settled very quickly. Another fascinating example is the widely reported story that Costa Coffee insured the taste buds of its chief coffee taster for £10 million in 2009.
Examples like this show just how varied and interesting the world of specialty insurance can be.
Sharing the risk: How the London Market works
A lot of people imagine insurance works like this: you go to one insurer, they take 100% of the risk, and that’s it. With large and complex risks, it can work very differently.
For major commercial properties and areas such as energy and marine, the sums involved can be significant. Rather than a single insurer taking on the entire risk, it can be shared between several insurers.
That also affects the role of the Claims Adjuster. You may be working on behalf of several insurers with an interest in the same risk, so the decisions you make can affect multiple parties.
It’s one of the things that makes working in the London Market so interesting. There are lots of different organisations and specialists involved, but everyone has a part to play.
Inside a claim, step by step
No two claims are identical, but they often follow a similar journey.
It starts with the First Notification of Loss, when we’re first told that something has happened. For example, on a property claim, heavy rainfall might have caused significant water damage to part of a building.
My first step is to review the policy and determine whether the loss is covered. Establishing the cause of the damage is an important part of that assessment.
From there, brokers provide information and updates as the claim develops. They represent the policyholder, arrange their insurance and help information flow between the different parties. I also work closely with our customers (insurance carriers), who are responsible for deciding which risks to insure and on what terms.
When I first started, what really amazed me was how much the market relies on strong relationships and trust. When everything works well, it feels like a well-oiled machine, with everyone playing their part.
Specialists may also be appointed to visit the site and assess the damage. Depending on what has happened, this might involve building or engineering expertise. Water damage, for example, could affect electrical systems, lifts and other equipment as well as the building itself.
The experts provide reports explaining what they have found, together with their assessment of the loss. My role is to review that information carefully alongside the policy and the other evidence available.
The experts provide valuable guidance, but ultimately, I have to make an informed decision based on the facts in front of me.
That means interpersonal skills are just as important as technical knowledge. So much of claims adjusting is about maintaining relationships, communicating clearly and finding the best way forward when situations are complicated.
There can be pressure because the decisions you make have a real impact, but you’re also part of a wider team and have experienced colleagues you can turn to for support and guidance.
The skills you need
One of the first things you need is an understanding of the market and how risks can be shared between different insurers and underwriters. For me, that’s one of the most important foundations before you even begin looking at individual claims.
You also need to be able to read and understand a policy thoroughly. Policy wording can be complex and open to interpretation, so strong communication skills and attention to detail are essential.
Once you’ve developed that foundation and understand how all the different parts of the market fit together, you can start applying that knowledge to claims.
From there, it’s about looking at the information available, asking the right questions and using your judgement to reach the right outcome.
Learning and growing at Velonetic
About six months after joining Velonetic, I took part in the Claims Adjuster Programme. It really confirmed that this was the career I wanted to pursue, and now I’m working as a Claims Adjuster myself.
Before we even got to adjusting claims, we learned how Lloyd’s and the wider insurance market work, the different specialists involved, and the roles of brokers and underwriters.
Being able to learn directly from people with industry experience was incredibly valuable, and I found the one-to-one training particularly beneficial.
Alongside the programme, I also started my CII journey. The Chartered Insurance Institute offers professional qualifications for people working across insurance and financial services, giving you another opportunity to build your technical knowledge and continue your professional development.
Once you’re comfortable with the fundamentals, there are opportunities to challenge yourself further and learn about different classes of business, such as marine or energy.
At the moment, I work mainly on commercial property claims, which is allowing me to consolidate everything I’ve learned and put it into practice. In the future, I’d like to move into energy claims because it’s an area, I find particularly interesting.
For me, that’s one of the best things about an insurance career. There’s always something new to learn, another challenge to take on and somewhere new for your career to go.