Claims Adjuster Salary
For Claims Adjusters, annual average wages total $48K per year. In the world of Claims Adjusters, total cash compensation can vary between $35K and $67K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $7K and $6K, respectively. While the company and location impact pay for this group, career length is the most influential factor. Women Claims Adjusters who took the survey just slightly outnumber men. A large number report receiving medical coverage from their employers and most collect dental insurance. Most Claims Adjusters like their work and job satisfaction is high. The numbers in this rundown were provided by PayScale's salary survey participants.
Job Description for Claims Adjuster
A claims adjustor is the point person for an insurance company when the company receives a claim. They normally travel to a location and inspect damage, make notes, and ask questions. The claims adjustor assesses information and make recommendations for how the insurance company proceeds in resolving the claim.Read More...
Because the claims adjustor usually deals with individuals in high-stress situations, they must have a professional and compassionate demeanor. They must frequently ask difficult questions to thoroughly perform their job duties. Claims adjustors also must have an ability to write clearly, as they will be reporting their findings to superiors. Because of the nature of the job, this position frequently involves travel and may involve irregular hours.
A successful claims adjustor may need an associate’s or bachelor's degree, and, in almost all situations, they need some background in writing and evaluating estimates for repair or replacement. Many companies hire assistants to claims adjustors as a method of training and mentoring these employees before promoting them to claims adjustor. Most large insurance companies also offer extensive training on an ongoing basis for this position.
The claims adjustor must have excellent communications skills and must be comfortable with basic computer software, including word processing and spreadsheets.
Claims Adjuster Tasks
- Investigate and analyze insurance claims to determine extent of insurance company's liability.
- Negotiate settlement of claims, calculate and authorize payment of claim settlements in accordance with policy and coverage.
- Compile information derived from correspondence with claimant, witnesses and medical specialists.
Common Career Paths for Claims Adjuster
Claims Adjusters may progress into high-paying roles like Insurance Claims Manager, where median compensation is $72K annually. Given that the median pay is $45K, it may be surprising to find that a Claims Examiner or Investigator is the most common role for Claims Adjusters to subsequently assume on their way up the ladder. Transitioning into a Senior Claims Adjuster role — which pays $65K — is also typical for Claims Adjusters, though less common by comparison.
Insurance Claims Adjuster Job Listings
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Popular Employer Salaries for Claims Adjuster
Progressive Casualty Insurance Company, Allstate, Geico, State Farm Insurance Company, and Liberty Mutual Insurance Group are leaders in the field that employ a large number of Claims Adjusters. Auto-Owners Insurance Company offers the largest salaries in town — $57K on average. Claims Adjusters can also look forward to large paychecks at The Travelers Companies, Inc. ($56K), Nationwide Mutual Insurance Company ($54K), and Liberty Mutual Insurance Group ($54K).
Not only do salaries lack room to grow — pay ranges from $35K to just $54K — but Geico offers the lowest pay in town to boot, with a median paycheck of $42K. Others at the bottom of the scale for this job include Sedgwick Claims Management Services, Inc. (Sedgwick CMS) at $43K, Usaa Insurance at $45K, and Esurance, Inc., where $46K is the norm.
Popular Skills for Claims Adjuster
Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Construction Estimating, Litigation Case Management, Investigation, and Insurance are correlated to pay that is above average, with boosts between 10 percent and 14 percent. Those listing Typing as a skill should be prepared for drastically lower pay. Bilingual and Oral / Verbal Communication also typically command lower compensation. Most people skilled in Claim Handling are similarly competent in Negotiation.
Pay by Experience Level for Claims Adjuster
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Claims Adjusters with a lot of experience tend to enjoy higher earnings. Respondents with less than five years' experience take home $44K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $52K. After working for 10 to 20 years, Claims Adjusters make a median salary of $57K. Big financial gains seem to result from working for more than two decades; veterans in this group report earning $66K on average.
Pay Difference by Location
Claims Adjusters will find that Houston offers an impressive pay rate, one which exceeds the national average by 10 percent. Claims Adjusters will also find cushy salaries in Orlando (+10 percent), New York (+10 percent), Denver (+6 percent), and Los Angeles (+6 percent). Location significantly influences compensation, with Oklahoma City Claims Adjusters earning much less — 22 percent less — than the national average. Employers in Richmond and Phoenix also lean toward paying below-median salaries (10 percent lower and 7 percent lower, respectively).
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