Claims Adjuster Salary
Claims Adjusters in the United States can expect wages of $48K annually on average. Total cash compensation for Claims Adjusters runs from $35K to $67K depending on bonuses that can occasionally exceed $6K and profit sharing that can reach almost $7K. The most important factor affecting compensation for this group is experience level, followed by the specific employer and location. Most report receiving medical coverage from their employers and a large number collect dental insurance. Women make up a slight majority of Claims Adjusters (53 percent) survey respondents. Most Claims Adjusters like their work and job satisfaction is high. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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
At the upper end, Claims Adjusters who move into an Insurance Claims Manager role can end up with a hefty increase in pay. The average income for Insurance Claims Managers is a much higher $72K per year. Claims Adjusters go on to become Claims Examiners and Investigators more often than anything even though median pay for the role is $45K. Claims Adjusters who move into a Senior Claims Adjuster role, another well-traveled path for those in this field, tend to find salaries of $65K.
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 all popular places to work. Although salaries only range from $50K to just $80K, The Travelers Companies, Inc. still offers the highest pay with a median paycheck of $57K. Other big spenders include State Farm Insurance Company, Liberty Mutual Insurance Group, and Farmers Insurance Group, top-paying firms where Claims Adjusters see paychecks nearing $54K, $54K, or $54K.
Employees at Geico take home the smallest paychecks, and $42K is the median salary. Furthermore, range in pay is narrow, with salaries starting at $35K and quickly nearing the top at only $56K. Sedgwick Claims Management Services, Inc. (Sedgwick CMS), Sedgwick, and Usaa Insurance also rank near the bottom for pay, handing out $43K, $44K, and $45K-paychecks on average.
Popular Skills for Claims Adjuster
Claims Adjusters report using a wide range of professional skills. Most notably, skills in Construction Estimating, Litigation Case Management, Investigation, and Insurance are correlated to pay that is above average, with boosts in pay of 13 percent. Those listing Typing as a skill should be prepared for drastically lower pay. Oral / Verbal Communication and Bilingual also typically command lower compensation. For most people, competency in Claim Handling indicates knowledge of Negotiation.
Pay by Experience Level for Claims Adjuster
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Claims Adjusters, experience does not seem to be a major factor in determining pay. Although individuals who have less than five years' experience earn $44K on average, people with five to 10 years benefit from a notably larger average of $52K. Claims Adjusters who work for 10 to 20 years in their occupation tend to earn about $57K. After two decades in the workforce, the average Claims Adjuster generally earns more than ever; median pay for this group is estimated at $66K.
Pay Difference by Location
With a pay rate for Claims Adjusters that is 10 percent greater than the national average, Orlando offers a comfortable salary for those in this profession. Claims Adjusters can also look forward to large paychecks in cities like Houston (+8 percent), Los Angeles (+8 percent), Denver (+5 percent), and Chicago (+4 percent). Those in the field find the lowest salaries in Oklahoma City, 19 percent below the national average. Employers also pay below the national average in Indianapolis (11 percent lower) and Tampa (9 percent lower).
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