Claims Manager, Insurance Salary
The majority of Insurance Claims Managers in the United States — a little under three-quarters — boast more than 10 years of experience in their profession. Salaries stretch from $41K to $118K per year, and the median is $77K per year. With some bonuses approaching $17K and certain profit sharing proceeds approaching $10K, overall incomes of Insurance Claims Managers spread between $41K and $118K depending on individual performance. The most influential factor affecting pay for this group is the particular firm, though the particular city and years of experience have a (lesser) impact as well. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to a strong majority. The majority of Insurance Claims Managers claim high levels of job satisfaction. Women make up a slight majority of Insurance Claims Managers (57 percent) survey respondents.
Job Description for Claims Manager, Insurance
An insurance claims manager work with the claims adjusters to ensure that the all insurance claims are handled correctly. They review each adjuster's work periodically and check to make sure the final adjustment before the claim has been completed correctly. While often not involved in the day-to-day operations of claim adjusting, insurance claims managers are ultimately responsible for the work completed by the adjustors that they supervise; this includes ensuring that employees are following all company guidelines.Read More...
Insurance claims managers are responsible for ensuring that all employees receive the necessary training to perform their jobs. They must also make sure that all employees are up to date on all policy changes, as well as receive continuing education related to their position. Additionally, the manager is the first point of contact for any employees having questions about unusual circumstances or when they encounter new items that were not covered in their training. The manager is expected to know each of the plans that the company offers, as well as current discounts and other factors affecting each policy.
A bachelor's degree in business or a related field is generally required for this position; some employers may accept equivalent experience in lieu of a degree. The insurance claims manager must be a team player, as well as an effective manager who ensure that all deadlines are met and claims are completed in a timely manner. The manager should also be able to effectively communicate orally and in written form.
Claims Manager, Insurance Tasks
- Manages the claims activity for a business unit.
- Oversees investigations and consultations with legal counsel.
- Investigates out of guidelines inquiries, and ensures compliance to procedures, proper services and settlement of claims.
- Report metrics, and assists senior management in developing and establishing policies and procedures.
Common Career Paths for Claims Manager, Insurance
There are some Insurance Claims Managers — though it's uncommon — that transition into Vice President (VP), Claimss, where earnings are an average $143K annually. The most common promotion for Insurance Claims Managers is a Claims Manager position, which usually brings in $70K a year. Another standard transition for Insurance Claims Managers seeking advancement is to assume a Claims Director role, where pay is often $102K.
Claims Manager, Insurance Job Listings
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Popular Employer Salaries for Claims Manager, Insurance
Insurance Claims Managers seeking a sizable paycheck can earn the most at State Farm Insurance Company, where the median salary comes to $112K, though the large pay difference between employees at the top ($72K) and those starting out ($149K) creates a rather diverse pay scale.
Popular Skills for Claims Manager, Insurance
Insurance Claims Managers seem to require a number of specific skills. Most notably, skills in People Management, Claim Handling, Negotiation, and Insurance are correlated to pay that is above average. Project Management, on the other hand, is typically associated with much lower pay. Most people experienced in Claim Handling also know People Management.
Pay by Experience Level for Claims Manager, Insurance
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience seems to be a major factor in determining the incomes of Insurance Claims Managers. Survey participants with less than five years' experience pocket $47K on average, but those with five to 10 years of experience enjoy a much bigger median of $70K. Insurance Claims Managers bring in $80K after working for 10 to 20 years. Insurance Claims Managers who have acquired more than 20 years of relevant experience earn significantly more than folks with fewer years on their resumes; the average income in this veteran group is $92K.
Pay Difference by Location
Surpassing the national average by 31 percent, Insurance Claims Managers in Los Angeles receive some of the highest pay in the country. Insurance Claims Managers will also find cushy salaries in Boston (+24 percent), Chicago (+23 percent), Dallas (+22 percent), and New York (+13 percent). The lowest-paying market is Denver, which sits 29 percent below the national average, proving that location is a significant contributor to overall pay. Two other places where employers offer below-median salaries are Houston (20 percent less) and Tampa (10 percent less).
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Key Stats for Claims Manager, Insurance
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