Claims Manager, Insurance Salary
More than two-thirds of Insurance Claims Managers in the United States have been in the field for more than 10 years. Pay can fall anywhere from $41K to $119K per year, but median earnings come to around $77K annually. Total cash earnings of Insurance Claims Managers range from $41K on the low end to $119K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $17K and $10K, respectively. Compensation for this group is mainly affected by the specific employer, but geography and tenure are influential factors as well. Women Insurance Claims Managers who took the survey just slightly outnumber men. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Work is enjoyable for Insurance Claims Managers, who typically claim high levels of job satisfaction. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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
- 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.
- Manages the claims activity for a business unit.
- Oversees investigations and consultations with legal counsel.
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 $144K annually. A Claims Manager role is the most prevalent career advancement for Insurance Claims Managers. Paychecks for that role are $70K on average. The Claims Director position is another common transition for Insurance Claims Managers; in this role, salaries are typically at the $102K mark.
Claims Manager, Insurance Job Listings
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Popular Employer Salaries for Claims Manager, Insurance
Employees of State Farm Insurance Company can expect to make the most, with the company offering a median salary of $112K; however, pay is widely dispersed from bottom to top, ranging from $72K to $148K.
Popular Skills for Claims Manager, Insurance
Insurance Claims Managers seem to require a number of specific skills. Most notably, skills in Negotiation, People Management, Claim Handling, and Insurance are correlated to pay that is above average. Those listing Project Management as a skill should be prepared for drastically lower pay. Most people skilled in Claim Handling are similarly competent in People Management.
Pay by Experience Level for Claims Manager, Insurance
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Insurance Claims Managers with a lot of experience tend to enjoy higher earnings. The average worker who claims fewer than five years of experience earns around $49K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $71K. On average, Insurance Claims Managers make $80K following one to two decades on the job. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $92K, which is substantially larger than the medians reported by folks with fewer years on their resumes.
Pay Difference by Location
For Insurance Claims Managers, working in the bustling city of Los Angeles has its advantages, including an above-average pay rate. Insurance Claims Managers can also look forward to large paychecks in cities like Dallas (+26 percent), Boston (+24 percent), Chicago (+23 percent), and New York (+16 percent). Insurance Claims Managers in Denver report much lower salaries than the rest of the country — 26 percent below the national average — proving that residence is a major factor in overall pay. Houston and Cincinnati are a couple other places where companies are known to pay below the median — salaries are 11 percent lower and 6 percent lower, respectively.