Claims Manager Salary
Claims Managers in the United States tend to be well-versed in their field, and slightly less than two-thirds have more than 10 years of experience. Average salary is expected to be around $72K per year, but may range from $42K to $108K per year. Total cash earnings of Claims Managers range from $42K on the low end to $108K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $13K and $10K, respectively. The most influential factor affecting pay for this group is the company, though the particular city and years of experience have a (lesser) impact as well. Job satisfaction for Claims Managers is high. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 58 percent. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. The numbers in this rundown were provided by PayScale's salary survey participants.
Job Description for Claims Manager
A claims manager works in the insurance industry to coordinate and expedite the processing of customers' claims. The claims manager usually holds a management position with oversight for claims processes, helping ensure that any instances of misappropriation or fraud do not occur.Read More...
Many insurance claims are processed in the private sector by independent insurance agents, who submit payment proceedings to the company. In the field of health insurance, these claims are submitted by medical professionals seeking payment for procedures as well. It is the job of the claims manager to examine all notifications and claims received according to standards and practices within the industry and their organization to determine that they meet standards of worthiness. If they do, the manager then approves them and moves the claims along for processing and payment as expeditiously as possible.
In the medical field, the claims manager must also help with determinations of proper procedures and reasonable diagnostics being performed; insurance claims must conform to proper standards regarding diagnosis, equipment used, and the procedures performed.
The claims manager also provides updates and reports to the insuring institution that outline the movement of individual claims through the system. As such, claims managers must be organized and have a strong skill set in written and verbal communication. Aptitude with computers, databases, records, and spreadsheets is also valuable.
To work in this occupation, a claims manager typically has a bachelor's degree as well as some experience - usually three to five years - as claims adjusters or actuaries within an insurance organization. The work is normally performed in an office setting during regular business hours.
Claims Manager 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.
Claims Manager, Insurance Job Listings
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Pay by Experience Level for Claims Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. Survey participants with less than five years' experience pocket $51K on average, but those with five to 10 years of experience enjoy a much bigger median of $65K. On average, Claims Managers make $79K following one to two decades on the job. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $84K.
Pay Difference by Location
With a pay rate for Claims Managers that is 34 percent greater than the national average, Chicago offers a comfortable salary for those in this profession. Claims Managers will also find cushy salaries in Dallas (+23 percent), Denver (+20 percent), Tampa (+17 percent), and Philadelphia (+15 percent). The smallest paychecks in the market, 19 percent south of the national average, can be found in Jacksonville. Workers in Columbus and Phoenix earn salaries that trail the national average for those in this profession (16 percent less and 15 percent less, respectively).
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Key Stats for Claims Manager
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