Claims Manager Salary
Claims Managers in the United States with more than 10 years of experience in their profession represent just under two-thirds of Claims Managers. Salaries average out to around $72K per year and spread from $41K to $108K per year. Cash earnings for Claims Managers — which occasionally include more than $14K from bonuses and more than $9K from profit sharing — stretch from around $41K to approximately $108K. Location and career duration each impact pay for this group, with the former having the largest influence. A large number enjoy medical while most get dental coverage. Vision coverage is also available to a fair number. Most Claims Managers like their work and job satisfaction is high. More than half of Claims Managers (60 percent) survey participants are women. Participants in PayScale's salary questionnaire provided the particulars of this report.
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.
For many Claims Managers, more experience generally translates to higher pay. Relatively untried employees who have less than five years' experience make $50K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $64K. Claims Managers see a median salary of $79K after reaching 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
Surpassing the national average by 24 percent, Claims Managers in Dallas receive some of the highest pay in the country. Claims Managers will also find cushy salaries in Chicago (+24 percent), Denver (+20 percent), Tampa (+16 percent), and Philadelphia (+15 percent). Claims Managers in Pittsburgh make 27 percent less than the national average, proving that location is a major factor in pay. Phoenix and Indianapolis are a couple other places where companies are known to pay below the median — salaries are 19 percent lower and 7 percent lower, respectively.