Insurance Claims Adjuster Salary
The average Insurance Claims Adjuster in the United States earns approximately $50K per year. Final cash compensation to Insurance Claims Adjusters varies from around $34K to approximately $73K; choice pay grades include potential for bonuses and profit sharing as high as $7K and $8K, respectively. The most important factor affecting compensation for this group is the particular firm, followed by career length and geography. Women make up a slight majority of Insurance Claims Adjusters (50 percent) survey respondents. Most Insurance Claims Adjusters report high levels of job satisfaction. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to a strong majority. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Insurance Claims Adjuster
Insurance claims adjusters are responsible for investigating accidents to determine liability. They do this by having phone conversations with customers, obtaining police reports, and negotiating damage settlements. They document claim activity and provide fair settlement and claim resolutions to customers. The insurance claim adjuster must work to help customers feel satisfied while making cost-effective decisions that benefit their business.Read More...
Insurance claim adjusters must be well organized while they evaluate claims and report to final disposition. They are responsible for securing needed items for investigation and gaining access to coverage, liability, and damages. They assess value of claims and negotiate settlements.
Insurance claim adjusters must be able to make sound decisions. Additionally, they need to be proficient in basic computer software such as Microsoft Excel; they also must have strong verbal and written communication skills. Insurance claim adjusters must be able to work independently and be a self-starter.
In terms of formal education, insurance claim adjusters may or may not need a postsecondary degree, depending on the company. Many companies do require some sort of claim experience. Insurance claim adjusters may work a variety of hours, as many claims departments offer 24-hour service; these adjusters may work nights, weekends, and holidays. Also some adjusters may be required to travel to examine damage firsthand.
Insurance 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 Insurance Claims Adjuster
As Insurance Claims Adjusters transition into upper-level roles such as Attorney, they may see a strong upturn in salary. Attorneys earn $81K on average per year. Insurance Claims Adjusters most often move into positions as Claims Examiners and Investigators or Claims Adjusters. Claims Examiners and Investigators actually earn $4K less on average, however, and Claims Adjusters earn $2K less per year than Insurance Claims Adjusters do.
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Popular Employer Salaries for Insurance Claims Adjuster
Insurance Claims Adjusters fill the offices of leading firms Allstate, State Farm Insurance Company, Progressive Casualty Insurance Company, Farmers Insurance Group, and Geico. The Travelers Companies, Inc. offers the best pay with a median salary of $57K, though salaries there don't seem that varied, bottoming out near $49K and maxing out at just $68K. Insurance Claims Adjusters will also find cushy salaries at Nationwide Mutual Insurance Company (+$57K), Progressive Casualty Insurance Company (+$56K), and American Family Insurance Group (+$54K).
Esurance, Inc., Usaa Insurance and Liberty Mutual Insurance Group are three other employers with a reputation for below-average pay, showing salaries around $41K, $42K, and $48K.
Popular Skills for Insurance Claims Adjuster
Insurance Claims Adjusters report using a wide range of professional skills. Most notably, facility with Litigation Case Management, Construction Estimating, and Negotiation are correlated to pay that is significantly above average, leading to increases of 33 percent, 16 percent, and 6 percent, respectively. For most people, competency in Claim Handling indicates knowledge of Negotiation.
Pay by Experience Level for Insurance Claims Adjuster
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. Salaries for the relatively untried average out to around $44K, but survey participants with five to 10 years of experience earn a significantly higher median of $53K. Insurance Claims Adjusters who work for 10 to 20 years in their occupation tend to earn about $58K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $66K, which is substantially larger than the medians reported by folks with fewer years on their resumes.
Pay Difference by Location
For Insurance Claims Adjusters, New York provides a pay rate that is 21 percent greater than the national average. Insurance Claims Adjusters will also find cushy salaries in Minneapolis (+19 percent), Denver (+15 percent), Dallas (+10 percent), and Indianapolis (+9 percent). With compensation 19 percent below the national average, Tampa is not known for hefty paychecks and actually represents the lowest-paying market. Workers in Orlando and Des Moines earn salaries that trail the national average for those in this profession (16 percent less and 13 percent less, respectively).
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