Insurance Claims Adjuster Salary
The average Insurance Claims Adjuster in the United States can expect to rake in roughly $49K per year. Total incomes of Insurance Claims Adjusters incorporate potential for, in a few cases, more than $8K from bonuses and close to $8K from profit sharing; these performance components cause packages to range between $34K and $73K. The most important factor affecting compensation for this group is the particular firm, followed by tenure and geography. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to a strong majority. Job satisfaction is reported as high by the vast majority of workers. Men working as Insurance Claims Adjusters who took the survey just slightly outnumber women at 51 percent.
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
- Compile information derived from correspondence with claimant, witnesses and medical specialists.
- Negotiate settlement of claims, calculate and authorize payment of claim settlements in accordance with policy and coverage.
- Investigate and analyze insurance claims to determine extent of insurance company's liability.
Common Career Paths for Insurance Claims Adjuster
Insurance Claims Adjusters may progress into high-paying roles like Attorney, where median compensation is $81K annually. Insurance Claims Adjusters most often advance into Claims Examiner or Investigator and Claims Adjuster positions even though the median salaries are $4K lower and $2K lower, respectively.
Insurance Claims Adjuster Job Listings
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Popular Employer Salaries for Insurance Claims Adjuster
Leading companies who hire large numbers of Insurance Claims Adjusters include Allstate, State Farm Insurance Company, Progressive Casualty Insurance Company, Geico, and The Travelers Companies, Inc. Insurance Claims Adjusters flock to Nationwide Mutual Insurance Company for generous paychecks, where average earnings of $59K lead the pack in compensation; however, Nationwide Mutual Insurance Company also provides employees with a wide spectrum of compensation ranging from $39K at one end to $71K at the other end. Other employers shelling out big bucks include The Travelers Companies, Inc., Progressive Casualty Insurance Company, and Allstate, where Insurance Claims Adjusters typically earn around $58K, $54K, or $53K, respectively.
Esurance, Inc., Metropolitan Life Insurance Company (MetLife), and Usaa Insurance are a few other employers known for handing out relatively lightweight salaries ($41K, $44K, and $44K respectively).
Popular Skills for Insurance Claims Adjuster
Insurance Claims Adjusters seem to require a number of specific skills. Most notably, skills in Litigation Case Management, Construction Estimating, Negotiation, and Claim Handling are correlated to pay that is above average, with boosts between 6 percent and 18 percent. Those familiar with Claim Handling also tend to know Negotiation.
Pay by Experience Level for Insurance Claims Adjuster
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Insurance Claims Adjusters with a lot of experience do not necessarily enjoy more money. The average worker who claims fewer than five years of experience earns around $44K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $53K. Insurance Claims Adjusters who work for 10 to 20 years in their occupation tend to earn about $57K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $65K, demonstrating that compensation is roughly commensurate with experience in the end.
Pay Difference by Location
For Insurance Claims Adjusters, working in the bustling city of Minneapolis has its advantages, including an above-average pay rate. Insurance Claims Adjusters will also find cushy salaries in Dallas (+11 percent), Denver (+10 percent), Chicago (+8 percent), and Miami (+6 percent). Tampa is the lowest-paying area, 18 percent south of the national average. Employers pay around 15 percent less in Orlando and 13 percent less in Des Moines, below-median salaries for those in this field.