Insurance Claims Analyst Salary
Job Description for Insurance Claims Analyst
Insurance claims analysts are responsible for a variety of tasks, including reviewing and analyzing claims and expenses, processing new claims and completing old ones, and acting as a liaison among the company, attorneys, insurance brokers, carriers and offices. They are also in charge of preparing and filing legal documents, cataloging files for storage, handling personal issues for their company CEO, and supervising employees. The insurance claims analyst also interviews, hires, and trains employees, as well as addresses any employee complaints and problems. These analysts generally work for insurance companies specifically or for companies that need that services.Read More...
Minimum education requirements for this position include either a high school diploma or equivalent or an associate's degree. However, many employers prefer a bachelor's degree and some business experience. Extra training in a specialized field such as medical billing or automotive technology is preferable in positions that deal with these specialized issues. Insurance claims analysts should also be good at problem solving, written and oral communication, management, decision-making, and planning. In all tasks, they must adhere to safety standards and regulations.
Insurance claims analysts typically work full time during regular business hours. However, it is not uncommon for them work do overtime in the evenings or even on the weekends. There is usually little to no travel required.
Insurance Claims Analyst Tasks
- Resolves claims processing errors and issues.
- Completes analysis of claims processing including payments and compliance.
- Reviews and processes claim transactions, reports, monitors charges and payments.
- Identifies coordination of benefits with other insurers.
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Pay by Experience Level for Insurance Claims Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $40K; however, individuals with five to 10 years of experience bring in $54K on average — a distinctly larger sum. People with 10 to 20 years of experience make an average of about $49K in this role. Big financial gains seem to result from working for more than two decades; veterans in this group report earning $55K on average.
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