Insurance Claims Specialist Salary

Those pursuing careers as Insurance Claims Specialists in the United States may have to make do with less; average incomes for people in this area hover around only $50K per year. With some bonuses approaching $5K and certain profit sharing proceeds approaching $5K, overall incomes of Insurance Claims Specialists spread between $26K and $72K depending on individual performance. Earnings for this group are mostly affected by geography, followed by career length and the individual firm. Female Insurance Claims Specialists make up most of the survey respondents at 74 percent. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the greater part. For the most part, Insurance Claims Specialists enjoy their work and report high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.
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$30,820 - $77,820

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$11.44 - $20.37

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$26K$52K$78K
Salary
$30,820 - $77,820  
   
Bonus
$0.00 - $5,162  
Profit Sharing
$483.17 - $4,913  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$26,321 - $71,529  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 589
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$12$24$36
Hourly Rate
$11.44 - $20.37  
   
Overtime
$12.97 - $33.30  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$24K$48K$72K
Bonus
$0.00 - $5,162  
   
Profit Sharing
$483.17 - $4,913  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$26,321 - $71,529  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 501
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Job Description for Insurance Claims Specialist

The insurance claims specialist's primary role involves handling the paperwork for insurance customers and the companies they work for. Insurance claims specialists explain insurance coverage to customers and potential customers, as well. They also provide guidance to customers when a claim is made, such as directing them to mechanics or repairmen whom the insurance company will work with.

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Insurance Claims Specialist Tasks

  • Analyzes and interprets insurance policy in order to answer client's questions.
  • Works with insurance provider to obtain temporary car, house, or funds for the client.
  • Assists client in filing claims and handling other claim related correspondence.
  • Assesses damages and meets with insurance personnel to receive compensation for the client.

Common Career Paths for Insurance Claims Specialist


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For Insurance Claims Specialists, progressing to an Insurance Claims Manager role may result in a significant raise. On average, an Insurance Claims Manager can earn $72K annually. More often than not, a Medical Billing Specialist role is the next step for Insurance Claims Specialists moving up in the field. Pay for Medical Billing Specialists is usually $31K. Many Insurance Claims Specialists choose to take on an Insurance Claims Supervisor role instead, where salaries are typically $61K.

Insurance Claims Representative Job Listings

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Popular Employer Salaries for Insurance Claims Specialist


Liberty Mutual Insurance Group, Allstate Insurance Company, Nationwide Mutual Insurance Company, State Farm Insurance Company, and Allstate are all popular places to work. Employees of Liberty Mutual Insurance Group can expect to make the most, with the company offering a median salary of $56K; however, pay is widely dispersed from bottom to top, ranging from $47K to $90K.

The smallest paychecks in the field are found at Allstate Insurance Company, where the median salary is a mere $31K, 79 percent lower than the top payer.

Popular Skills for Insurance Claims Specialist


Insurance Claims Specialists generally report applying a varied skill set to their work. Most notably, facility with Litigation Case Management, Negotiation, and Claim Handling are correlated to pay that is significantly above average, leading to increases of 64 percent, 31 percent, and 4 percent, respectively. Those listing Electronic Medical Records as a skill should be prepared for drastically lower pay. Medical Coding and Medical Terminology also typically command lower compensation. It is often found that people who know Claim Handling are also skilled in Customer Service.

Pay by Experience Level for Insurance Claims Specialist

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Insurance Claims Specialists who reported more years of relevant experience also reported higher earnings. Individuals who have worked for fewer than five years bring in approximately $34K on average. Those in the five-to-10 year range can expect an average that is only a touch bigger at $39K. Insurance Claims Specialists who work for 10 to 20 years in their occupation tend to earn about $45K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $60K, which is substantially larger than the medians reported by folks with fewer years on their resumes.

Pay Difference by Location


With a pay rate for Insurance Claims Specialists that is 71 percent greater than the national average, New York offers a comfortable salary for those in this profession. Insurance Claims Specialists will also find cushy salaries in Chicago (+58 percent), Indianapolis (+33 percent), Orlando (+24 percent), and Pittsburgh (+21 percent). With compensation 14 percent below the national average, Charlotte is not known for hefty paychecks and actually represents the lowest-paying market. Houston and Seattle are a couple other places where companies are known to pay below the median — salaries are 9 percent lower and 4 percent lower, respectively.

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Experience Affects Insurance Claims Specialist Salaries




National Average
$39,000


Skills That Affect Insurance Claims Specialist Salaries

Litigation Case Management
up arrow 64%


Claim Handling
up arrow 4%

National Average
$39,000

Customer Service
up arrow 1%

Insurance
up arrow 3%

Medical Terminology
up arrow 13%


Electronic Medical Records (EMR)
up arrow 20%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 209 votes.

Gender

Female
74 %
Male
26 %

Years of Experience

Less than 1 year
7%
1-4 years
31%
5-9 years
22%
10-19 years
25%
20 years or more
16%

Common Health Benefits

medical benefits Medical: 83% dental benefits Dental: 73%
vision benefits Vision: 58% employee benefits None: 14%
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