Insurance Claims Specialist Salary

Insurance Claims Specialists in the United States are not likely to strike it rich; they only make around $50K per year on average. Cash earnings of Insurance Claims Specialists can occasionally include $5K each in bonuses and profit sharing proceeds; this strong performance component causes pay grades to stretch from approximately $26K to almost $72K. Geography is the biggest factor affecting pay for this group, followed by experience level and the specific company. Men are in the minority of survey respondents, with female Insurance Claims Specialists making up 74 percent. Job satisfaction is high and work is enjoyable for most Insurance Claims Specialists. Medical benefits are awarded to a large number, and a fair number earn dental coverage. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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$30,920 - $77,754
(Median)
$31K
$50K
$78K
MEDIAN: $50,019
10%
50%
90%

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$11.43 - $20.38
(Median)
$11
$15
$20
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$26K$52K$78K
Salary
$30,920 - $77,754  
   
Bonus
$0.00 - $5,137  
Profit Sharing
$483.87 - $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).
)
$26,325 - $71,530  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 592
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$12$24$36
Hourly Rate
$11.43 - $20.38  
   
Overtime
$12.90 - $33.35  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$24K$48K$72K
Bonus
$0.00 - $5,137  
   
Profit Sharing
$483.87 - $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).
)
$26,325 - $71,530  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 499
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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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As Insurance Claims Specialists transition into upper-level roles such as Insurance Claims Manager, they may see a strong upturn in salary. Insurance Claims Managers earn $72K on average per year. Becoming a Medical Billing Specialist is, more often than not, the most common role that Insurance Claims Specialists move into when they're ready for the next step in their career. A median salary for a Medical Billing Specialist is $31K. Another frequent advance is for Insurance Claims Specialists to assume an Insurance Claims Supervisor role; in this role, workers often take home $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 some prominent firms with considerable interest in employing a large team of Insurance Claims Specialists. Liberty Mutual Insurance Group offers the largest salaries in town ($56K on average), but the considerable range in workers' salaries creates a rather varied pay scale that stretches from $47K to $90K.

With a median salary of only $31K (79 percent lower than the top payer), Allstate Insurance Company lags significantly in the earnings department.

Popular Skills for Insurance Claims Specialist


Insurance Claims Specialists report using a pretty varied skill set on the job. Most notably, facility with Litigation Case Management, Negotiation, and Claim Handling are correlated to pay that is significantly above average, leading to increases of 63 percent, 30 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. Those educated in Claim Handling tend to be well versed in Customer Service.

Pay by Experience Level for Insurance Claims Specialist

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. Those who have worked for fewer than five years take home a median salary of $34K, and workers with five to 10 years of experience earn a higher $39K on average. After working for 10 to 20 years, Insurance Claims Specialists make a median salary of $45K. Survey participants who have worked for more than two decades report bringing in $61K on average.

Pay Difference by Location


New York is home to an above-average pay rate for Insurance Claims Specialists, 70 percent higher than the national average. Insurance Claims Specialists will also find cushy salaries in Chicago (+56 percent), Indianapolis (+33 percent), Pittsburgh (+21 percent), and Dallas (+20 percent). Charlotte is home to the smallest salaries in the field, lagging the national average by 13 percent. 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 63%


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 211 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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