Insurance Claims Specialist Salary

Insurance Claims Specialists aren't exactly in the most profitable line of business; these folks earn a belt-tightening average of $50K per year. Total cash compensation for Insurance Claims Specialists runs from $26K to $72K depending on bonuses that can occasionally exceed $6K and profit sharing that can reach almost $5K. Location is the main element affecting pay for this group — the company and experience level are driving factors as well. Most Insurance Claims Specialists survey respondents are women (74 percent). A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the larger part. The majority of workers are highly satisfied with their job. This snapshot results from replies to PayScale's salary survey.
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$30,854 - $78,481
(Median)
$31K
$50K
$78K
MEDIAN: $49,643
10%
50%
90%

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$11.65 - $20.65
(Median)
$12
$15
$21
MEDIAN: $15.00
10%
50%
90%

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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$27K$54K$81K
Salary
$30,854 - $78,481  
   
Bonus
$0.00 - $5,958  
Profit Sharing
$0.00 - $5,106  
Commission
$2,700  
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).
)
$26,275 - $71,783  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 652
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
$11.65 - $20.65  
   
Overtime
$13.40 - $33.59  
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 - $5,958  
   
Commission
$2,700  
Profit Sharing
$0.00 - $5,106  
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).
)
$26,275 - $71,783  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 575
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Job Description for Insurance Claims Specialist

An insurance claim specialist’s job is to facilitate the processing of claims. They must make sure that all regulations are followed and must be very detail-oriented. A college degree is often preferred, but it is not always necessary for this position. Knowledge of computers is very necessary, as they must be able to use software and run reports specific to their line of work.

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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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There are some Insurance Claims Specialists — though it's rare — that transition into Insurance Claims Managers, where median earnings are $72K annually. As Insurance Claims Specialists progress in their field, many go on to become Medical Billing Specialists. In fact, this transition is more common than anything else, and median pay for the role is $31K. Another common career choice for Insurance Claims Specialists is to move into an Insurance Claims Supervisor role — this promotion usually pays $61K.

Insurance Claims Representative Job Listings

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Popular Employer Salaries for Insurance Claims Specialist


Dominating the field, Liberty Mutual Insurance Group, State Farm Insurance Company, Nationwide Mutual Insurance Company, Allstate, and Allstate Insurance Company are top firms with a reputation for hiring a great number of Insurance Claims Specialists. Although Liberty Mutual Insurance Group boasts the highest average salary in town at $54K, employee compensation still varies greatly — workers can make as little as $47K or as much as $91K.

Popular Skills for Insurance Claims Specialist


Survey results imply that Insurance Claims Specialists put a diverse skill set to use. 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, 29 percent, and 3 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Electronic Medical Records, Medical Coding, and Medical Terminology. Those proficient in Claim Handling are, more often than not, 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.


For many Insurance Claims Specialists, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Relatively untried employees who have fewer than five years of experience earn around $34K on average. People who have worked for five to 10 years can expect a higher median salary of $39K. For Insurance Claims Specialists, 10 to 20 years of experience on the job amounts to an average salary of $44K. Insurance Claims Specialists who have spent more than 20 years on the job report earning a significantly higher median of $59K.

Pay Difference by Location

National Average: $39,174

Larger city markers indicate a job is popular in that location.

For Insurance Claims Specialists, New York provides a pay rate that is 70 percent greater than the national average. Insurance Claims Specialists will also find cushy salaries in Chicago (+51 percent), Indianapolis (+36 percent), Pittsburgh (+21 percent), and Dallas (+18 percent). Insurance Claims Specialists in Birmingham take home the lowest salaries, earning a whopping 22 percent less than the national average. Employers in Charlotte and Seattle also lean toward paying below-median salaries (7 percent lower and 6 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 3%

National Average
$39,000

Customer Service
up arrow 1%

Insurance
up arrow 3%

Medical Terminology
up arrow 11%


Electronic Medical Records (EMR)
up arrow 19%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 223 votes.

Gender

Female
74 %
Male
26 %

Years of Experience

Less than 1 year
7%
1-4 years
32%
5-9 years
21%
10-19 years
24%
20 years or more
16%

Common Health Benefits

medical benefits
Medical: 83%
dental benefits
Dental: 72%
medical benefits
Vision: 60%
dental benefits
None: 15%
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