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. The range in cash compensation to Insurance Claims Specialists ($26K to $72K) includes potential earnings of $5K each from bonuses and profit sharing in exceptional cases. This group's pay is mainly influenced by geography, followed by experience level and the individual firm. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the larger part. Most workers in this position report high levels of job satisfaction. Men are in the minority of survey respondents, with female Insurance Claims Specialists making up 74 percent. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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$30,955 - $77,887
(Median)
$31K
$50K
$78K
MEDIAN: $50,060
10%
50%
90%

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$11.41 - $20.34
(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
$30,955 - $77,887  
   
Bonus
$0.00 - $5,133  
Profit Sharing
$483.68 - $4,932  
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).
)
$26,271 - $71,633  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 587
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
$11.41 - $20.34  
   
Overtime
$12.82 - $33.40  
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 - $5,133  
   
Profit Sharing
$483.68 - $4,932  
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).
)
$26,271 - $71,633  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 496
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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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There are some Insurance Claims Specialists — though it's rare — that transition into Insurance Claims Managers, where median earnings are $72K annually. The most common career progression for Insurance Claims Specialists leads to becoming a Medical Billing Specialist, where pay is typically $31K. However, many Insurance Claims Specialists also opt to become Insurance Claims Supervisors, a position that pays $61K on average.

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Popular Employer Salaries for Insurance Claims Specialist


Liberty Mutual Insurance Group, Nationwide Mutual Insurance Company, Allstate Insurance Company, State Farm Insurance Company, and Allstate are leaders in the field that employ a large number of Insurance Claims Specialists. 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 $91K.

Just about half of the top paying company's median, Allstate Insurance Company offers a median salary of just $31K, consistently last on the pay scale ladder by far.

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 64 percent, 31 percent, and 5 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. Most people who know Claim Handling also know Customer Service.

Pay by Experience Level for Insurance Claims Specialist

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


Experience is an important factor influencing the compensation of Insurance Claims Specialists. Folks who are navigating the first five years of their careers have a median salary of approximately $34K in this position. Those who have been around for five to 10 years don't get much more, though; the median salary in that group is $39K. For Insurance Claims Specialists, 10 to 20 years of experience on the job amounts to an average salary of $46K. Average wages for folks with more than 20 years of experience come out to around $61K.

Pay Difference by Location


New York offers some of the highest pay in the country for Insurance Claims Specialists, 71 percent above the national average. Insurance Claims Specialists will also find cushy salaries in Chicago (+56 percent), Orlando (+27 percent), Pittsburgh (+21 percent), and Dallas (+21 percent). Charlotte ranks last in the field for pay, reporting salaries 11 percent below the national average. Employers pay around 9 percent less in Houston and 4 percent less in Seattle, below-median salaries for those in this field.

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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%



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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