Insurance Clerk Salary
Women make up the vast majority of Insurance Clerks in the United States. The average pay in this industry is approximately $13.10 per hour. Health benefits are not enjoyed by everyone in this line of work, and more than a third lack any coverage at all. Medical benefits are reported by the greater part and dental coverage is claimed by more than two-fifths. For the most part, Insurance Clerks enjoy their work and report high levels of job satisfaction. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
Job Description for Insurance Clerk
Insurance clerks process applications for reinstatement of, changes to, and cancellation of insurance policies for individuals or companies. They work closely with insurance agents to provide paperwork and other necessary items to process a client's insurance policy, and must have thorough knowledge of federal, state, and local insurance policy regulations.Read More...
Insurance clerks must have excellent communication skills and good attention to detail in order to accurately complete clients' insurance policies, and familiarity with mathematics and computer programs is essential. Accurate typing skills, good customer service, and professional phone demeanor are also important. They must be able to work well with other team members, as well as follow instructions from supervisors and/or insurance agents.
The duties of an insurance clerk include compiling data on insurance claims, reviewing insurance applications to ensure all the appropriate questions have been answered, collecting initial premiums, issuing receipts, changing insurance policy records to adhere to the party's specifications, and cancelling insurance policies as requested by agents. Writing professional e-mails and correspondence is frequently required, as well.
Most insurance clerks have a college degree, and many employers prefer that their clerks have at least an undergraduate degree in accounting, business, or a related field, though this is not always a strict requirement. Prior experience in insurance is highly beneficial.
Insurance clerks usually work in an office of an insurance company during normal business hours, and their co-workers include other team members, insurance agents, and supervisors. Insurance clerks may also interact with clients on the phone or in-person.
Insurance Clerk Tasks
- Maintain, update, and file records for health, life, car, rental, or home insurance policies.
- Prepare and file statistical data reports for regulatory agencies.
- Oversee insurance payments, renew policies, and collect overdue payments from individuals or insurance companies.
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Pay by Experience Level for Insurance Clerk
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Insurance Clerks, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Relatively untried employees who have less than five years' experience make $26K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $28K. Insurance Clerks who work for 10 to 20 years in their occupation tend to earn about $31K. Insurance Clerks who have stuck around for more than two decades see earnings that are no higher than those of folks who have worked for 10 to 20 years.