Insurance raters are billing professionals who prepare invoices, compile data, and compute and calculate rates for services, goods, and shipments of goods for an insurance company. They also perform calculations to determine insurance rates and premiums for the company's clients and enter and update such data into computer systems.
Insurance raters must be detail-oriented and have excellent written and verbal communication skills. Customer service skills are also important, as they speak with clients on a regular basis. Working with large amounts of data using proprietary insurance computer programs is a large part of the job, so excellent typing and bookkeeping skills are highly beneficial.
Insurance raters are generally responsible for processing and resolving customer requests, verifying accuracy of billing data, and quoting and binding coverages. They also may perform bookkeeping work, compute credit terms, estimate market-values of products and services, and update manuals when rates or regulations are amended. They must also be able to solve problems quickly and effectively and implement solutions to meet the needs of their clients.
Educational requirements are not strict for this position, though a college degree in accounting, business, economics, finance, or a related field may bolster career opportunities. Insurance raters generally work in insurance firms in an office environment during traditional business hours, and their co-workers include other team members, supervisors, insurance company leaders, and other office staff. A pleasant disposition is also of the utmost importance in this position.
Insurance Rater Tasks
Update and compile rate and policy changes.
Perform calculations to determine rates and premiums.
Process and resolve requests, complaints and other issues on accounts.
Enter and update data.