Claims Manager, Insurance Salary
Insurance Claims Managers in the United States tend to be well-versed in their field, and a little under three-quarters have more than 10 years of experience. Average salary is expected to be around $79K per year, but may range from $42K to $122K per year. Final cash compensation to Insurance Claims Managers varies from around $42K to approximately $122K; choice pay grades include potential for bonuses and profit sharing as high as $16K and $15K, respectively. This group's pay is mainly influenced by the specific employer, followed by the particular city and tenure. Female Insurance Claims Managers are more common than men among those who completed the survey; more than half (61 percent) are women. Most Insurance Claims Managers like their work and job satisfaction is high. Medical benefits are awarded to a large number, and a fair number earn dental coverage. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
|Salary||$45,102 - $112,559|
|Bonus||$496.65 - $16,381|
|Profit Sharing||$0.00 - $15,101|
|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).)
|$41,184 - $121,927|
|Hourly Rate||$14.08 - $37.41|
|Bonus||$496.65 - $16,381|
|Profit Sharing||$0.00 - $15,101|
|Total Pay (||$41,184 - $121,927|
Job Description for Claims Manager, Insurance
An insurance claims manager work with the claims adjusters to ensure that the all insurance claims are handled correctly. They review each adjuster's work periodically and check to make sure the final adjustment before the claim has been completed correctly. While often not involved in the day-to-day operations of claim adjusting, insurance claims managers are ultimately responsible for the work completed by the adjustors that they supervise; this includes ensuring that employees are following all company guidelines.Read More...
Insurance claims managers are responsible for ensuring that all employees receive the necessary training to perform their jobs. They must also make sure that all employees are up to date on all policy changes, as well as receive continuing education related to their position. Additionally, the manager is the first point of contact for any employees having questions about unusual circumstances or when they encounter new items that were not covered in their training. The manager is expected to know each of the plans that the company offers, as well as current discounts and other factors affecting each policy.
A bachelor's degree in business or a related field is generally required for this position; some employers may accept equivalent experience in lieu of a degree. The insurance claims manager must be a team player, as well as an effective manager who ensure that all deadlines are met and claims are completed in a timely manner. The manager should also be able to effectively communicate orally and in written form. (Copyright 2017 PayScale.com)
Claims Manager, Insurance Tasks
- Manages the claims activity for a business unit.
- Oversees investigations and consultations with legal counsel.
- Investigates out of guidelines inquiries, and ensures compliance to procedures, proper services and settlement of claims.
- Report metrics, and assists senior management in developing and establishing policies and procedures.
Common Career Paths for Claims Manager, Insurance
Though some Insurance Claims Managers move into positions like VP of Claims (where the average salary is $142K), this progression is not the norm. Going from Insurance Claims Manager to Claims Manager is the transition that occurs most often in this field, and the average paycheck for Claims Managers is $71K. Many others choose to work as Claims Directors, where pay is typically $102K.
Claims Manager, Insurance Job Listings
Popular Employer Salaries for Claims Manager, Insurance
State Farm Insurance Company does shell out the biggest paychecks — the median in that office is $109K — but the company pay scale is greatly mixed, meaning that workers on the low end may earn only $72K while workers on the upper end may rake in up to $149K.
Popular Skills for Claims Manager, Insurance
Insurance Claims Managers who responded to the survey indicated only a few skills that they use on the job. Most notably, skills in People Management, Claim Handling, Negotiation, and Insurance are correlated to pay that is above average. Project Management and Insurance, on the other hand, are typically associated with much lower pay. It is often found that people who know Claim Handling are also skilled in People Management.
Pay by Experience Level for Claims Manager, Insurance
Pay by Experience for a Claims Manager, Insurance has a positive trend. An entry-level Claims Manager, Insurance with less than 5 years of experience can expect to earn an average total compensation of $46,000 based on 79 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Claims Manager, Insurance with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $71,000 based on 90 salaries. An experienced Claims Manager, Insurance which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $81,000 based on 153 salaries. A Claims Manager, Insurance with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $92,000 based on 128 salaries.
Pay Difference by Location
For those looking to make money, Insurance Claims Managers in Los Angeles enjoy an exceptional pay rate, 27 percent above the national average. Insurance Claims Managers will also find cushy salaries in Boston (+26 percent), Dallas (+19 percent), Cincinnati (+15 percent), and New York (+10 percent). The lowest-paying market is Denver, which sits 31 percent below the national average, proving that location is a significant contributor to overall pay. Two other places where employers offer below-median salaries are Houston (25 percent less) and Tampa (12 percent less).
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Key Stats for Claims Manager, Insurance
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