Insurance Claims Specialist Salary

Insurance Claims Specialists in the United States can expect to earn an average of $51K annually. Including potential for bonuses and profit sharing — peaking near $7K and $6K, respectively — total cash payment to Insurance Claims Specialists can bottom out near $28K or peak near $73K depending on individual performance. While tenure and geographic location impact pay for this group, the specific employer is the most influential factor. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The majority of Insurance Claims Specialists claim high levels of job satisfaction. Female Insurance Claims Specialists make up most of the survey respondents at 74 percent. The numbers in this rundown were provided by PayScale's salary survey participants.
Read More
$34,716 - $79,966
$35K
$52K
$80K
MEDIAN: $51,997
10%
50%
90%

Add this chart to your site: 640px    300px

$12.21 - $22.60
$12
$16
$23
MEDIAN: $16.42
10%
50%
90%

Add this chart to your site: 640px    300px

$0$79K
Salary $34,716 - $79,966
Bonus $0.00 - $6,514
Profit Sharing $0.00 - $7,213
Commission $3,000
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).
)
$28,506 - $73,854
  • Country: United States
  • Currency: USD
  • Updated: 15 Oct 2017
  • Individuals Reporting: 581
Hourly Data $0$43
Hourly Rate $12.21 - $22.60
Overtime $17.64 - $43.05
Annual Data $0$73K
Bonus $0.00 - $6,514
Commission $3,000
Profit Sharing $0.00 - $7,213
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).
)
$28,506 - $73,854
  • Country: United States
  • Currency: USD
  • Updated: 15 Oct 2017
  • Individuals Reporting: 564

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.

Read More...

Insurance Claims Specialist Tasks

  • Assists client in filing claims and handling other claim related correspondence.
  • Assesses damages and meets with insurance personnel to receive compensation for the client.
  • 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.

Common Career Paths for Insurance Claims Specialist


Add this chart to your site:   640px 640px    300px 300px


As Insurance Claims Specialists transition into upper-level roles such as Insurance Claims Manager, they may see a strong upturn in salary. Insurance Claims Managers earn $72K on average per year. Insurance Claims Specialists most frequently advance into Medical Billing Specialist and Office Manager roles even though the median salaries are $10K lower and $3K lower, respectively.

Insurance Claims Specialist Job Listings

Popular Employer Salaries for Insurance Claims Specialist


Insurance Claims Specialists fill the offices of leading firms State Farm Insurance Company, Liberty Mutual Insurance Group, Nationwide Mutual Insurance Company, Allstate, and Aetna, Inc. The biggest paychecks can be found at Zurich — the median salary there is $65K. Insurance Claims Specialists can also look forward to large paychecks at State Farm Insurance Company ($62K), Nationwide Mutual Insurance Company ($57K), and Liberty Mutual Insurance Group ($53K).

Also approaching the lower end are Allstate Insurance Company at $32K, Allstate at $32K, and Aetna, Inc. at $37K.

Popular Skills for Insurance Claims Specialist


Insurance Claims Specialists report using a pretty varied skill set on the job. Most notably, facility with Litigation Case Management and Negotiation are correlated to pay that is significantly above average, leading to increases of 55 percent and 24 percent, respectively. At the other end of the pay range are skills like Medical Coding, Electronic Medical Records, and Medical Terminology. Most people who know Claim Handling also know Customer Service.

Pay by Experience Level for Insurance Claims Specialist

Pay by Experience for an Insurance Claims Specialist has a positive trend. An entry-level Insurance Claims Specialist with less than 5 years of experience can expect to earn an average total compensation of $36,000 based on 476 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Insurance Claims Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $40,000 based on 278 salaries. An experienced Insurance Claims Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $43,000 based on 274 salaries. An Insurance Claims Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $60,000 based on 151 salaries.

Pay Difference by Location

National Average: $41,728

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

Insurance Claims Specialists will find that New York offers an impressive pay rate, one which exceeds the national average by 34 percent. Insurance Claims Specialists can also look forward to large paychecks in cities like Dallas (+31 percent), Louisville (+10 percent), Columbus (+10 percent), and Phoenix (+7 percent). Location is a huge contributor to overall pay, with Insurance Claims Specialists in Birmingham earning a whopping 23 percent below the national average. Two other places where employers offer below-median salaries are Winston-Salem (19 percent less) and Charlotte (8 percent less).

Insurance Claims Specialist Reviews

Q: What is it like working as an Insurance Claims Specialist?

Insurance Claims Specialist in Jefferson City:
Pros: Medical claim knowledge, claims payable, flex time, close proximity to child's school and home.
Cons: Not being trained in all aspects of job, some management decisions.

Insurance Claims Specialist in Jefferson City:
Pros: Working with medical claims, accounts payable, flexible schedule, proximity to child's school and home.
Cons: Not being trained in all aspects after 2 years of employment.

Related Job Salaries

Key Stats for Insurance Claims Specialist

Gender

Female
74 %
Male
26 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 238 votes.
Less than 1 year
4%
1-4 years
34%
5-9 years
21%
10-19 years
23%
20 years or more
18%

Experience Affects Insurance Claims Specialist Salaries

▲44%

▲2%

National Average
$42,000

▼3%

▼14%

Skills That Affect Insurance Claims Specialist Salaries

Litigation Case Management
▲53%

▲23%

National Average
$42,000



▼5%

Medical Terminology
▼6%

Electronic Medical Records (EMR)
▼9%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 238 votes.

Gender

Female
74 %
Male
26 %

Years of Experience

Less than 1 year
4%
1-4 years
34%
5-9 years
21%
10-19 years
23%
20 years or more
18%

Common Health Benefits

medical benefits
Medical: 80%
dental benefits
Dental: 73%
vision benefits
Vision: 66%
no benefits
None: 17%