How much does an insurance claims representative make in 2021?

How much money do insurance claim representatives make? Insurance Claims Representative: Key Features, The Work, Salary, Prospects 

What does an insurance claims representative do?

Fast and fair settlement of all claims is essential to any insurance company for meeting its commitments to policyholders and for protecting its own financial position. Insurance claim representatives claim adjusters and claim examiners are the specialists who investigate claims, negotiate settlements with policyholders, and authorize payment. Adjusters work for property liability (casualty) companies and often travel to interview witnesses and claimants or to inspect damage. In life and health insurance companies, claim examiners investigate questionable or particularly large claims and usually work from a desk in the home office of the insurance company. 

Insurance Claims Representative Career

A high school education may be sufficient to get an entryjob in this field. A college degree is an advantage and also helps promotion prospects. Related experience (such as auto repair work for auto claims adjusters) could also give career changers an edge. Insurance companies offer on the job training. They also encourage employees to take approved courses to upgrade their skills and earn associate degrees or certificates in their field. Most states require insurance adjusters to be licensed, and this involves a program of study and examinations. 


How much does an insurance claims representative make? (2021)

Employment opportunities are good in this field, particularly in complex business insurance areas. The field is expected to grow faster than average during the 2030s, and it offers fairly high potential for income advancement. Claim adjusters earn a median salary of about $45,000 while senior adjusters are paid around $66,000. Experienced individual life claim examiners have annual salaries of approximately $48,000 while their supervisors earn about $61,000 or more. Claim supervisors in casualty companies have an income of around $68,000 and up.

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The average salary for a insurance claims representative in 2021

Annual Salary $49,400
Monthly Salary  $4,500
Weekly Salary $1,200
Hourly Salary  $25

Insurance Claims Representative Requirements

Entry Requirements in Prior Experience: 

Certain kinds of specialized experience can give career changers an edge in getting jobs in this field and may even be preferred by employers over generalized college programs. For example, those experienced in automobile repair may qualify as auto claim adjusters, and those with clerical experience might be hired as inside adjusters. 

Entry Requirements in Personal Qualities: 

Because they often work closely with claimants, witnesses, and other insurance professionals, insurance representatives must be able to adapt to many different situations. They should be able to communicate effectively and gain people's respect and cooperation. For example, when adjusters’ evaluations of claims differ from those of the persons who have suffered the loss, they should be able to explain their conclusions clearly and tactfully. Examiners need to understand medical and legal terms and practices, as well as federal and state insurance laws and regulations. Since they may have to check premium payments, policy values, and other numerical items in processing a claim, examiners should be adept at making mathematical calculations. Both adjusters and examiners should have a good memory and enjoy working with details. Claim adjusters should also be physically fit because much of their day may be spent in traveling, walking outdoors, and climbing stairs. 

A Day in the life of an Office Claims Representative


Entry Requirements in Training and Education: 

A growing numberof insurance companies prefer college graduates for entry jobs, but many will still hire those without college training (particularly if they have applicable experience). Although courses in insurance, economics, or other business subjects are helpful, a college major in almost any field is usually adequate preparation. Most large insurance companies provide on the job training and home study courses for beginning representatives. Certificates and associate degrees may be earned by claims adjusters by taking an approved program of study and passing an examination. Life and health examiners may achieve the professional designation. Fellow, Life and Management Institute (FLMI) by passing a series of examinations. Most states require adjusters to be licensed.

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