Claims Analyst: Job Duties & Career Information

Insurance companies employ claims analysts to review claims filed by policyholders for completeness and accuracy, as well as to verify that the damages are covered by their policies. Read on to learn the requirements, as well as the benefits, of this profession.

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Career Definition for Claims Analysts

A claims analyst monitors liability claims from start to finish, verifying and updating information on submitted claims, reviewing the policy to determine which charges are eligible for reimbursement, reconciling a claims adjuster's estimates, negotiating payment to all parties and following up to ensure that payments are made. Major employers of claims analysts include insurance companies, medical billing departments and government agencies, but many companies use claims analysts to monitor manufacturing and shipping costs in order to recover losses.

Education Bachelor's degree with business experience often preferred; an associate's degree or high school diploma with experience in a specialized field may be acceptable
Job Skills Computer literacy, mathematics ability, persistence, curiosity, communication skills, research skills
Median Salary (2015)* $62,980 (claims adjusters, examiners and investigators)
Career Outlook (2014-2024)* 3% increase (claims adjusters, examiners and investigators)

Source: *U.S. Bureau of Labor Statistics

Educational Requirements

Many employers prefer claims analysts to have a bachelor's degree and some business experience, but applicants with an associate's degree or high school diploma and experience in a particular field may be qualified to evaluate claims within that field. Technical and vocational classes in medical billing or automotive technology could help prepare applicants for claims analysis in those fields, as would work experience in a hospital or auto body shop. Claims analysts continue to learn while on the job, and continuing education helps keep them informed about current trends.

Required Skills

Good communications skills and math aptitude are fundamental. Natural curiosity, persistence and the ability to conduct detailed research are useful when verifying claims. Applicants should be familiar with computers and accounting software.

Career and Employment Outlook

Claims adjusters, examiners and investigators earned a median annual salary of $62,980 as of May 2015 according to the U.S. Bureau of Labor Statistics (BLS). From 2014-2024, the BLS predicts job growth to be slower than average compared to other jobs, with just 3% growth expected for claims adjusters, examiners and investigators. The increasing number of health insurance claims should result in more jobs in this industry.

Alternate Career Options

Related jobs include:

Cost Estimator

These professionals usually work in a specific industry and estimate the cost of resources necessary to complete projects or deliver services. Cost estimators typically hold a bachelor's degree, often in a field that emphasizes math, and many estimators have experience in the construction industry. Faster-than-average employment growth of 9% was forecast for this profession by the BLS for the 2014-2024 decade, and the median annual wage was $60,390 in 2015.

Construction and Building Inspector

The primary duty of construction and building inspectors is to check buildings for compliance and confirm fulfillment of construction contract specifications. These inspectors normally have a high school diploma, in addition to a foundational understanding of construction trades, and then learn the rest of their skills on the job. As of May 2015, construction and building inspectors earned an annual median salary of $57,340, according to the BLS. They could look forward to a predicted average increase in employment of 8% from 2014-2024.

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