Insurance Investigator Career and Salary Profile
Insurance fraud costs individuals and businesses billions of dollars every year. Many companies assign field and special investigative unit (SIU) insurance investigators to conduct a formal inquiry when fraudulent insurance claims or criminal activity is suspected. The skills required for success in this field – such as interviewing, research and analysis – can be developed through a bachelor’s degree program in criminal justice.
Job Outlook
The U.S. Bureau of Labor Statistics (BLS) predicts that employment of insurance claims adjusters, appraisers, examiners and investigators will grow steadily in the coming years. Many job opportunities should result from the growth of the health insurance industry and the subsequent need for more insurance claims investigations.
Insurance Investigator Job Duties
An insurance investigator’s responsibilities vary according to the severity and nature of the suspected fraud or criminal activity. These professionals may use databases or conduct surveillance to obtain background and personal information on claimants. Often, SIU insurance investigators interview claimants and witnesses, obtain oral and written statements, and take photographs for evidence. They also safeguard documents and verify public and private records.
Inspecting buildings, homes, vehicles, businesses and personal property are typical job duties for insurance investigators. They gather and analyze facts and develop evidence in each case of suspected insurance fraud. Formal, professional and comprehensive written reports are generally required in the course of an investigation, and insurance investigators may make recommendations regarding the disposition of a case where appropriate.
Field and SIU insurance investigators often coordinate with outside experts, including forensics professionals, in the course of investigating suspicious insurance claims. They may work independently as contractors or directly for health and life insurance companies.
The insurance investigator’s work environment varies greatly. Some days may be spent traveling, while others are spent in an office setting. Insurance investigators sometimes work irregular hours when conducting surveillance or attempting to contact claimants and witnesses who may be working during normal business hours.
Potential Salary for Insurance Investigators
According to BLS reports, the median annual income for insurance claims adjusters, examiners and investigators was $57,130 as of May 2009. The middle 50% brought in between $43,300 and $72,130. Salaries for the lowest 10% were around $34,820 while the highest 10% earned approximately $85,810. Recent bachelor’s degree graduates will typically start out at the lower end of the scale and move up in salary with experience.
Education and Training
Entry requirements to the insurance investigator field can vary, although most employers prefer to hire candidates with a bachelor’s degree or related experience. Some employers may favor applicants with specialized knowledge, such as law enforcement investigative methods and procedures.
A career as an insurance investigator can begin with a bachelor’s degree in criminal justice. Coursework typically includes criminal investigation, research methods in criminal justice, criminal justice ethics and criminology.
Employers can be confident that graduates of a criminal justice bachelor’s degree program are able to:
- Use criminal justice techniques to perform investigations.
- Analyze crime through tested methods and technologies.
- Demonstrate best practices and recognize future trends in criminal investigation.
- Apply legal concepts including due process, criminal liability, and search and seizure.
- Leverage advanced skills and knowledge to succeed as an insurance investigator.
Many employers offer opportunities for continuing education. It’s possible to gain an entry-level position with a bachelor’s degree and use tuition assistance to further your education.
Embarking on the Path to an Insurance Investigator Career
Are you interested in the field of criminal justice? Do you enjoy getting to the bottom of a mystery? If so, you could be well suited to an insurance investigator career. Successful field and SIU insurance investigators are organized and self-motivated. They must also possess excellent communication skills, ingenuity and the ability to think quickly and make good decisions. With these personal qualities and a bachelor’s degree in criminal justice, you could have what it takes to embark on an exciting insurance investigator career.
