If you’d like to break into the insurance or finance field, becoming an insurance claims and processing clerk could be a great start. These professionals handle much of the paperwork required when issuing and processing insurance policies and claims. Working toward a career in this field can begin by enrolling in a bachelor’s degree program in business administration.
Insurance Claims and Processing Clerk Job Outlook
According to national data published by the U.S. Bureau of Labor Statistics (BLS) in 2011, employment for insurance claims and policy processing clerks is projected to remain steady through 2018. A growing job rate may not guarantee employment in the industry. Prospective students are encouraged to conduct independent research regarding actual job growth rates, which vary according to location, education and experience. Additionally, every job seeker is encouraged to do independent research into local trends and requirements.
Insurance Claims and Processing Clerk Job Duties
Insurance claims and processing clerks work closely with insurance brokers and agents, handling the administrative duties behind insurance policy renewals, claims processing and new policies. A common duty in this position is reviewing insurance policies after clients have submitted claims, in order to determine coverage. In addition, these professionals prepare claim forms and related documents, review them for accuracy and completeness, and transmit them for payment or further investigation, when warranted.
Depending on the employer’s needs, insurance claims and processing clerks may also be responsible for interviewing clients to obtain the information required on new insurance policy applications. They process applications, record changes to policies, process reinstatements and handle cancellations of policies, as well.
Insurance claims and processing clerks are also typically responsible for corresponding with clients and agents to inform them of policy status and changes, as well as processing and submitting required government forms. They are usually in charge of keeping client and policy records organized and maintained.
Verifying data at every step is an important aspect of the insurance claims and processing clerks’ job. Maintaining proper legal status and the overall fiscal health of the insurance company depends on accurate information and data, so paying attention to each detail is key to success in this position.
Additional duties include transcribing data to work sheets and computer software, and preparing documentation and required reports. Insurance claims and processing clerks also track active, cancelled and pending policies. They may also calculate the amount of claims and handle the pay out of small claims.
Insurance claims and processing clerks most often work in comfortable office settings, where a 40-hour week is typical.
Potential Salary for Insurance Claims and Processing Clerks
According to a 2010 national survey conducted by the U.S. Department of Labor, the average annual salary for insurance claims and policy processing clerks was $36,390, while the middle 50% earned between $28,620 and $42,240. The lowest 10% earned approximately $24,620, while those in the highest 10% bracket brought in around $51,290 per year. Because salary potential may vary depending on location, education and experience, prospective students are encouraged to conduct independent research to determine actual earning potential.
Education and Training for Insurance Claims and Processing Clerks
To qualify for insurance claims and processing clerk positions, you’ll likely need a college degree. Many employers may prefer to hire candidates with bachelor’s degrees in business, accounting, or a related field, as well as insurance experience, which can be obtained through summer employment or internships while pursuing a bachelor's degree.
Preparing for an insurance claims and processing clerk career may begin with earning a Bachelor’s degree in Business Administration. Coursework typically includes finance for managers, essential business skills, principles of accounting, and management information systems.
Employers can be confident that individuals who have earned a Bachelor of Arts in Business Administration are able to:
- Effectively apply disciplines of administrative management, including planning, leading and organizing.
- Demonstrate decision-making skills based in quantitative techniques.
- Bring efficiency through streamlining systems and processes.
- Develop a global perspective of business problems to formulate effective solutions.
- Leverage advanced skills and knowledge to succeed as an insurance claims and processing clerk.
Some employers offer opportunities for continuing education. It may be possible to gain an entry-level position with a bachelor’s degree and use a tuition assistance program to further your education.
Are You A Good Fit For an Insurance Claims and Processing Clerk Career?
If you possess mathematical skills, problem-solving abilities and a desire to provide excellent customer service, you have a good foundation of the skills needed to become an insurance claims and processing clerk. Advancing your career possibilities in the insurance field through this position also takes a broad base of business and management knowledge, strong interpersonal skills and outstanding communication skills. Earning a degree in business administration can augment your abilities with the advanced education that can make the difference when preparing for a career in the insurance industry.
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