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The differences between claim investigators and fraud analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a claim investigator and a fraud analyst. Additionally, a fraud analyst has an average salary of $53,187, which is higher than the $49,415 average annual salary of a claim investigator.
The top three skills for a claim investigator include scene investigations, insurance claims and property damage. The most important skills for a fraud analyst are customer service, fraud prevention, and SQL.
| Claim Investigator | Fraud Analyst | |
| Yearly salary | $49,415 | $53,187 |
| Hourly rate | $23.76 | $25.57 |
| Growth rate | -6% | 6% |
| Number of jobs | 8,738 | 10,891 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 52% |
| Average age | 44 | 43 |
| Years of experience | 4 | 4 |
Claim Investigators are professionals who are responsible for examining facts of insurance claims to determine their extent and validity to prevent any cases of fraud. These investigators must use a combination of tools such as cutting-edge software to help insurance companies to settle claims quickly by evaluating them. They are required to manage multiple cases by investigating defective products or events such as an oil spill. Claim Investigators must also prepare reports while keeping track of evidence trails.
Fraud analysts are responsible for monitoring bank accounts, accounting paperwork, and financial transactions. They analyze the data to identify any fraudulent and suspicious activities within an organization. Their duties and responsibilities may vary depending on which industries they work in. These may include keeping the confidentiality of any collected information, resolving customers' problems, and maintaining fraud analysis models to enhance the effectiveness and efficiency of company systems. Fraud analysts are also expected to provide recommendations for anti-fraud processes and new software tools to improve fraud detection and prevention.
Claim investigators and fraud analysts have different pay scales, as shown below.
| Claim Investigator | Fraud Analyst | |
| Average salary | $49,415 | $53,187 |
| Salary range | Between $37,000 And $65,000 | Between $30,000 And $92,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Alaska | Rhode Island |
| Best paying company | Health Alliance | Aspiration |
| Best paying industry | Finance | Finance |
There are a few differences between a claim investigator and a fraud analyst in terms of educational background:
| Claim Investigator | Fraud Analyst | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 52% |
| Most common major | Criminal Justice | Business |
| Most common college | California State University - Bakersfield | California State University - Bakersfield |
Here are the differences between claim investigators' and fraud analysts' demographics:
| Claim Investigator | Fraud Analyst | |
| Average age | 44 | 43 |
| Gender ratio | Male, 52.5% Female, 47.5% | Male, 41.0% Female, 59.0% |
| Race ratio | Black or African American, 11.1% Unknown, 4.4% Hispanic or Latino, 16.7% Asian, 5.2% White, 62.1% American Indian and Alaska Native, 0.5% | Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 10% | 4% |