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Compensation adjuster vs risk and insurance consultant

The differences between compensation adjusters and risk and insurance consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a compensation adjuster, becoming a risk and insurance consultant takes usually requires 4-6 years. Additionally, a risk and insurance consultant has an average salary of $90,307, which is higher than the $59,246 average annual salary of a compensation adjuster.

The top three skills for a compensation adjuster include litigation, workers compensation claims and medical treatment. The most important skills for a risk and insurance consultant are financial services, risk assessments, and portfolio.

Compensation adjuster vs risk and insurance consultant overview

Compensation AdjusterRisk And Insurance Consultant
Yearly salary$59,246$90,307
Hourly rate$28.48$43.42
Growth rate-6%11%
Number of jobs15,06261,774
Job satisfaction--
Most common degreeBachelor's Degree, 58%Bachelor's Degree, 67%
Average age4443
Years of experience46

Compensation adjuster vs risk and insurance consultant salary

Compensation adjusters and risk and insurance consultants have different pay scales, as shown below.

Compensation AdjusterRisk And Insurance Consultant
Average salary$59,246$90,307
Salary rangeBetween $39,000 And $89,000Between $69,000 And $117,000
Highest paying City-San Francisco, CA
Highest paying state-Rhode Island
Best paying company-McKinsey & Company Inc
Best paying industry-Insurance

Differences between compensation adjuster and risk and insurance consultant education

There are a few differences between a compensation adjuster and a risk and insurance consultant in terms of educational background:

Compensation AdjusterRisk And Insurance Consultant
Most common degreeBachelor's Degree, 58%Bachelor's Degree, 67%
Most common majorBusinessBusiness
Most common collegeStanford UniversityUniversity of Pennsylvania

Compensation adjuster vs risk and insurance consultant demographics

Here are the differences between compensation adjusters' and risk and insurance consultants' demographics:

Compensation AdjusterRisk And Insurance Consultant
Average age4443
Gender ratioMale, 23.6% Female, 76.4%Male, 67.7% Female, 32.3%
Race ratioBlack or African American, 12.1% Unknown, 4.4% Hispanic or Latino, 16.5% Asian, 5.1% White, 61.4% 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 Percentage10%4%

Differences between compensation adjuster and risk and insurance consultant duties and responsibilities

Compensation adjuster example responsibilities.

  • Manage litigation claims including mediation and arbitration from inception to close.
  • Apply strong customer service, organizational and multitasking skills to efficiently manage auto insurance claims.
  • Compile and validate information relay to legal department for litigation arising from medical claims.
  • Research and review delinquent mortgage cases, financial scenarios and individual homeowner situations to develop solutions compliant with investor policy.
  • Close files once MMI and/or settlement reach
  • Input new CPT codes into system as changed by HIPPA law regulations.
  • Show more

Risk and insurance consultant example responsibilities.

  • Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.
  • Implement the forecasting models in SAS.
  • Monitor business line compliance to credit policy, exceptions to policy, underwriting standards and portfolio management.
  • Identify and capture risk factors, including idiosyncratic and macroeconomic to support capital assessment, portfolio management and business decisions.
  • Define and document a new application architecture which load client databases with properly format data using in-house develop Java ETL applications.
  • Process subpoenas, arrange depositions, process statutory requests for medical records and review medical records prior to depositions.

Compensation adjuster vs risk and insurance consultant skills

Common compensation adjuster skills
  • Litigation, 16%
  • Workers Compensation Claims, 11%
  • Medical Treatment, 7%
  • Medical Terminology, 7%
  • Disability Claims, 5%
  • Medical Bills, 5%
Common risk and insurance consultant skills
  • Financial Services, 7%
  • Risk Assessments, 7%
  • Portfolio, 6%
  • PowerPoint, 6%
  • Internal Audit, 4%
  • SAS, 4%

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