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The differences between insurance analysts and analysts can be seen in a few details. Each job has different responsibilities and duties. Additionally, an analyst has an average salary of $73,007, which is higher than the $55,424 average annual salary of an insurance analyst.
The top three skills for an insurance analyst include insurance coverage, insurance policies and life insurance. The most important skills for an analyst are customer service, troubleshoot, and data analysis.
| Insurance Analyst | Analyst | |
| Yearly salary | $55,424 | $73,007 |
| Hourly rate | $26.65 | $35.10 |
| Growth rate | -4% | 11% |
| Number of jobs | 44,280 | 253,138 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 67% |
| Average age | 44 | 44 |
| Years of experience | - | 4 |
An insurance analyst provides analytical services to maintain an efficient workflow at insurance companies. They are typically in charge of evaluating insurance policies to identify possible risks for the policyholder and the company, validating client information, and reviewing insurance applications to ensure their accuracy. They may meet with clients to answer inquiries, make arrangements, and advise which policies suit them the best. Moreover, an insurance analyst may process policy renewals and amendments, maintain records, perform cancellations, and investigate claims while adhering to the company's policies and regulations.
Analysts are employees or individual contributors with a vast experience in a particular field that help the organization address challenges. They help the organization improve processes, policies, and other operations protocol by studying the current processes in place and determining the effectiveness of those processes. They also research industry trends and data to make sound inferences and recommendations on what the company should do to improve their numbers. Analysts recommend business solutions and often help the organization roll out these solutions. They ensure that the proposed action plans are effective and produce the desired results.
Insurance analysts and analysts have different pay scales, as shown below.
| Insurance Analyst | Analyst | |
| Average salary | $55,424 | $73,007 |
| Salary range | Between $34,000 And $88,000 | Between $53,000 And $99,000 |
| Highest paying City | San Francisco, CA | Jersey City, NJ |
| Highest paying state | California | New Jersey |
| Best paying company | Credit Karma | The Citadel |
| Best paying industry | - | Technology |
There are a few differences between an insurance analyst and an analyst in terms of educational background:
| Insurance Analyst | Analyst | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Northwestern University |
Here are the differences between insurance analysts' and analysts' demographics:
| Insurance Analyst | Analyst | |
| Average age | 44 | 44 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 52.4% Female, 47.6% |
| Race ratio | Black or African American, 11.1% Unknown, 2.4% Hispanic or Latino, 9.0% Asian, 5.4% White, 71.7% American Indian and Alaska Native, 0.4% | Black or African American, 7.4% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.3% White, 65.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 9% | 12% |