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The differences between insurance analysts and claim processors can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance analyst has an average salary of $55,424, which is higher than the $41,201 average annual salary of a claim processor.
The top three skills for an insurance analyst include insurance coverage, insurance policies and life insurance. The most important skills for a claim processor are customer service, data entry, and medical terminology.
| Insurance Analyst | Claim Processor | |
| Yearly salary | $55,424 | $41,201 |
| Hourly rate | $26.65 | $19.81 |
| Growth rate | -4% | -6% |
| Number of jobs | 44,280 | 11,542 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 43% |
| Average age | 44 | 44 |
| Years of experience | - | 6 |
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.
A Claims Processor is responsible for processing and verifying insurance claims, in adherence to the policies, laws, and regulations of the company involved. Aside from examining its authenticity, they must also oversee new policies and recommend modifications should it be needed. Moreover, it is also the task of the Claims Processor to prepare the necessary documents and guidelines for the policyholder, process reimbursements upon approval, provide answers to inquiries, and report issues and updates to the management.
Insurance analysts and claim processors have different pay scales, as shown below.
| Insurance Analyst | Claim Processor | |
| Average salary | $55,424 | $41,201 |
| Salary range | Between $34,000 And $88,000 | Between $26,000 And $62,000 |
| Highest paying City | San Francisco, CA | Columbia, MD |
| Highest paying state | California | Connecticut |
| Best paying company | Credit Karma | NTT Data International L.L.C. |
| Best paying industry | - | Insurance |
There are a few differences between an insurance analyst and a claim processor in terms of educational background:
| Insurance Analyst | Claim Processor | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 43% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between insurance analysts' and claim processors' demographics:
| Insurance Analyst | Claim Processor | |
| Average age | 44 | 44 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 22.9% Female, 77.1% |
| 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, 11.2% Unknown, 4.4% Hispanic or Latino, 16.7% Asian, 5.2% White, 62.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 10% |