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The differences between insurance analysts and rate analysts can be seen in a few details. Each job has different responsibilities and duties. Additionally, a rate analyst has an average salary of $63,534, 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 a rate analyst are powerpoint, tariffs, and financial models.
| Insurance Analyst | Rate Analyst | |
| Yearly salary | $55,424 | $63,534 |
| Hourly rate | $26.65 | $30.55 |
| Growth rate | -4% | 9% |
| Number of jobs | 44,280 | 64,562 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 72% |
| Average age | 44 | 40 |
| 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.
A rate analyst is responsible for conducting data and statistical analysis to evaluate the accurate service rates and charges for various commercial and industrial purposes. Rate analysts review the current market performance to generate rate reports and discuss service costs through comprehensive graphs and illustrations. They also analyze consumer demands and consider the factors that may affect the constant changes in charges. A rate analyst must have excellent communication and analytical skills, especially in ensuring that rate decisions comply with the regulatory guidelines and federal requirements.
Insurance analysts and rate analysts have different pay scales, as shown below.
| Insurance Analyst | Rate Analyst | |
| Average salary | $55,424 | $63,534 |
| Salary range | Between $34,000 And $88,000 | Between $44,000 And $91,000 |
| Highest paying City | San Francisco, CA | Poughkeepsie, NY |
| Highest paying state | California | New York |
| Best paying company | Credit Karma | Tri-State G&T |
| Best paying industry | - | Health Care |
There are a few differences between an insurance analyst and a rate analyst in terms of educational background:
| Insurance Analyst | Rate Analyst | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance analysts' and rate analysts' demographics:
| Insurance Analyst | Rate Analyst | |
| Average age | 44 | 40 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 52.0% Female, 48.0% |
| 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, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 9% | 7% |