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Insurance analyst vs risk analyst

The differences between insurance analysts and risk analysts can be seen in a few details. Each job has different responsibilities and duties. Additionally, a risk analyst has an average salary of $81,484, 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 risk analyst are risk management, risk assessments, and powerpoint.

Insurance analyst vs risk analyst overview

Insurance AnalystRisk Analyst
Yearly salary$55,424$81,484
Hourly rate$26.65$39.17
Growth rate-4%9%
Number of jobs44,28071,284
Job satisfaction--
Most common degreeBachelor's Degree, 58%Bachelor's Degree, 71%
Average age4440
Years of experience-4

What does an insurance analyst do?

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.

What does a risk analyst do?

As a risk analyst, you will oversee the identification, assessment, and monitoring of risks that your company has been exposed to. You will evaluate financial documents, potential clients, and economic conditions to determine the level of risk in business decisions. You will be responsible for aggregating data from several sources to develop a comprehensive assessment and create reports, processes, and presentations to better present results. You are also expected to work closely with other team members to analyze and show data effectively.

Insurance analyst vs risk analyst salary

Insurance analysts and risk analysts have different pay scales, as shown below.

Insurance AnalystRisk Analyst
Average salary$55,424$81,484
Salary rangeBetween $34,000 And $88,000Between $59,000 And $112,000
Highest paying CitySan Francisco, CASan Francisco, CA
Highest paying stateCaliforniaConnecticut
Best paying companyCredit KarmaThe Citadel
Best paying industry-Manufacturing

Differences between insurance analyst and risk analyst education

There are a few differences between an insurance analyst and a risk analyst in terms of educational background:

Insurance AnalystRisk Analyst
Most common degreeBachelor's Degree, 58%Bachelor's Degree, 71%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Insurance analyst vs risk analyst demographics

Here are the differences between insurance analysts' and risk analysts' demographics:

Insurance AnalystRisk Analyst
Average age4440
Gender ratioMale, 28.7% Female, 71.3%Male, 53.4% Female, 46.6%
Race ratioBlack 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 Percentage9%7%

Differences between insurance analyst and risk analyst duties and responsibilities

Insurance analyst example responsibilities.

  • Cold-Cal to generate leads for individual life and disability insurance and annuities.
  • Organize and examine medical records for physical therapy clinics for patients, attorneys and disability insurance claims.
  • Verify insurance benefits for specialty medications cover under both pharmacy and major medical benefits and communicate coverage to patients and physicians.
  • Prepare project kickoff PowerPoint presentation for client site visits.
  • Review retail and wholesale files to submit to FHA for HUD insuring.
  • Provide supporting documentation and reconciliation reports for monthly close and billing using GAAP.
  • Show more

Risk analyst example responsibilities.

  • Create programs in Java to automate trade execution and ensure market clear downloads are facilitate by the same.
  • Manage financial derivative models to ensure accurate calculation, structure and pricing.
  • Manage investigation and reporting of occurrences to applicable regulatory agencies when indicate and facilitate disclosure to patients and families.
  • Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.
  • Manage treasury workstation steering team for automation of core treasury operations for increase reliability of financial reporting and decision making.
  • Use SAS and SQL to originate and maintain analytic data marts and automate reporting.
  • Show more

Insurance analyst vs risk analyst skills

Common insurance analyst skills
  • Insurance Coverage, 11%
  • Insurance Policies, 8%
  • Life Insurance, 6%
  • Patients, 5%
  • Health Insurance, 5%
  • PowerPoint, 5%
Common risk analyst skills
  • Risk Management, 19%
  • Risk Assessments, 6%
  • PowerPoint, 6%
  • Portfolio, 5%
  • Data Analysis, 4%
  • SAS, 3%

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