Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
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 | Risk Analyst | |
| Yearly salary | $55,424 | $81,484 |
| Hourly rate | $26.65 | $39.17 |
| Growth rate | -4% | 9% |
| Number of jobs | 44,280 | 71,284 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 71% |
| 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.
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 analysts and risk analysts have different pay scales, as shown below.
| Insurance Analyst | Risk Analyst | |
| Average salary | $55,424 | $81,484 |
| Salary range | Between $34,000 And $88,000 | Between $59,000 And $112,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | Connecticut |
| Best paying company | Credit Karma | The Citadel |
| Best paying industry | - | Manufacturing |
There are a few differences between an insurance analyst and a risk analyst in terms of educational background:
| Insurance Analyst | Risk Analyst | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance analysts' and risk analysts' demographics:
| Insurance Analyst | Risk Analyst | |
| Average age | 44 | 40 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 53.4% Female, 46.6% |
| 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, 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% |