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.
Insurance analyst responsibilities
Here are examples of responsibilities from real insurance analyst resumes:
- 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.
- Attend numerous seminars regarding protecting patient privacy and the practice to become HIPAA officer.
- Create methods to record revenue and expense recognition, in order to comply with GAAP standards.
- Perform analysis of commercial insurance for FHA loans, ensuring full compliance with up-to-date HUD regulations and guidelines.
- Analyze, update and make sure that the benefit configuration meet established business rules and procedures and are CMS compliant.
- Forward deny claims to the appropriate department to ensure coding and CPT codes used are correct and match doctor's orders.
- Prepare appeals accurately and timely.
- Process insurance denials/correspondence and submit appeals.
- Prepare PowerPoint presentations base upon the analysis.
- Maintain patient confidentiality according to HIPAA and company standards.
Insurance analyst skills and personality traits
We calculated that 11% of Insurance Analysts are proficient in Insurance Coverage, Insurance Policies, and Life Insurance. They’re also known for soft skills such as Detail oriented, Math skills, and Analytical skills.
We break down the percentage of Insurance Analysts that have these skills listed on their resume here:
- Insurance Coverage, 11%
Investigated, verified Insurance coverage, Litigation information, management information, ordered certificates and received the condo insurance information.
- Insurance Policies, 8%
Audit multifamily mortgage insurance policies or certificates for Government-Sponsored Enterprise loans and small balance loans.
- Life Insurance, 6%
Define, analyze, organize and administer the enrollment and re-enrollment process for participants/prospective participants in an employer-sponsored life insurance plan.
- Patients, 5%
Verify insurance benefits for specialty medications covered under both pharmacy and major medical benefits and communicate coverage to patients and physicians.
- Health Insurance, 5%
Contribute to customer service by answering calls expediently, providing information and solving customer problems relating to health insurance files.
- PowerPoint, 5%
Prepared PowerPoint presentations based upon the analysis.
Most insurance analysts use their skills in "insurance coverage," "insurance policies," and "life insurance" to do their jobs. You can find more detail on essential insurance analyst responsibilities here:
Detail oriented. The most essential soft skill for an insurance analyst to carry out their responsibilities is detail oriented. This skill is important for the role because "underwriters must stay focused when reviewing insurance applications because each item may affect the coverage decision." Additionally, an insurance analyst resume shows how their duties depend on detail oriented: "research and detail insurance claims while following very particular guidelines according to many different insurance companies. "
Math skills. Another soft skill that's essential for fulfilling insurance analyst duties is math skills. The role rewards competence in this skill because "underwriters need math knowledge to ensure accuracy in determining the probability of losses and calculating appropriate premiums on an insurance policy." According to an insurance analyst resume, here's how insurance analysts can utilize math skills in their job responsibilities: "conduct on-going quantitative financial analysis to establish customer credit limits. "
Analytical skills. This is an important skill for insurance analysts to perform their duties. For an example of how insurance analyst responsibilities depend on this skill, consider that "underwriters must evaluate information from a variety of sources to balance risk against caution." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of an insurance analyst: "analyze eob s to determine claim rejections, payment and patient responsibility. ".
Interpersonal skills. For certain insurance analyst responsibilities to be completed, the job requires competence in "interpersonal skills." The day-to-day duties of an insurance analyst rely on this skill, as "underwriters need to communicate and relate well with people because much of their work involves dealing with clients or others, such as insurance sales agents." For example, this snippet was taken directly from a resume about how this skill applies to what insurance analysts do: "verify insurance information, explain current coverage, billing customer service: phone and interpersonal skills. "
The three companies that hire the most insurance analysts are:
- Civic Nebraska
30 insurance analysts jobs
- The Walker Co7 insurance analysts jobs
- Castleton Commodities International3 insurance analysts jobs
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Compare different insurance analysts
Insurance analyst vs. Underwriting internship
Underwriting internship serves as an entry-level job for the development of innovative risk management strategies at an insurance company. The underwriting interns are tasked to evaluate the client's and company's financial risks to decide whether or not to offer insurance. Since the job involves mathematical, business, economic, and financial matters, these interns develop excellent and competitive skills in communication, mathematics, decision-making, and problem-solving in addition to gaining valuable working experience.
While similarities exist, there are also some differences between insurance analysts and underwriting internship. For instance, insurance analyst responsibilities require skills such as "patients," "health insurance," "strong analytical," and "process claims." Whereas a underwriting internship is skilled in "internship program," "risk management," "first hand," and "underwriting process." This is part of what separates the two careers.
On average, underwriting interns reach similar levels of education than insurance analysts. Underwriting interns are 1.8% less likely to earn a Master's Degree and 0.3% more likely to graduate with a Doctoral Degree.Insurance analyst vs. Claims representative
A Claims Representative is an agent who works for insurance companies in order to investigate and settle claims. The agent acts as an intermediary between customers and insurance companies by evaluating the customers' facts surrounding claims and determining whether the loss is covered or should be compensated. Such a role is important because an agent makes sure that no fraud claims are being paid out. It is also highlighted that an agent works in compliance with state regulations.
Each career also uses different skills, according to real insurance analyst resumes. While insurance analyst responsibilities can utilize skills like "life insurance," "patients," "health insurance," and "powerpoint," claims representatives use skills like "customer service," "taking care," "judgment decision making," and "quality standards."
Average education levels between the two professions vary. Claims representatives tend to reach similar levels of education than insurance analysts. In fact, they're 3.8% less likely to graduate with a Master's Degree and 0.3% more likely to earn a Doctoral Degree.Insurance analyst vs. Property underwriter
Property Underwriters will require skills in underwriting guidelines, sales territories, CPCU, analysis, math, interpersonal communication, and a bachelor's degree in economics, business, accounting, finance, or mathematics for this career choice. Also, on-the-job training may be needed from senior underwriters and completion of certification programs. Paying an annual salary of $82K, those who choose this career will help determine coverage amounts and premiums on property. This may include houses, land, boats, cars, or other properties of sufficient value.
The required skills of the two careers differ considerably. For example, insurance analysts are more likely to have skills like "life insurance," "patients," "health insurance," and "powerpoint." But a property underwriter is more likely to have skills like "cpcu," "underwriting guidelines," "broker relationships," and "property insurance."
Property underwriters typically earn similar educational levels compared to insurance analysts. Specifically, they're 0.6% less likely to graduate with a Master's Degree, and 0.1% less likely to earn a Doctoral Degree.Insurance analyst vs. Underwriting technician
Underwriting technicians may also be known as underwriters or underwriting assistants. They determine which customers qualify for various insurance policies or loans. Their duties include finding information, writing quote letters, checking customer eligibility, and arranging loans. They are expected to carry out background checks and credit history checks for clients seeking insurance. They diligently analyze applications of clients based on certain criteria.
Types of insurance analyst
Updated January 8, 2025
