Insurance clerk vs finance clerk

The differences between insurance clerks and finance clerks can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become an insurance clerk, becoming a finance clerk takes usually requires 4-6 years. Additionally, a finance clerk has an average salary of $39,225, which is higher than the $33,089 average annual salary of an insurance clerk.

The top three skills for an insurance clerk include patients, insurance verification and data entry. The most important skills for a finance clerk are data entry, purchase orders, and HR.

Insurance clerk vs finance clerk overview

	Insurance Clerk	Finance Clerk
Yearly salary	$33,089	$39,225
Hourly rate	$15.91	$18.86
Growth rate	-3%	-5%
Number of jobs	147,755	143,372
Job satisfaction	2	-
Most common degree	High School Diploma, 29%	Bachelor's Degree, 44%
Average age	44	51
Years of experience	4	6

What does an insurance clerk do?

An insurance clerk usually works to process insurance, reinstatement, changes, or cancellations for a company or an individual account. They are responsible for monitoring, processing, and organizing different insurance claims for a client. They usually work closely with the company's insurance agent to provide necessary information to process the clients' application. This career requires a broad knowledge of local and state insurance policies, good attention to detail, excellent communication skills, customer service skills, and administrative skills.

What does a finance clerk do?

Finance clerks are financial professionals who are responsible for performing various administrative tasks such as keeping financial records, preparing bills, and delivering excellent customer service. These clerks are required to process bills, checks, receipts, and other documents to ensure that they are all properly signed and distributed. They must verify financial and other data so that they can enter those data into the database and maintain updated records. Finance clerks must also assist with account reconciliations and should report the status of accounts and discrepancies to the management.

Insurance clerk vs finance clerk salary

Insurance clerks and finance clerks have different pay scales, as shown below.

	Insurance Clerk	Finance Clerk
Average salary	$33,089	$39,225
Salary range	Between $27,000 And $39,000	Between $27,000 And $56,000
Highest paying City	Henderson, NV	New York, NY
Highest paying state	New Hampshire	New York
Best paying company	Lenoir Memorial Hospital	United States Courts
Best paying industry	Finance	Government

Differences between insurance clerk and finance clerk education

There are a few differences between an insurance clerk and a finance clerk in terms of educational background:

	Insurance Clerk	Finance Clerk
Most common degree	High School Diploma, 29%	Bachelor's Degree, 44%
Most common major	Business	Business
Most common college	-	University of Pennsylvania

Insurance clerk vs finance clerk demographics

Here are the differences between insurance clerks' and finance clerks' demographics:

	Insurance Clerk	Finance Clerk
Average age	44	51
Gender ratio	Male, 8.3% Female, 91.7%	Male, 26.2% Female, 73.8%
Race ratio	Black or African American, 13.8% Unknown, 4.3% Hispanic or Latino, 14.4% Asian, 3.9% White, 63.2% American Indian and Alaska Native, 0.5%	Black or African American, 6.9% Unknown, 4.0% Hispanic or Latino, 14.7% Asian, 6.6% White, 67.2% American Indian and Alaska Native, 0.6%
LGBT Percentage	11%	7%

Differences between insurance clerk and finance clerk duties and responsibilities

Insurance clerk example responsibilities.

Manage front office check-in, insurance verification and certifications from doctors.
Establish and implement procedures for completion of patient super bills with proper diagnostic coding utilizing ICD-9 and CPT code manuals.
Maintain patient medical records insuring diagnosis codes (ICD-9) are itemized correctly and name and address of insurance carriers record.
Schedule and obtain authorization for outpatient procedures for patients via private insurance, worker's compensation, and Medicare/ Medicaid.
Complete several ICD-10 training courses.
Perform medical coding with most accurate and descriptive HCPCS code.

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Finance clerk example responsibilities.

Manage resident's private information for insurance verification, billing, and eligibility to apply for Medicaid.
Collaborate with insurance company representatives, case managers and physicians to obtain treatment authorization for potential kidney and kidney/pancreas transplant patients.
Write checks in the QuickBooks software to vendors and to reimburse employees.
Establish customer files in QuickBooks, write and test work instructions for clients, log and close complete files.
Produce PowerPoint presentations in order to brief the command team of the on goings within the company.
Used an automate information system (PeopleSoft) to edit, modify, and verify customers personal and payment information.

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Insurance clerk vs finance clerk skills

Common insurance clerk skills

Patients, 25%
Insurance Verification, 7%
Data Entry, 7%
Customer Service, 6%
Insurance Coverage, 5%
Computer System, 3%

Common finance clerk skills

Data Entry, 16%
Purchase Orders, 9%
HR, 5%
Bank Statements, 5%
Bank Deposits, 5%
Credit Card, 4%

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Updated January 8, 2025

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