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Become An Insurance Collector

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Working As An Insurance Collector

  • Getting Information
  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Documenting/Recording Information
  • Communicating with Persons Outside Organization
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • $42,220

    Average Salary

What Does An Insurance Collector Do

Bill and account collectors try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier.

Duties

Bill and account collectors typically do the following:

  • Find consumers and businesses who have overdue bills
  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”
  • Inform debtors that they have an overdue bill and try to negotiate a payment
  • Explain the terms of sale or contract with the debtor, when necessary
  • Learn the reasons for the overdue bills, which can help with the negotiations
  • Offer credit advice or refer a consumer to a debt counselor, when appropriate

Bill and account collectors generally contact debtors by phone, although sometimes they do so by mail. They use computer systems to update contact information and record past collection attempts with a particular debtor. Keeping these records can help collectors with future negotiations.

The main job of bill and account collectors is finding a solution that is acceptable to the debtor and maximizes payment to the creditor. Listening to the debtor and paying attention to his or her concerns can help the collector negotiate a solution.

After the collector and debtor agree on a repayment plan, the collector continually checks to ensure that the debtor pays on time. If the debtor does not pay, the collector submits a statement to the creditor, who can take legal action. In extreme cases, this legal action may include taking back goods or disconnecting service.

Collectors must follow federal and state laws that govern debt collection. These laws require that collectors make sure they are talking with the debtor before announcing that the purpose of the call is to collect a debt. A collector also must give a statement, called “mini-Miranda,” which informs the account holder that they are speaking with a bill or debt collector.

Although many collectors work for third-party collection agencies, some work in-house for the original creditor, such as a credit-card company or a health care provider. The day-to-day activities of in-house collectors are generally the same as those of other collectors.

Collectors usually have goals they are expected to meet. Typically, these include calls per hour and success rates.

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How To Become An Insurance Collector

Collectors usually must have a high school diploma. A few months of on-the-job training is common.

Education

Most bill and account collectors are required to have a high school diploma, although some employers prefer applicants who have taken some college courses. Communication, accounting, and basic computer courses are examples of classes that are helpful for entering this occupation.

Training

Collectors usually get 1 to 3 months of on-the-job training after being hired. Training includes learning the company’s policies and computer software and learning the laws for debt collection in the Fair Debt Collection Practices Act, as well as their state’s debt-collection regulations. Collectors also may be trained in negotiation techniques.

Important Qualities

Listening skills. Collectors must pay attention to what debtors say when trying to negotiate a repayment plan. Learning the particular situation of the debtors and how they fell into debt can help collectors suggest solutions.

Negotiating skills. The main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties.

Speaking skills. Collectors must be able to speak to debtors to explain their choices and ensure that they fully understand what is being said.

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Insurance Collector jobs

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Average Length of Employment
Revenue Collector 4.4 years
Insurance Biller 3.2 years
Billing Specialist 3.1 years
Insurance Clerk 3.1 years
Insurance Analyst 2.8 years
Bill Collector 2.6 years
Claims Collector 2.4 years
Payment Collector 2.3 years
Medical Collector 2.2 years
Collector 2.1 years
Insurance Verifier 2.0 years
Debt Collector 1.9 years
Top Employers Before
Collector 4.7%
Cashier 3.9%
Top Employers After
Collector 4.1%
Cashier 3.4%
Biller 2.8%

Insurance Collector Demographics

Gender

Female

86.8%

Male

11.5%

Unknown

1.7%
Ethnicity

White

76.7%

Hispanic or Latino

15.2%

Asian

6.0%

Unknown

1.8%

Black or African American

0.3%
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Languages Spoken

Spanish

72.2%

Russian

16.7%

Armenian

5.6%

French

5.6%
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Insurance Collector Education

Schools

University of Phoenix

15.8%

Indian River State College

7.0%

Ashford University

5.3%

Troy University

5.3%

Strayer University

5.3%

Everest Institute

5.3%

Nashville State Community College

5.3%

Keiser University

5.3%

Greenville Technical College

5.3%

Grand Canyon University

5.3%

Central New Mexico Community College

3.5%

Patrick Henry Community College

3.5%

Minnesota School of Business

3.5%

College of Westchester

3.5%

California State University - Dominguez Hills

3.5%

Indiana Institute of Technology

3.5%

San Antonio College

3.5%

Indiana University Bloomington

3.5%

Indiana University - Purdue University Fort Wayne

3.5%

Florida Atlantic University

3.5%
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Majors

Business

21.8%

Health Care Administration

21.4%

Medical Assisting Services

7.7%

Nursing

6.6%

Accounting

5.2%

Psychology

4.1%

General Studies

3.7%

Criminal Justice

3.7%

Education

3.7%

Insurance

3.3%

Management

2.6%

Human Resources Management

2.6%

Communication

2.2%

Computer Science

1.8%

Nursing Assistants

1.8%

Computer Information Systems

1.8%

Health Sciences And Services

1.5%

Health/Medical Preparatory Programs

1.5%

Dental Assisting

1.5%

Secretarial And Administrative Science

1.5%
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Degrees

Other

38.5%

Bachelors

23.0%

Associate

19.2%

Certificate

7.9%

Diploma

5.5%

Masters

4.7%

License

1.2%
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Top Skills for An Insurance Collector

InsuranceCompaniesMedicalClaimsMedicaidCustomerServiceCorrespondenceMedicalRecordsFollow-UpClaimStatusEOBInsuranceCarriersAccountsReceivablesDataEntryInsuranceCollectionsInsurancePaymentsDelinquentAccountsPaymentArrangementsMedicalInsuranceCPTPaymentPlansPatientAccountBalances

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Top Insurance Collector Skills

  1. Insurance Companies
  2. Medical Claims
  3. Medicaid
You can check out examples of real life uses of top skills on resumes here:
  • Collected payments from insurance companies.
  • Billed medical claims for Medicare, Medicaid, Commercial, and Work comp.
  • Close working relationships with attorneys, Insurance companies; All major insurance companies, Medicaid, Medicare, and Workers Compensation.
  • Provide excellent customer service in assisting homeowners understanding payments, tax research.
  • Submitted paper and electronic claims and followed up on insurance correspondence for all payers.

Top Insurance Collector Employers

Insurance Collector Videos

How to Settle Unpaid Bills with Debt Collectors and Collection Agencies

Baby Monitor" - American Collectors Insurance"

Autogeek Garage - Collector Car Insurance That Cares (American Collectors)

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