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The differences between insurance collectors and debt collectors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both an insurance collector and a debt collector. Additionally, an insurance collector has an average salary of $39,463, which is higher than the $33,865 average annual salary of a debt collector.
The top three skills for an insurance collector include patients, medical billing and healthcare. The most important skills for a debt collector are customer service, outbound calls, and payment arrangements.
| Insurance Collector | Debt Collector | |
| Yearly salary | $39,463 | $33,865 |
| Hourly rate | $18.97 | $16.28 |
| Growth rate | -8% | -8% |
| Number of jobs | 46,897 | 23,385 |
| Job satisfaction | - | - |
| Most common degree | Associate Degree, 29% | High School Diploma, 34% |
| Average age | 46 | 46 |
| Years of experience | 12 | 12 |
An insurance collector is responsible for collecting and managing insurance payments. They need to generate funds through collecting bills, adhere to ethical standards, handle patients' claims, and complete other clerical work. They usually prepare and submit a member's bill for insurance so that the patient can be sure that there will be no delay in getting their claim.
Debt collectors are also known as collection agencies and are responsible for recovering past due debts. Most of them are hired by companies to collect debt either for a fee or a percentage of the total amount recovered. Also, some debt collectors buy delinquent debts at a discount and seek to collect the debt's full amount. They have many strategies to collect debts, including calling debtor's phones, sending letters, and even visiting them at their home. However, if debtors fail to pay their due, debt collectors can either update the debtor's credit report or sue them over debt. Once sued and debtors ignore court hearings and lose by default, results could either be garnishment on debtor'debtors' wages or levies on their bank.
Insurance collectors and debt collectors have different pay scales, as shown below.
| Insurance Collector | Debt Collector | |
| Average salary | $39,463 | $33,865 |
| Salary range | Between $33,000 And $46,000 | Between $26,000 And $43,000 |
| Highest paying City | - | San Francisco, CA |
| Highest paying state | - | California |
| Best paying company | - | Mayor Ethan Berkowitz |
| Best paying industry | - | Construction |
There are a few differences between an insurance collector and a debt collector in terms of educational background:
| Insurance Collector | Debt Collector | |
| Most common degree | Associate Degree, 29% | High School Diploma, 34% |
| Most common major | Business | Business |
| Most common college | - | - |
Here are the differences between insurance collectors' and debt collectors' demographics:
| Insurance Collector | Debt Collector | |
| Average age | 46 | 46 |
| Gender ratio | Male, 12.4% Female, 87.6% | Male, 30.7% Female, 69.3% |
| Race ratio | Black or African American, 13.4% Unknown, 3.9% Hispanic or Latino, 22.6% Asian, 3.3% White, 56.4% American Indian and Alaska Native, 0.5% | Black or African American, 12.2% Unknown, 4.0% Hispanic or Latino, 20.0% Asian, 3.4% White, 59.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |