Insurance investigator vs fraud investigator

The differences between insurance investigators and fraud investigators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both an insurance investigator and a fraud investigator. Additionally, a fraud investigator has an average salary of $49,010, which is higher than the $40,373 average annual salary of an insurance investigator.

The top three skills for an insurance investigator include insurance claims, insurance benefits and general liability. The most important skills for a fraud investigator are law enforcement agencies, investigative reports, and fraud investigations.

Insurance investigator vs fraud investigator overview

	Insurance Investigator	Fraud Investigator
Yearly salary	$40,373	$49,010
Hourly rate	$19.41	$23.56
Growth rate	-6%	6%
Number of jobs	38,201	5,470
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 62%	Bachelor's Degree, 59%
Average age	44	43
Years of experience	4	4

What does an insurance investigator do?

A claims investigator is responsible for examining and investigating in a particular insurance claim is valid. They ensure that the insurance company will settle claims as soon as possible. They resolve issues to prevent fraudulent allegations. This career also requires effective communication. Claims investigators must often conduct interviews.

What does a fraud investigator do?

A fraud investigator specializes in investigating and identifying fraudulent activities within a company and its clients. Their responsibilities depend on their line of work or industry of employment. However, most of the time, their duties will revolve around devising strategies and systems to detect inconsistencies, monitoring suspicious transactions and accounts, conducting reviews to identify any security lapses or vulnerabilities in the procedures, and teaching staff how to notice any fraudulent activities. Furthermore, it is vital to implement the policies and regulations of the company.

Insurance investigator vs fraud investigator salary

Insurance investigators and fraud investigators have different pay scales, as shown below.

	Insurance Investigator	Fraud Investigator
Average salary	$40,373	$49,010
Salary range	Between $26,000 And $61,000	Between $32,000 And $74,000
Highest paying City	-	Sacramento, CA
Highest paying state	-	New York
Best paying company	-	Deutsche Bank
Best paying industry	-	Finance

Differences between insurance investigator and fraud investigator education

There are a few differences between an insurance investigator and a fraud investigator in terms of educational background:

	Insurance Investigator	Fraud Investigator
Most common degree	Bachelor's Degree, 62%	Bachelor's Degree, 59%
Most common major	Criminal Justice	Criminal Justice
Most common college	California State University - Bakersfield	California State University - Bakersfield

Insurance investigator vs fraud investigator demographics

Here are the differences between insurance investigators' and fraud investigators' demographics:

	Insurance Investigator	Fraud Investigator
Average age	44	43
Gender ratio	Male, 58.0% Female, 42.0%	Male, 49.6% Female, 50.4%
Race ratio	Black or African American, 11.4% Unknown, 4.4% Hispanic or Latino, 16.7% Asian, 5.5% White, 61.4% American Indian and Alaska Native, 0.5%	Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3%
LGBT Percentage	10%	4%

Differences between insurance investigator and fraud investigator duties and responsibilities

Insurance investigator example responsibilities.

Manage and dispose of claims in litigation by preparing and developing strategy with defense counsel and consensus relative to litigation handling.
Research commercial coverage plans and government plans such as Medicare and Medicaid.
Follow all HIPPA guidelines and procedures to protect patients and company interest.
Analyze high risk transaction activity and provide final approval of investigative case analyses utilize for SAR preparation and filing.
Prepare facility specific HIPAA authorizations for release of records.

Fraud investigator example responsibilities.

Manage corporate-wide document production relative to complex litigation cases.
Detect and investigate fraudulent transactions such as money laundering, check forgeries, unauthorize ACH transfers and debit card fraud.
Review ISO reports and maintain close contact with police agencies working on fraud investigations.
Pursue recovery of bank funds through ACH processes, restitution from perpetrator and customer through criminal and civil means.
Write suspicious activity reports, address fraud alerts, and other applicable AML processes in accordance with regulations and time limitations.
Work on the development of a client application site determining the AML decision making rules, alerts, validation and verification.

Insurance investigator vs fraud investigator skills

Common insurance investigator skills

Insurance Claims, 14%
Insurance Benefits, 12%
General Liability, 9%
Scene Investigations, 7%
Insurance Laws, 6%
Consumer Complaints, 6%

Common fraud investigator skills

Law Enforcement Agencies, 7%
Investigative Reports, 6%
Fraud Investigations, 6%
Criminal Justice, 6%
Financial Institutions, 4%
Fraud Claims, 4%

Insurance Investigator vs. similar jobs

Insurance Investigator related careers

Insurance Investigator related jobs

What similar roles do

Zippia Careers
Business and Financial Industry
Insurance Investigator
Insurance Investigator vs Fraud Investigator

Updated January 8, 2025

Browse business and financial jobs