Risk and insurance consultant vs claim investigator

The differences between risk and insurance consultants and claim investigators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a risk and insurance consultant, becoming a claim investigator takes usually requires 2-4 years. Additionally, a risk and insurance consultant has an average salary of $90,307, which is higher than the $49,415 average annual salary of a claim investigator.

The top three skills for a risk and insurance consultant include financial services, risk assessments and portfolio. The most important skills for a claim investigator are scene investigations, insurance claims, and property damage.

Risk and insurance consultant vs claim investigator overview

	Risk And Insurance Consultant	Claim Investigator
Yearly salary	$90,307	$49,415
Hourly rate	$43.42	$23.76
Growth rate	11%	-6%
Number of jobs	61,774	8,738
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 61%
Average age	43	44
Years of experience	6	4

What does a risk and insurance consultant do?

A risk and insurance consultant is a person whose job is to advise organizations and companies on what might happen in the future and how to deal with it. They advise the management on the next steps and possible outcomes. A risk and insurance consultant does research and calculations and uses that to predict or solve financial or risk issues.

What does a claim investigator do?

Claim Investigators are professionals who are responsible for examining facts of insurance claims to determine their extent and validity to prevent any cases of fraud. These investigators must use a combination of tools such as cutting-edge software to help insurance companies to settle claims quickly by evaluating them. They are required to manage multiple cases by investigating defective products or events such as an oil spill. Claim Investigators must also prepare reports while keeping track of evidence trails.

Risk and insurance consultant vs claim investigator salary

Risk and insurance consultants and claim investigators have different pay scales, as shown below.

	Risk And Insurance Consultant	Claim Investigator
Average salary	$90,307	$49,415
Salary range	Between $69,000 And $117,000	Between $37,000 And $65,000
Highest paying City	San Francisco, CA	San Francisco, CA
Highest paying state	Rhode Island	Alaska
Best paying company	McKinsey & Company Inc	Health Alliance
Best paying industry	Insurance	Finance

Differences between risk and insurance consultant and claim investigator education

There are a few differences between a risk and insurance consultant and a claim investigator in terms of educational background:

	Risk And Insurance Consultant	Claim Investigator
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 61%
Most common major	Business	Criminal Justice
Most common college	University of Pennsylvania	California State University - Bakersfield

Risk and insurance consultant vs claim investigator demographics

Here are the differences between risk and insurance consultants' and claim investigators' demographics:

	Risk And Insurance Consultant	Claim Investigator
Average age	43	44
Gender ratio	Male, 67.7% Female, 32.3%	Male, 52.5% Female, 47.5%
Race ratio	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%	Black or African American, 11.1% Unknown, 4.4% Hispanic or Latino, 16.7% Asian, 5.2% White, 62.1% American Indian and Alaska Native, 0.5%
LGBT Percentage	4%	10%

Differences between risk and insurance consultant and claim investigator duties and responsibilities

Risk and insurance consultant example responsibilities.

Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.
Implement the forecasting models in SAS.
Monitor business line compliance to credit policy, exceptions to policy, underwriting standards and portfolio management.
Identify and capture risk factors, including idiosyncratic and macroeconomic to support capital assessment, portfolio management and business decisions.
Define and document a new application architecture which load client databases with properly format data using in-house develop Java ETL applications.
Process subpoenas, arrange depositions, process statutory requests for medical records and review medical records prior to depositions.

Claim investigator example responsibilities.

Manage and dispose of claims in litigation by preparing and developing strategy with defense counsel and consensus relative to litigation handling.
Coordinate with SIU investigators in their investigations of the same claimant or insure.
Collaborate with SIU, fire, and police personnel in an effort to resolve investigations.
Conduct extensive field investigations and interact with staff attorneys on litigation matters.
Prepare and/or review property and content estimates for settlement using Xactimate and XactContents software programs.
Conduct complete assessment of interior and exterior damage to create a detail repair estimate within Xactimate software.

Risk and insurance consultant vs claim investigator skills

Common risk and insurance consultant skills

Financial Services, 7%
Risk Assessments, 7%
Portfolio, 6%
PowerPoint, 6%
Internal Audit, 4%
SAS, 4%

Common claim investigator skills

Scene Investigations, 11%
Insurance Claims, 7%
Property Damage, 5%
Fraud Claims, 5%
Background Checks, 5%
Litigation, 4%

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Risk And Insurance Consultant
Risk And Insurance Consultant vs Claim Investigator

Updated January 8, 2025

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