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Risk and insurance consultant vs claims adjuster

The differences between risk and insurance consultants and claims adjusters 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 claims adjuster takes usually requires 2-4 years. Additionally, a risk and insurance consultant has an average salary of $90,307, which is higher than the $51,116 average annual salary of a claims adjuster.

The top three skills for a risk and insurance consultant include financial services, risk assessments and portfolio. The most important skills for a claims adjuster are insurance carriers, auto claims, and customer service.

Risk and insurance consultant vs claims adjuster overview

Risk And Insurance ConsultantClaims Adjuster
Yearly salary$90,307$51,116
Hourly rate$43.42$24.57
Growth rate11%-6%
Number of jobs61,77413,221
Job satisfaction--
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 66%
Average age4344
Years of experience64

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 claims adjuster do?

A claim's adjuster is responsible for the handling of the insurance claims and investigating the extent of property damage and processing the business or a person's liability. Claims adjusters have a broad range of duties such as damage inspection to evaluate incident reports, communicating with property owners and spectators as well as referring to legal documents. They must also have excellent analytical and critical-thinking skills to calculate payments and analyze the complexities of multiple sources. Claims adjusters should also provide timely reports for reference and possible disputes.

Risk and insurance consultant vs claims adjuster salary

Risk and insurance consultants and claims adjusters have different pay scales, as shown below.

Risk And Insurance ConsultantClaims Adjuster
Average salary$90,307$51,116
Salary rangeBetween $69,000 And $117,000Between $40,000 And $64,000
Highest paying CitySan Francisco, CALos Angeles, CA
Highest paying stateRhode IslandNew Jersey
Best paying companyMcKinsey & Company IncMerchants Insurance Group
Best paying industryInsuranceInsurance

Differences between risk and insurance consultant and claims adjuster education

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

Risk And Insurance ConsultantClaims Adjuster
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 66%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaStanford University

Risk and insurance consultant vs claims adjuster demographics

Here are the differences between risk and insurance consultants' and claims adjusters' demographics:

Risk And Insurance ConsultantClaims Adjuster
Average age4344
Gender ratioMale, 67.7% Female, 32.3%Male, 45.1% Female, 54.9%
Race ratioBlack 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, 11.8% Unknown, 4.4% Hispanic or Latino, 16.8% Asian, 5.2% White, 61.2% American Indian and Alaska Native, 0.5%
LGBT Percentage4%10%

Differences between risk and insurance consultant and claims adjuster 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.

Claims adjuster example responsibilities.

  • Achieve targeted performance goals to manage costs and support Allstate's industry-leading operational standards.
  • Maintain a full caseload of WC files for a Louisiana customer, for six months, while managing this team.
  • Manage California branch operations including supervision of 5 WC adjusting and support staff
  • Apply strong customer service, organizational and multitasking skills to efficiently manage auto insurance claims.
  • Manage strict confidentiality of documents and comply with HIPAA regulations stipulate by the facility and government.
  • Manage file inventory by utilizing CCC pathways diary system documenting claim file activities in accordance with establish procedures
  • Show more

Risk and insurance consultant vs claims adjuster skills

Common risk and insurance consultant skills
  • Financial Services, 7%
  • Risk Assessments, 7%
  • Portfolio, 6%
  • PowerPoint, 6%
  • Internal Audit, 4%
  • SAS, 4%
Common claims adjuster skills
  • Insurance Carriers, 13%
  • Auto Claims, 8%
  • Customer Service, 8%
  • Litigation, 7%
  • Xactimate, 6%
  • Claims Handling, 5%

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