The Average Salary of an Insurance Claims Manager
An insurance claims manager assesses insurance claims for payment and addresses concerns related to those claims. An insurance claims manager is also known as a claims adjuster, and he must carefully examine insurance policies to know whether to approve or deny claims. He must also make decisions about whether partial or full benefits are paid. The average salary of an insurance claims manager is dependent upon his job title, geographic location and the type of industry.
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Job Title
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An insurance claims manager has seniority over most of the other employees in an insurance claims department. Insurance claims supervisors earn higher annual wages than insurance employees who do not hold supervisory job titles. According to the Bureau of Labor Statistics, first-line supervisors/managers in an insurance claims department earn an average hourly wage of $25.49, or $53,019 on an annual basis. Non-managerial insurance sales agents earn an average hourly wage of $21.89, or $45,351 annually.
Geographic Location
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The geographic location of an insurance firm affects an insurance claims manager's average salary. Economic factors, cost of living indexes and demand for workers in insurance claims influences average salaries. According to the Bureau of Labor Statistics, insurance claims managers in North Dakota earn an annual mean wage of $49,970. Insurance claims managers residing and working in Washington, D.C., earn an annual mean wage of $77,180.
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Type of Industry
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The type of insurance industry affects an insurance claims manager's salary. Insurance claims managers who work for private industries such as security and commodity brokerage firms earn more than those working for government insurance agencies. According to the Bureau of Labor Statistics, insurance adjusters working for brokerage firms earn an average wage of $71,950 on an annual basis. Insurance claims managers working for state government agencies earn an average wage of $52,940 annually.
Additional Benefits
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Insurance claims managers and insurance adjusters often receive benefits packages in addition to their annual salaries. According to the Bureau of Labor Statistics, annual bonuses, investment retirement plans, health insurance benefits, life insurance policies and paid vacation days are standard perks. These additional benefits are partially determined by annual revenue, economic factors and the number of employees at the insurance firm.
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