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Insurance Policy Processing Clerk

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What You Need to Know About Insurance Policy Processing Clerk

Job Description & Duties Process applications for, changes to, reinstatement of, and cancellation of insurance policies. Duties include reviewing insurance applications to ensure that all questions have been answered, compiling data on insurance policy changes, changing policy records to conform to insured party’s specifications, compiling data on lapsed insurance policies to determine automatic reinstatement according to company policies, canceling insurance policies as requested by agents, and verifying the accuracy of insurance company records.

List of Insurance Policy Processing Clerk Job Duties

  • Review and verify data, such as age, name, address, and principal sum and value of property on insurance applications and policies.
  • Process and record new insurance policies and claims.
  • Transcribe data to worksheets and enter data into computer for use in preparing documents and adjusting accounts.
  • Organize and work with detailed office or warehouse records, maintaining files for each policyholder, including policies that are to be reinstated or cancelled.
  • Modify, update, and process existing policies and claims to reflect any change in beneficiary, amount of coverage, or type of insurance.
  • Calculate premiums, refunds, commissions, adjustments, and new reserve requirements, using insurance rate standards.

Insurance Policy Processing Clerk Skills

Insurance Policy Processing Clerks state the following job skills are important in their day-to-day work.

Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Speaking: Talking to others to convey information effectively.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Writing: Communicating effectively in writing as appropriate for the needs of the audience.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Types of Insurance Policy Processing Clerk Jobs

  • Associate Financial Representative
  • Policy Services Representative
  • Policy Analyst
  • Reviewer
  • Document Reviewer

Is There Job Demand for Insurance Policy Processing Clerks?

There were about 308,500 jobs for Insurance Policy Processing Clerk in 2016 (in the United States). New jobs are being produced at a rate of 11.1% which is above the national average. The Bureau of Labor Statistics predicts 34,100 new jobs for Insurance Policy Processing Clerk by 2026. The BLS estimates 35,600 yearly job openings in this field.

Forecasted Number of Jobs for Insurance Policy Processing Clerks in U.S.

The states with the most job growth for Insurance Policy Processing Clerk are Utah, Arizona, and Iowa. Watch out if you plan on working in Maine, Vermont, or Oregon. These states have the worst job growth for this type of profession.

Salary for an Insurance Policy Processing Clerk

The typical yearly salary for Insurance Policy Processing Clerks is somewhere between $27,540 and $60,500.

Salary Ranges for Insurance Policy Processing Clerks

Insurance Policy Processing Clerks who work in District of Columbia, Connecticut, or Massachusetts, make the highest salaries.

Below is a list of the median annual salaries for Insurance Policy Processing Clerks in different U.S. states.

State Annual Mean Salary
Alabama $37,000
Alaska $42,450
Arizona $42,760
Arkansas $35,960
California $42,690
Colorado $48,700
Connecticut $50,300
Delaware $40,540
District of Columbia $56,710
Florida $39,150
Georgia $46,190
Hawaii $40,270
Idaho $40,410
Illinois $43,540
Indiana $39,740
Iowa $43,500
Kansas $40,350
Kentucky $34,370
Louisiana $35,100
Maine $40,180
Maryland $47,600
Massachusetts $48,820
Michigan $38,310
Minnesota $44,700
Mississippi $33,420
Missouri $40,100
Montana $39,020
Nebraska $39,410
Nevada $40,700
New Hampshire $44,500
New Jersey $47,180
New Mexico $37,360
New York $48,740
North Carolina $43,180
North Dakota $41,610
Ohio $39,830
Oklahoma $42,120
Oregon $43,950
Pennsylvania $42,590
Rhode Island $45,300
South Carolina $36,850
South Dakota $33,540
Tennessee $37,880
Texas $39,950
Utah $40,940
Vermont $41,420
Virginia $42,030
Washington $45,810
West Virginia $33,710
Wisconsin $40,340
Wyoming $36,190

Tools & Technologies Used by Insurance Policy Processing Clerks

Although they’re not necessarily needed for all jobs, the following technologies are used by many Insurance Policy Processing Clerks:

  • Microsoft Excel
  • Microsoft Word
  • Microsoft Office
  • Microsoft PowerPoint
  • Microsoft Outlook
  • Web browser software
  • Microsoft Access
  • Data entry software
  • Word processing software
  • Spreadsheet software
  • Database software
  • Microsoft Internet Explorer
  • Medical procedure coding software
  • Healthcare common procedure coding system HCPCS
  • Medical condition coding software
  • IBM Lotus Notes
  • Novell GroupWise
  • Insurance rating software

Becoming an Insurance Policy Processing Clerk

What kind of Insurance Policy Processing Clerk requirements are there?

Insurance Policy Processing Clerk Degree Level

How Long Does it Take to Become an Insurance Policy Processing Clerk?

Insurance Policy Processing Clerk Work Experience

Where Insurance Policy Processing Clerks Work

Insurance Policy Processing Clerk Sectors

Insurance Policy Processing Clerks work in the following industries:

Insurance Policy Processing Clerk Industries

Similar Careers

Those interested in being an Insurance Policy Processing Clerk may also be interested in:

References:

Image Credit: Jace Armstrong via public domain

More about our data sources and methodologies.

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