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
- 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.
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.
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|
|District of Columbia||$56,710|
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?
How Long Does it Take to Become an Insurance Policy Processing Clerk?
Where Insurance Policy Processing Clerks Work
Insurance Policy Processing Clerks work in the following industries:
Those interested in being an Insurance Policy Processing Clerk may also be interested in:
More about our data sources and methodologies.
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