Claims Consultant

Claims consultants review insurance claims to resolve disputes and ensure that claims are appropriately settled. They also provide guidance for policyholders and insurance companies on insurance coverage and claims processing procedures. Individuals who enjoy researching, problem-solving, and interacting with people may find this career rewarding.

Job Duties and Responsibilities

Claims consultants may perform the following tasks:

• Review insurance claims and supporting documentation
• Investigate claims to determine the cause of loss and extent of damage
• Negotiate settlements with policyholders and insurance companies
• Provide guidance on insurance coverage and claims processing procedures
• Testify in court on behalf of insurance companies

Claims consultants may specialize in a particular area of insurance, such as property, casualty, or health insurance. They may also work for a specific industry, such as construction or healthcare.

Education and Experience

Most claims consultants have a bachelor's degree in business, finance, or a related field. Some employers may also require claims consultants to have a license or certification, such as the Associate in Claims (AIC) designation from the Insurance Institute of America (IIA).

Claims consultants typically gain experience working in an insurance company or as an insurance adjuster. They may also start their careers in a related field, such as customer service or sales.

Career Outlook

The job outlook for claims consultants is expected to grow faster than average over the next few years. This is due to the increasing number of insurance claims being filed, as well as the growing complexity of insurance policies.

Salary

The salary for claims consultants varies depending on their experience, education, and location. According to the U.S. Bureau of Labor Statistics, the median annual salary for claims adjusters, examiners, and investigators was $66,750 in May 2021.

Transferable Skills

Claims consultants develop a variety of skills that can be transferred to other careers, including:

• Researching
• Problem-solving
• Negotiation
• Communication
• Customer service

Day-to-Day

A typical day for a claims consultant may include:

• Reviewing insurance claims and supporting documentation
• Investigating claims to determine the cause of loss and extent of damage
• Negotiating settlements with policyholders and insurance companies
• Providing guidance on insurance coverage and claims processing procedures
• Testifying in court on behalf of insurance companies

Challenges

Claims consultants face a number of challenges in their work, including:

• The need to handle sensitive information
• The need to make difficult decisions
• The need to work under pressure
• The need to deal with difficult customers
• The need to keep up with changes in the insurance industry

Projects

Claims consultants may work on a variety of projects, including:

• Investigating large or complex claims
• Developing new claims processing procedures
• Training new claims consultants
• Testifying in court on behalf of insurance companies

Personal Growth

Claims consultants have the opportunity to develop a variety of personal growth skills, including:

• Researching
• Problem-solving
• Communication
• Negotiation
• Customer service

Personality and Interests

Individuals who are detail-oriented, analytical, and have strong communication skills may be well-suited for a career as a claims consultant. They should also be able to work independently and as part of a team.

Self-Guided Projects

Individuals who are interested in a career as a claims consultant may complete the following self-guided projects to better prepare themselves for this role:

• Research the insurance industry and different types of insurance policies
• shadow a claims consultant to gain an understanding of the day-to-day work
• Take online courses in insurance, claims processing, or negotiation
• Participate in moot courts or mock trials to develop your negotiation skills
• Volunteer with a non-profit organization that provides assistance to individuals who have filed insurance claims

Online Courses

Online courses can be a helpful way to learn about the insurance industry and claims processing procedures. Some of the skills and knowledge that you can gain from online courses include:

• An understanding of different types of insurance policies and coverages
• The ability to investigate and evaluate claims
• Negotiation skills
• Communication skills
• Customer service skills

Online courses can be a helpful way to supplement your education and experience, and can also help you to prepare for the AIC designation exam.

Conclusion

Claims consultants play an important role in the insurance industry. They help to ensure that claims are settled fairly and efficiently. If you are interested in a career that is challenging, rewarding, and offers the opportunity for growth, then a career as a claims consultant may be right for you.