What does an Insurance Analyst do?

Insurance analysts evaluate different insurance policies to determine the associated risks involved for both the insurance company and the policyholder. They make changes to policies, gather data on lapsed coverage, cancel policies, and verify records’ accuracy. They use computer software to evaluate insurance policies to determine risks for both a policyholder and an insurance company and meet with clients to recommend a policy that suits their needs.

Insurance analysts also review policyholder applications to ensure they are filled out completely and accurately. They assist with and complete steps related to policy renewals, changes, and cancellations and verify policyholder records thoroughly. They review claims to ensure their legitimacy by verifying the policy’s details, conducting investigations, gathering relevant underwriting data, and providing management recommendations. Insurance analysts need a bachelor’s degree in business administration or related fields and relevant insurance coursework.

What responsibilities are common for Insurance Analyst jobs?
  • Enroll, refer and/or assist patients in obtaining ACA Marketplace Insurance.
  • Assist patients in resolving any case issues with the Marketplace and insurance companies if they arise.
  • Follow up on all assigned self-pay accounts (7 day, 14 day or 30 day follow-up depending on type of account -including delinquent accounts).
  • Stay current on all new policies and procedures.
  • Perform all duties related to the timely and accurate billing and collection of private insurance receivables as assigned.
  • Comprehensive knowledge of commercial insurance and managed care plans, including basic coverage models, billing requirements, subscriber and provider responsibilities, and coordination of benefits (COB) rules.
What are the typical qualifications for Insurance Analyst jobs?
  • Bachelor's Degree in actuarial science, business, or mathematics.
  • Demonstrates excellent leadership and collaboration abilities, along with solid time management and problem solving skills.
  • Extensive experience creating and managing spreadsheets
  • Demonstrated critical thinking and analytical abilities.
  • Advanced understanding of HIPAA regulations.
Education--
Work/Life Balance
3.4 ★
Total Pay--
Career Opportunity
3.4 ★
Avg. Experience8+ years

How much does an Insurance Analyst make?

Confident
$61,014 /yr
Total Pay
$57,230
 /yr

Base Pay

+
$3,784
 /yr

Additional Pay

$61,014

 / yr
$41K$91K
Most Likely Range
Possible Range
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Insurance Analyst Career Path

Learn how to become an Insurance Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.

Insurance Analyst

Years of Experience Distribution

0 - 1
31%
2 - 4
34%
5 - 7
0%
8+
35%
Not including years spent in education and/or training

Insurance Analyst Insights

Read what Insurance Analyst professionals have to say about their job experiences and view top companies for this career.
QoverQover
Insurance Expert
Dec 7, 2021

“I especially enjoy having opportunities to extend my limits in so different and various projects.”

The Co-operatorsThe Co-operators
Associate Insurance Advisor II
Dec 3, 2022

“No the best place to expand career and learning”

Western Financial GroupWestern Financial Group
Insurance Advisor
Nov 10, 2021

“They claim to be about career progression and diversity but progress is based on how well you fit into the clique”

G&G Independent InsuranceG&G Independent Insurance
Insurance Advisor
Mar 17, 2022

“For sales the compensation is good but it may be more difficult to reach top level compensation as your career progresses compared to other agencies.”

USHEALTH AdvisorsUSHEALTH Advisors
Health Insurance Advisor
Jul 26, 2021

“You can be the best salesman in the world and it still doesn’t matter.”

Bloom Insurance AgencyBloom Insurance Agency
Licensed Healthcare Insurance Advisor
Dec 11, 2021

“Months of working here and never got a reply from HR on any of the emails I sent to them.”

HealthFund SolutionsHealthFund Solutions
Insurance Advocate
Aug 17, 2022

“I work remote and don't get to see my awesome co workers in person.”

ABCABC
Insurance Consultant
Jun 21, 2022

“Good good good good good”

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Insurance Analyst Interviews

Frequently asked questions about the roles and responsibilities of an Insurance Analyst

The most similar professions to Insurance Analyst are:
  • Financial Analyst
  • Financial Manager
  • Finance Manager
  • Controller

Related Careers

Financial Analyst
$72,661
No skills overlap
Financial Manager
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Finance Manager
$155,575
Controller
$153,115
No skills overlap

Insurance Analyst Jobs