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.
- 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.
- 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.
How much does an Insurance Analyst make near United States?
Base Pay
Additional Pay
$66,982
/ yrInsurance 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.
Years of Experience Distribution
Insurance Analyst Insights
Rogers Insurance“Compensation is not the greatest: Salary is not the greatest as well as compensation.”
“Management messed up my pay schedule reporting and I didn’t get paid for a month.”
Insurance Supermarket“It was a great learning opportunity but I believe they need to do better for the advisors.”
“Terminated after I was injured; could not give me a desk job while I was getting better (Workman compensation: R shoulder surgery)”
The Co-operators“No the best place to expand career and learning”
Western Financial Group“They claim to be about career progression and diversity but progress is based on how well you fit into the clique”
G&G Independent Insurance“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.”
NorthMarq Capital“My immediate team were helpful and great to work with.”
Frequently asked questions about the roles and responsibilities of an Insurance Analyst
- Financial Analyst
- Financial Manager
- Finance Manager
- Controller