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Insurance Policy Processing Clerk

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Life As an Insurance Policy Processing Clerk

Career Description 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.

Life As an Insurance Policy Processing Clerk

  • Check computations of interest accrued, premiums due, and settlement surrender on loan values.
  • Collect initial premiums and issue receipts.
  • Notify insurance agent and accounting department of policy cancellation.
  • Modify, update, and process existing policies and claims to reflect any change in beneficiary, amount of coverage, or type of insurance.
  • Organize and work with detailed office or warehouse records, maintaining files for each policyholder, including policies that are to be reinstated or cancelled.
  • Compare information from application to criteria for policy reinstatement and approve reinstatement when criteria are met.

Qualities of an Insurance Policy Processing Clerk

When polled, Insurance Policy Processing Clerks say the following skills are most frequently used in their jobs:

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.

  • Insurance Processor
  • Premium Representative
  • Policy Change Clerk
  • Policy Analyst
  • Cancellation Clerk

Job Outlook for Insurance Policy Processing Clerks

In the United States, there were 308,500 jobs for Insurance Policy Processing Clerk in 2016. 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. Due to new job openings and attrition, there will be an average of 35,600 job openings in this field each year.

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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.

What is the Average Salary of an Insurance Policy Processing Clerk

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

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

How much do Insurance Policy Processing Clerks make in each U.S. state?

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

What Tools do Insurance Policy Processing Clerks Use?

Below is a list of the types of tools and technologies that Insurance Policy Processing Clerks may use on a daily basis:

  • 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

How to Become an Insurance Policy Processing Clerk

Education needed to be an Insurance Policy Processing Clerk:

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

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Insurance Policy Processing Clerks Sector

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The table below shows the approximate number of Insurance Policy Processing Clerks employed by various industries.

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References:

Image Credit: Jace Armstrong via public domain

More about our data sources and methodologies.

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