What Does a Claims Consultant Do?
Find out what a claims consultant does, how to get this job, and what it takes to succeed as a claims consultant.
Claims consultants are responsible for managing the claims process at their company. They work with injured employees and customers to determine how much money they’re owed, help them file their claim, and ensure that everything goes smoothly throughout the entire process.
Claims consultants may also be tasked with analyzing data related to claims in order to identify areas where the company can reduce costs or improve its services.
Claims Consultant Job Duties
A claims consultant typically has a wide range of responsibilities, which can include:
- Communicating with insurance adjusters, policyholders, and other team members to gather information about claims
- Reviewing claim files to determine whether or not claims should be paid, and explaining the reasons for any denials
- Helping clients understand their coverage options, helping them choose between different types of coverage, and preparing applications for new policies
- Assessing the damages to be covered by insurance policies to determine if they are reasonable in light of the circumstances of the claim
- Following up with clients to make sure they receive the services they have been promised by the insurer
- Processing paperwork including filing claims with insurers, requesting adjusters to visit accident scenes, and obtaining medical records from doctors and hospitals
- Working with insurance adjusters to settle claims in a timely manner while ensuring that all parties are satisfied with the resolution
- Preparing reports summarizing claim activity for use by management in evaluating the efficiency of the department
- Recommending changes in company policy regarding coverage options to increase sales of certain products or services
Claims Consultant Salary & Outlook
Claims consultant salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of commissions and bonuses.
- Median Annual Salary: $78,000 ($37.5/hour)
- Top 10% Annual Salary: $137,000 ($65.87/hour)
The employment of claims consultants is expected to grow faster than average over the next decade.
Demand for insurance will continue to increase as more people and businesses buy policies. As a result, insurance companies will need to hire more claims consultants to evaluate and process claims.
Claims Consultant Job Requirements
There are a number of qualifications required to obtain a position as a claims consultant. They include:
Education: Most employers require claims consultants to have a bachelor’s degree in a related field, such as business administration, accounting or finance. Some employers prefer candidates who have a master’s degree in business administration (MBA). Relevant coursework includes business law, accounting, economics, finance, statistics and risk management.
Training & Experience: Claims consultants typically receive on-the-job training after they are hired. This training may last for a few weeks to a few months and may include shadowing an experienced consultant or performing duties under supervision until they are comfortable enough to complete tasks on their own.
Certifications & Licenses: Individuals seeking a claims consultant role should have a professional certification. Certifications allow you to prove your skills and qualifications to current and potential employers. Claims consultants can earn certifications to gain more knowledge of their responsibilities and further their career advancement opportunities.
Claims Consultant Skills
Claims consultants need the following skills in order to be successful:
Communication: Communication is the act of conveying information to others. As a claims consultant, you may be communicating with clients, insurance representatives and other members of your team. Effective communication can help you convey information clearly and answer questions.
Critical thinking: Critical thinking is the ability to analyze a situation and make a decision based on the information you have. As a claims consultant, you may be asked to make a decision about a claim, such as whether to accept or deny it. You may also be asked to make a decision about how to handle a claim, such as whether to negotiate with the other party or take the claim to court.
Problem-solving: Problem-solving skills allow you to identify the source of an issue and propose solutions to resolve it. As a claims consultant, you may be responsible for finding solutions to disputes between an insurance company and a customer. You may also be responsible for finding ways to reduce the cost of claims for an insurance company.
Negotiation: Negotiation is the ability to persuade others to agree with your ideas. As a claims consultant, you may need to negotiate with insurance companies to get a client a fair settlement. You may also need to negotiate with clients to help them understand the process of filing a claim and the potential outcomes.
Research: Claim specialists need to research information to help clients. This can include researching insurance policies, medical procedures and treatment options. You can research information online, over the phone or in person. You can also research information to help you answer questions for clients.
Claims Consultant Work Environment
Claims consultants work in a variety of settings, including office buildings, hospitals, and insurance companies. They may also travel to meet with clients or to attend conferences. Most claims consultants work full time, and some may work more than 40 hours per week to meet deadlines or to handle a heavy workload. Claims consultants may also be on call 24 hours a day to handle emergencies.
Claims Consultant Trends
Here are three trends influencing how claims consultants work. Claims consultants will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.
The Growth of Digital Claims
The growth of digital claims is a trend that is quickly changing the insurance industry. As more and more customers submit claims online, claims consultants will need to learn how to work with this new format.
This trend means that claims consultants will need to be familiar with digital tools and platforms, such as those used for submitting claims and tracking their status. They will also need to be able to communicate effectively with customers via email and chat.
More Use of Artificial Intelligence (AI)
As artificial intelligence becomes more prevalent in the insurance industry, claims professionals will need to learn how to use it to their advantage.
By understanding how AI works, claims consultants can better utilize its capabilities to automate tasks and make decisions faster and more accurately. This will allow them to focus on more important tasks, such as helping customers understand their coverage options.
Greater Focus on Customer Experience
The insurance industry is shifting its focus towards customer experience. This means that claims professionals will need to develop skills in areas such as customer service, communication, and problem-solving.
In order to be successful in this environment, claims professionals will need to be able to understand what customers are looking for and how to meet their needs. They will also need to be able to communicate effectively with customers in order to resolve any issues that may arise.
How to Become a Claims Consultant
A career as a claims consultant can be very rewarding. It offers the opportunity to help people who have been injured or suffered losses due to accidents or negligence, and to make a difference in their lives.
To become a successful claims consultant, you need to have strong communication skills, be able to listen carefully and understand what the client is saying, and be able to explain things clearly so that the client understands the process and what to expect. You also need to be able to think logically and be able to problem-solve when there are unexpected developments.
You should also be able to work independently and be able to manage your time effectively so that you can meet deadlines and keep on top of all the paperwork involved in handling a claim.
Advancement Prospects
Most claims consultants start their careers working for an insurance company. After a few years, they may move into a management position, overseeing a team of claims adjusters. Some claims consultants eventually open their own consulting firms.
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