Job Description for a Claim Accountant
- A claim accountant records policyholders' claims and prepares periodic reports that are complete and conform to generally accepted accounting principles (GAAP), insurance industry standards and regulatory guidelines. Accounting data must also adhere with top management's recommendations and statutory rules that a state insurance commissioner mandates. A complete set of financial statements include statement of financial position (or balance sheet), statement of profit and loss, statement of cash flows and statement of retained earnings. An accountant specializing in claims also evaluates current versus historical claim data and informs management on trends.
- A claim accountant usually has a bachelor's degree in accounting, finance, tax, auditing or investment analysis. An accountant with a liberal arts or insurance background is not uncommon in the industry. Some claim accounting specialists hold advanced degrees, such as master's and doctorate. This is especially the case for senior professionals who have multiple responsibilities. Additionally, an accountant formerly in public practice may hold a certified public accountant (CPA) license.
- Salary levels for claim accountants generally depend on the company, industry outlook and seniority. Compensation also may be affected by professional and academic credentials as well as length of service. Bureau of Labor Statistics' data indicates that median wages of claim accounting clerks were $32,510 in 2008, with the top 10 percent earning more than $49,260 and the bottom 10 percent earning less than $20,950. Compensation is higher for senior roles. The same government statistics show that median wages of claim accountants were $59,430, with the bottom 10 percent earning less than $36,720 and the top 10 percent earning more than $102,380.
- A claim accounting specialist may advance professionally by seeking a higher degree or a professional license and attending continuing education courses. An accountant may enroll in a university master's program in finance or business analysis and complete relevant courses. Alternatively, this employee may seek a professional designation such as the CPA, the certified management accountant (CMA) or the certified financial manager (CFM) license. (The Institute of Management Accountants---or IMA---administers the two certifications.) A competent claim accountant typically moves to a senior role in three to five years.
- A claim accounting professional generally works from 8 am to 5 pm but occasionally may stay late at the office depending on business demands. These requirements may be monthly accounting close procedures, quarterly regulatory filings with the Securities and Exchange Commission (SEC) or annual filings with state insurance commission departments.