What does a claims manager do?
A claims manager receives, assesses and manages the claims made by policyholders on their insurance policy. They assess whether or not a claim is valid, whether or not it is fraudulent, then organise any action that’s needed, such as a payment being made to the claimant. Claims managers can work with different types of policyholiders from large businesses to individuals meaning that their role may involve working on large-scale incidents and liaising with external experts to manage the claim. For some cases that are more complex, a certain degree of expert knowledge may be needed and that is when claims managers may get involved in loss adjusting.
Where do claims managers work?
Claim managers work for insurance companies or at a claims contact center, depending on the case, claims managers can work at various sites if they need to visit external experts such as brokers, lawyers etc…
Claims managers can start off as claims handlers where the starting salary ranges from £14,000 – £18,000 for trainee claims handlers and up to £25,000 for those on graduate schemes. Once experienced, claims handlers can earn from £20,000 up to £50,000 if they become a claims manager.
Claims professionals can work directly for insurance companies, a dedicated claims management company or the claims team of an insurance broker. Some larger insurance companies include claims work as part of general graduate management training schemes. Graduate recruits usually undergo two years of intense on-the-job training. This is generally structured and supported by formal training courses, often in-house, and is likely to be followed by a further 2-3 years’ experience in underwriting risk and negotiating claims.