Job Responsibilities
As a Sr Claims Analyst it was my responsibility to investigate
claims made against my insured from the initial investigation.
I was also responsible for recomending and setting reserves,
making liability decisions, authority requests andthen of course
settling the claim. Often the case I handled were in suit, then
in addition to my other duties I would monitor the litigation
file and discovery as this information became available. I
would alo monitor and rate the effectiveness of defense counsel.
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Downers
The insurance industry as a whole has changed dramticly for the
worse. The trend is that companies are no longer retaining
their older more experienced adjusters andthey are trying to do
the job with less experienced adjusters. The companies as a
whole have increased file loads, expecting more on each file
while paying substantially less.
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Lifestyle
Don't go to work in a claims unit.Certainly stay away from
Broadspire, they are a TPA, Third Party Administrator. They are
not an insurance company, benefits with a TPA are even less then
what a insurance carrier will pay you. The hours they expect
you to put in will be substantially more. Your base salary will
remain the same, thus your per hour wage is greatly reduced. If
you want to work in the insurance field stay n sales or
marketing.
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Compensation
While each and every employer will tell you they pay the
industry average, they are not. The industry average pay is
shrinking especially when taking into consideration the extra
hours you will be working. The fringe benefits are few and far
between, there will be no stock options or bonuses.
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Advice to Jobseekers
Don't go to work in a claims unit.Certainly stay away from
Broadspire, they are a TPA, Third Party Administrator. They are
not an insurance company, benefits with a TPA are even less then
what a insurance carrier will pay you. The hours they expect
you to put in will be substantially more. Your base salary will
remain the same, thus your per hour wage is greatly reduced. If
you want to work in the insurance field stay n sales or
marketing.
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