What Do Insurance Policy Processing Clerks Do (including Their Typical Day At Work)

Stan T.Career, Job DescriptionLeave a Comment

Job Description, Daily Responsibilities, and Work Life

Insurance Policy Processing Clerks

Insurance Policy Processing Clerks 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.

Salary
$45070
Becoming One
Easy
Education
No degree required
Job Satisfaction
Job Growth

Personality



Job Description

Job Description

Insurance Policy Processing Clerks 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. They also process and record new insurance policies and claims.

Other tasks include:

  • Process, prepare, and submit business or government forms, such as submitting applications for coverage to insurance carriers.
  • Correspond with insured or agent to obtain information or inform them of account status or changes.
  • Review and verify data, such as age, name, address, and principal sum and value of property on insurance applications and policies.
  • Calculate premiums, refunds, commissions, adjustments, and new reserve requirements, using insurance rate standards.
  • Compare information from application to criteria for policy reinstatement and approve reinstatement when criteria are met.
  • Examine letters from policyholders or agents, original insurance applications, and other company documents to determine if changes are needed and effects of changes.

We asked Insurance Policy Processing Clerks how satisfied they are with their job. Here is what they said.

Job satisfaction

66%

How meaningful is this job

40%


66% of them said they were satisfied with their job and 40% said they find that their job makes the world a better place or helps to make someone else’s life better.



Featured Schools

Typical Day At Work

On a daily basis, Insurance Policy Processing Clerks review and verify data, such as age, name, address, and principal sum and value of property on insurance applications and policies. They check computations of interest accrued, premiums due, and settlement surrender on loan values.

A typical day for an Insurance Policy Processing Clerk will also include:

  • Organize and work with detailed office or warehouse records, maintaining files for each policyholder, including policies that are to be reinstated or cancelled.
  • Collect initial premiums and issue receipts.
  • Modify, update, and process existing policies and claims to reflect any change in beneficiary, amount of coverage, or type of insurance.
  • Examine letters from policyholders or agents, original insurance applications, and other company documents to determine if changes are needed and effects of changes.
  • Process, prepare, and submit business or government forms, such as submitting applications for coverage to insurance carriers.

We asked some Insurance Policy Processing Clerks a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job? 96% said yes
How important is it to work in a team in this job? 73% said very important
Do you have group discussions everyday in this job? 53% said yes
Do you talk or work with customers everyday in this job? 57% said yes
Do you have to deal with angry customers everyday in this job? 27% said yes
Do you have to make decisions everyday in this job? 61% said yes

Other responsibilities

Besides their typical day, Insurance Policy Processing Clerks also obtain computer printout of policy cancellations or retrieve cancellation cards from file. They may also check computations of interest accrued, premiums due, and settlement surrender on loan values.

On a weekly to monthly basis, Insurance Policy Processing Clerks Collect initial premiums and issue receipts. They might also Compare information from application to criteria for policy reinstatement and approve reinstatement when criteria are met.

In addition, they Compose business correspondence for supervisors, managers, and professionals.

Although specific duties may vary, many of them Calculate premiums, refunds, commissions, adjustments, and new reserve requirements, using insurance rate standards.

To some Insurance Policy Processing Clerks, it is also their responsibility to Notify insurance agent and accounting department of policy cancellation.


Working life

Working hours

Standard 40 hour work week

Working schedule

Regular schedule like a 9 to 5

In a typical work week as an Insurance Policy Processing Clerk, you can expect to work 40 hour work week.

Do Insurance Policy Processing Clerks work in an office-style work environment?

Every day
84%


Never
16%


Do Insurance Policy Processing Clerks work outdoors?

Never
99%


Once a year
1%



Is this right for me

Best personality for this career

The Organizers and The Entrepreneurs

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas..

They also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.

You can read more about these career personality types here.



Learn more about Insurance Policy Processing Clerks

Summary
Job Description (You are here)
Salary
Requirements
Quiz

Find a college with the major you want


Related to Insurance Policy Processing Clerks Job Description

Insurance Policy Processing Clerks job description, what do Insurance Policy Processing Clerks do, typical day for Insurance Policy Processing Clerks, what is it like to work as an Insurance Policy Processing Clerk, how many hours do Insurance Policy Processing Clerks work, day to day work of an Insurance Policy Processing Clerk

Additional resources

http://www.bls.gov/OOH/office-and-administrative-support/financial-clerks.htm
http://www.aba.com/
https://www.mba.org/


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.