Insurance policy processing Job Description

March 20, 20120 Comments

Insurance policy processing Job Profile and Description

Insurance policy clerks process insurance policy applications and make modifications or cancels them based on their review of the claimant’s policy. They have to update and process policies and claims in case there is any change in beneficiary name, amount of coverage, or the type of insurance scheme.

Duties and Responsibilities

  • The insurance policy processor records new insurance policies and claims
  • He has to review and verify data, such as age, name, address, amount and value of property
  • He has to systematically organize work and records, maintain files and keep track of policies that are to be renewed or canceled.
  • He has to examine letters from policyholders or agents, original insurance applications, and other company documents to determine if changes are needed
  • He needs to correspond with agents to get information or inform them of the account status or any changes in the policy
  • He has to enter data into the database for adjusting accounts
  • In case there is a policy cancellation, he has to inform the and accounting department
  • He must interview clients and also answer queries to provide customer service and receive information on claims
  • He may have to collect initial premiums and issue receipts
  • He is also responsible for calculating premiums, refunds, commissions, adjustments using insurance rate standards
  • He has to keep checking computations of interest accrued, premiums due etc.

Skills and Specifications

  • Insurance policy processing clerks must have good communication and analytical skills
  • They must be detail-oriented and be good at math and calculations.
  • They must have good interpersonal skills and strong convincing power.

Education and Qualifications

Insurance policy processing clerks need to have a bachelor degree in commerce or in finance; banking, sales and accounting will be helpful in this field. On the job training is usually provided according to company policy.

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