Mass.-based The Joyce Law Group released the results of its survey of the insurance claims management industry in Massachusetts.
The insurance defense law firm surveyed more than 2,000 insurance professionals in Massachusetts.
“We work with claims management professionals every day and wanted to be able to get a clearer picture of the nature of the job and what type of individual is working in the industry,” says Brian A. Joyce, managing partner.
Some of the highlights of the results include:
- The volume of claims managed by individuals is high, with 25 percent of respondents reporting handling more than 200 claims at any one time.
- 58 percent of claims managed fall between $50,000 and $500,000.
- 50 percent of managed claims are property/casualty claims, while 23 percent are personal injury claims.
- 87 percent of claims professionals in Massachusetts have a bachelor’s degree or higher education level.
- 50 percent of claims management professionals in Massachusetts earn $85,000 per year or more.
- Almost 90 percent of insurance companies use outside legal counsel for claims litigation.
Source: The Joyce Law Group
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