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How to Become an Insurance Fraud Investigator

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Kit happily writes articles on almost any topic you could hope for. When he's not knee-deep in programming, he enjoys chilling with his cat

Man injured in car crash?

Man injured in car crash?

What does it take to succeed as an Insurance investigator?

The first step to becoming an insurance fraud investigator is to obtain a formal education. Most insurance fraud investigators earn bachelor's degrees in criminal justice or another related field. Although an associate's degree may be sufficient for employment, many companies prefer candidates who have at least an associate's degree. There are many accredited online degree programs for insurance fraud investigators, as well. If you think a bachelor's degree is necessary for the role, then consider starting your search by getting a certificate in fraud and data analytics. In today’s world, it can even be a huge advantage to know a programming language for analytics such as Python.

In addition to a bachelor's degree, an insurance fraud investigator may choose to earn a law enforcement degree, which will teach him or her investigative skills. This degree also teaches criminal investigation techniques, constitutional law, and terrorism. Alternatively, an undergraduate degree in public administration or social work may be sufficient. In either case, the degree will be valuable in the field of insurance claims management. Additionally, such a degree can lead to a career in forensic accounting or law enforcement.

A CFE certification will show that you have extensive knowledge of insurance fraud and the skills to protect a company's bottom line. Obtaining a CFE certificate from the Association of Certified Fraud Examiners will also demonstrate that you have the financial and legal background to handle financial affairs effectively. Many insurance fraud investigators also have the opportunity to pursue certification as Certified Insurance Fraud Examiners (CFE).

Car crash victim

Car crash victim

Salary of an insurance fraud investigator

The Salary of an Insurance Fraud Investigator varies greatly by location. The highest paying city for this job is Barnstable Town, MA. The second highest-paid city is Sunnyvale, CA. These two cities are almost $20,000 above the national average. Regardless of location, if you're interested in this career, there are many benefits to working as an Insurance Fraud Investigator.

According to the U.S. Department of Labor, there will be a 4% decline in insurance investigator employment until 2028. However, there will still be a high demand for these investigators, with over 346,000 openings in this field. So although you might have a degree, it won’t take long before you get the experience to work in the exact part of the industry you want, if you remain flexible on your starting positions.

Those looking for a career in this field should know that the salary of insurance fraud investigators varies based on their experience and education. The salary of an insurance fraud investigator depends on how experienced the individual is, and how well he or she knows the subject matter. Some investigators specialize in a particular area, while others focus on one field. They may specialize in insurance fraud, but the overall salary is comparable to each other.

If you're new to the field of insurance fraud investigation, your salary will likely be low, especially if you're not in a large metropolitan area. In addition to experience, location will also affect the salary. Larger cities tend to pay higher salaries and have a higher cost of living. To be paid properly, insurance investigators should be educated, experienced, and highly motivated. And remember to keep up with current industry trends. There are industry banking and tax newsletters, and trade publications that you can subscribe to.

Education required

Upon completion of a bachelor's degree, an insurance fraud investigator may apply for a position with an insurance company. However, before applying for this position, it is important to have some experience in the insurance industry. To qualify for the position, one must hold a bachelor's degree and have at least three years' experience in the industry. If a person does not have a bachelor's degree, he or she may be required to have ten years of related experience in the industry.

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An insurance fraud investigator may have a bachelor's degree or several years of related experience. A bachelor's degree in criminal justice can help prepare an individual for this role, as it gives them a solid legal background and enhances their investigative skills. Additionally, investigators should have at least a little experience dealing with law enforcement investigations and knowledge of relevant legislation. Since investigators deal with sensitive topics, a bachelor's degree can be beneficial, however nothing counts for experience in a related field such as law enforcement, which is a field always open to keen volunteers who need work experience.

In addition to a college degree, a person can gain more employment options by taking an online or in-person continuing education course. Online courses offered by the Association of Certified Fraud Examiners can teach you the latest investigative techniques and methods. Classes offered include topics like Data Analysis Techniques for Fraud Examiners and Overcoming Bias in Investigations. The International Association of Special Investigation Units also offers webinars and seminars during annual conferences. Certification in insurance fraud investigations is important for future employment and is essential for a high-paying position.

A bachelor's degree in business, economics, or criminal justice may be sufficient for a fraud investigator. However, an insurance fraud investigator must have two to five years of work experience in a related field. Applicants may choose to start in an entry-level position and progress to more complex cases once they gain experience.

To become an insurance fraud investigator in the US, one must obtain a professional license from the state authorities. Obtaining a license requires completing the requirements of your local Department of Insurance and passing a licensing exam normally. Professional licenses require ongoing renewal of their credentials, so this is where what I said earlier about keeping up with industry news will really be beneficial to you staying current.

Helping someone who has been genuinely injured is satisfying

Helping someone who has been genuinely injured is satisfying

Licensing requirements

If you're interested in working as an insurance fraud investigator, you may be wondering what licensing requirements you need to obtain. Luckily, there are several options to get started. The insurance industry recognizes the importance of licensing and certification, and obtaining either of these credentials can help you stand out from the competition.

Most insurance fraud investigators receive a bachelor's degree in criminal justice, although some companies may consider an associate's degree sufficient. However, you will need to be sure to get a valid license in your state before you can begin working. There are also plenty of accredited online programs for this degree. Licensing requirements for insurance fraud investigators vary by state. A bachelor's degree is usually necessary for those who plan to work for a major insurance company, and you must also be certified in most cases by the state's board.

Industry going forward

As the number of fraudulent insurance claims rises, the demand for investigators is higher than ever. According to LexisNexis, the cost of insurance fraud is predicted to continue rising beyond $3 billion each year. No industry is immune to fraud, according to a recent LexisNexis survey. For instance, hacking and identity theft rose by about 45 percent in 2020, while claims insurance fraud rose by around 30 percent. If you're thinking about becoming an insurance fraud investigator, you had better make sure you are aware of all the popular telephone and bank scams that people fall victim to.

If you want to work as an insurance fraud investigator, you'll need to have strong analytical skills. In many cases, fraud investigators must evaluate a situation and break it down step by step to determine whether the claim is legitimate or not. As a result, good critical thinking skills are essential. You may even need to visit the site of an accident or investigate footage from the incident. However, you should be aware that the evidence may change over time, so it's important to review all the evidence carefully.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2022 Kit

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