What Are the Requirements to Become an Insurance Fraud Investigator?
Although becoming an insurance fraud investigator commonly requires a background in law enforcement, you can choose from several educational paths in your quest to become an insurance fraud investigator. Keep reading to learn more about academic options in this field, as well as voluntary certification.
<h3 id="section---OverviewOfInsuranceFraudInvestigators">Overview of Insurance Fraud Investigators</h3>
<p>An insurance fraud investigator analyzes and investigates fraud in all types of insurance, including property, automobile, medical, and workers' compensation. According to the U.S. Bureau of Labor Statistics (BLS, <i>www.bls.gov</i>), this career does not require formal education beyond a high school diploma, but insurance companies often seek investigators with training in law enforcement, private investigation, or insurance claims. Common educational options to prepare for this career include certificate programs in private investigation and degree programs in criminal justice or insurance studies.
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<h3 id="section---ImportantInformationAboutInsuranceFraudInvestigators">Important Information About Insurance Fraud Investigators</h3>
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<table border="1"><tr><td> Median Salary (2021) </td><td> $65,080 (<i>for all claims adjusters, examiners and investigators</i>)</td></tr>
<tr><td> Job Outlook ( 2021-2031) </td><td> 6% decline (<i>for all claims adjusters, examiners and investigators</i>)</td></tr>
<tr><td> Work Environment </td><td> Insurance carriers, insurance agencies, federal government</td></tr>
<tr><td> Similar Occupations </td><td> Real Estate appraiser, building inspector, cost estimator</td></tr>
</table><p><i>Source: U.S. Bureau of Labor Statistics </i>
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<h3 id="section---CertificateProgram">Certificate Program</h3>
<p>Once enrolled in a private investigation program, you can receive specialized training in investigative techniques, federal laws, and documentation requirements. Coursework often includes interviewing techniques, privacy law, fraud investigation, insurance law, and crime scene investigation. Private investigator certificate programs can usually be completed within one year.
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<h3 id="section---DegreePrograms">Degree Programs</h3>
<p>Over the course of a criminal justice degree program, your studies focus on the nature of crime, the justice system, and current justice issues. Courses include criminal law, the juvenile justice system, crime prevention, forensic processes, and policing strategies. Both associate's- and bachelor's-level degree programs are available in this area and can require anywhere from two to four years to complete.
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<p>A bachelor's degree program in insurance and risk management provides you with an overall understanding of the insurance industry and the skills needed to assess financial risk. You'll learn to file, analyze, and investigate claims. You might have the option to concentrate in an insurance specialty, such as medical, life, or auto insurance. Common courses include claim investigation and adjustment, employee benefits, health insurance, and risk management. Bachelor's degree programs usually require four years to complete.
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<h3 id="section---Training">Training</h3>
<p>Some insurance companies provide additional training specific to the types of cases they handle. As an entry-level insurance fraud investigator trainee, you might spend several months working under the supervision of a manager before working on your own. In many cases, you'll need to obtain certification as an insurance fraud investigator prior to employment, and you may need to be licensed by the state where you expect to work.
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<h3 id="section---ProfessionalCertification">Professional Certification</h3>
<p>With an educational background in criminal justice, insurance or private investigation, you might qualify to become a Certified Insurance Fraud Investigator through the International Association of Special Investigation Units (IASIU). To earn this credential, you must adhere to the association's code of ethics and pass the certification exam. Exam topics include organized fraud investigation, medical fraud investigation, insurance fraud terminology, and software utilization for investigators. Once certified, mandatory continuing education participation is required to maintain your credential as an insurance fraud investigator.</p>