Average Insurance Claims and Policy Processing Clerks Salary in Lexington-Fayette, KY
Insurance Claims and Policy Processing Clerks in Lexington-Fayette, KY, earn an average annual salary of $53,370. This figure slightly surpasses the national average of $51,940, indicating a localized demand that slightly outpaces national compensation trends. The specific economic landscape and industry concentration within Lexington-Fayette contribute to this favorable pay.
Executive Summary
- Average Salary: $53,370 per year.
- Growth Trend: Salaries have shifted 31.1% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $72,650.
- Outlook: With a total local workforce of 310 individuals in this role, Lexington-Fayette presents a stable, albeit not highly concentrated, job market for Insurance Claims and Policy Processing Clerks. The Location Quotient of 0.74 suggests that this profession is slightly less prevalent than the national average, implying a steady demand that is met by the existing workforce without significant oversupply.
Salary Overview
The average Insurance Claims and Policy Processing Clerks in Lexington-Fayette, KY earns+2.8%above the national average.
$25.7
$1,026
$4,448
Insurance Claims and Policy Processing Clerks Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Insurance Claims and Policy Processing Clerks in Lexington-Fayette have mirrored national trends, experiencing gradual growth over the past four years. This growth is typically driven by inflation, increased demand for insurance services, and the evolving complexity of claims processing.
Insurance Claims and Policy Processing Clerks Salary Distribution in Lexington-Fayette, KY
Career progression for Insurance Claims and Policy Processing Clerks typically involves a salary increase with experience. Entry-level positions might start closer to the lower percentiles, while senior clerks with extensive knowledge of policy nuances and claims resolution can command salaries in the upper percentiles. These percentile gaps are a clear indicator of the career ladder available within this profession.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $38,630 | $18.6 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $40,028 | $19.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $49,810 | $23.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $66,713 | $32.1 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $72,650 | $34.9 |
Detailed Insurance Claims and Policy Processing Clerks Market Analysis
Relocation Context
Nominal Salary
$53,370
Gross Pay
Real Wage (Purchasing Power)
$53,370
Adjusted for COL (100)
The average annual salary of $53,370 in Lexington-Fayette, KY, aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of an Insurance Claims and Policy Processing Clerk's salary in this area is equivalent to the national standard, offering a stable financial standing relative to living expenses.
Job Market Context
310
Total Jobs
1.099
Per 1K Jobs
0.74
Location Quotient
Lexington-Fayette, KY has 0.74x the national average concentration of Insurance Claims and Policy Processing Clerks jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.
The Location Quotient of 0.74 for Insurance Claims and Policy Processing Clerks in Lexington-Fayette indicates a slightly lower concentration of these roles compared to the national average. This suggests that while the job market is present and stable, it may not be as saturated as in other regions, potentially offering a good balance between job availability and competition for skilled professionals.
Nearby Job Markets
Nearby Cities for Insurance Claims and Policy Processing Clerks
Comparing salaries near Lexington-Fayette, KY
Hiring Insurance Claims and Policy Processing Clerkss?
Frequently Asked Questions
How much does a Insurance Claims and Policy Processing Clerks make in Lexington-Fayette, KY?
The median annual salary for a Insurance Claims and Policy Processing Clerks in Lexington-Fayette, KY is $53,370. This typically ranges from $38,630 for entry-level positions to $72,650 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Lexington-Fayette, KY is 2.8% higher than the national median of $51,940.
Is Lexington-Fayette, KY a lucrative place for Insurance Claims and Policy Processing Clerks?
Yes, it offers competitive compensation.The average salary of $53,370 is slightly above the national average, and with a cost of living at the national average, the purchasing power is strong.
Is Lexington-Fayette, KY a good place to live for Insurance Claims and Policy Processing Clerks?
The Cost of Living Index in Lexington-Fayette, KY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Lexington-Fayette, KY?
Some top paying nearby cities include Central Kentucky nonmetropolitan area ($42,550) and South Central Kentucky nonmetropolitan area.
How does the Lexington-Fayette salary compare to the national average?
The average annual salary for Insurance Claims and Policy Processing Clerks in Lexington-Fayette, KY is $53,370, which is slightly higher than the national average of $51,940.
What is the Cost of Living in Lexington-Fayette, KY?
The Cost of Living Index in Lexington-Fayette, KY is 100, which is exactly the national average.
Is there high demand for Insurance Claims and Policy Processing Clerks in Lexington-Fayette, KY?
The Location Quotient of 0.74 suggests a slightly lower concentration than the national average, indicating a stable but not overly saturated job market.
What does a Location Quotient of 0.74 mean for job seekers?
A Location Quotient below 1.0, like 0.74, means the profession is less concentrated in Lexington-Fayette compared to the national average, implying steady demand without intense competition.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 310 employees in the Lexington-Fayette, KY area with a job density of 1.099 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Insurance Claims and Policy Processing Clerks • Data source: BLS OEWS 2024 •Jobs in Lexington-Fayette, KY