Average Insurance Claims and Policy Processing Clerks Salary in Peoria, IL
In Peoria, IL, Insurance Claims and Policy Processing Clerks earn an average annual salary of $48,770. This figure is slightly below the national average of $51,940, a common occurrence in markets where local economic factors and demand dynamics influence compensation levels. The specific pay in Peoria reflects a balance between the cost of living and the concentration of these roles within the local workforce.
Executive Summary
- Average Salary: $48,770 per year.
- Growth Trend: Salaries have shifted 9.6% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $66,030.
- Outlook: The job market for Insurance Claims and Policy Processing Clerks in Peoria, IL, is moderately sized, with a total local workforce of 200 individuals in this role. The Location Quotient of 0.8 indicates a slightly lower concentration compared to the national average, suggesting that while the profession is present, it is not a dominant sector. The presence of 1.19 jobs per 1,000 workers signifies a steady, albeit not exceptionally high, demand for these essential administrative functions within the insurance industry in the region.
Salary Overview
The average Insurance Claims and Policy Processing Clerks in Peoria, IL earns-6.1%below the national average.
$23.5
$938
$4,064
Insurance Claims and Policy Processing Clerks Salary Trends (2020-2024)
While specific historical data for Peoria is not provided, it is generally assumed that salaries for Insurance Claims and Policy Processing Clerks have seen incremental growth over the past four years, mirroring national trends. This growth is typically driven by inflation, increased demand for insurance services, and the evolving complexity of claims and policy management, necessitating competitive compensation to attract and retain skilled professionals.
Insurance Claims and Policy Processing Clerks Salary Distribution in Peoria, IL
Career progression for Insurance Claims and Policy Processing Clerks in Peoria, IL, typically leads to increased earning potential. Entry-level positions often start at the lower end of the salary spectrum, while experienced professionals with specialized skills or those in senior or supervisory roles can command significantly higher salaries. The percentile gaps in earnings clearly signify the value placed on accumulated experience, expertise, and demonstrated performance within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $35,870 | $17.2 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $36,578 | $17.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $46,380 | $22.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $60,963 | $29.3 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $66,030 | $31.7 |
Detailed Insurance Claims and Policy Processing Clerks Market Analysis
Relocation Context
Nominal Salary
$48,770
Gross Pay
Real Wage (Purchasing Power)
$48,770
Adjusted for COL (100)
The nominal average salary of $48,770 in Peoria, IL, holds its value effectively due to the local Cost of Living Index being exactly at the national average of 100. This means that the purchasing power of an Insurance Claims and Policy Processing Clerk's salary in Peoria is comparable to that of someone earning the national average in a similarly priced region. Therefore, the salary provides a stable standard of living without the added financial pressure of a high cost of living.
Job Market Context
200
Total Jobs
1.19
Per 1K Jobs
0.8
Location Quotient
Peoria, IL has 0.80x 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.
With a Location Quotient of 0.8, the job market for Insurance Claims and Policy Processing Clerks in Peoria, IL, is neither exceptionally saturated nor scarce. This value suggests that the proportion of these roles within the local workforce is slightly lower than the national average. Consequently, the market can be described as moderately competitive, offering a reasonable number of opportunities for qualified candidates without the intense competition found in highly concentrated areas.
Nearby Job Markets
Nearby Cities for Insurance Claims and Policy Processing Clerks
Comparing salaries near Peoria, IL
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Frequently Asked Questions
How much does a Insurance Claims and Policy Processing Clerks make in Peoria, IL?
The median annual salary for a Insurance Claims and Policy Processing Clerks in Peoria, IL is $48,770. This typically ranges from $35,870 for entry-level positions to $66,030 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Peoria, IL is 6.1% lower than the national median of $51,940.
Is Peoria, IL a lucrative place for Insurance Claims and Policy Processing Clerks?
No, it is slightly below the national average.While the cost of living is average, the average salary of $48,770 is below the national average of $51,940. This indicates that while your money may go as far, the nominal income is not as high as in other regions.
Is Peoria, IL a good place to live for Insurance Claims and Policy Processing Clerks?
The Cost of Living Index in Peoria, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Peoria, IL?
Some top paying nearby cities include Bloomington, IL ($52,390) and West Central Illinois nonmetropolitan area.
How does the local workforce size affect job prospects?
A local workforce of 200 indicates a stable, established presence of this role, suggesting consistent demand for skilled clerks within the Peoria area's insurance sector.
What does a Location Quotient of 0.8 mean for job seekers?
A Location Quotient of 0.8 means that Insurance Claims and Policy Processing Clerk roles are slightly less concentrated in Peoria compared to the national average, implying a balanced job market with moderate competition.
How does the cost of living in Peoria compare nationally?
Peoria's Cost of Living Index is 100, which is exactly the national average, meaning the general expenses for goods and services are comparable to the rest of the country.
What is the job density for this role in Peoria?
There are 1.19 Insurance Claims and Policy Processing Clerk jobs per 1,000 workers in Peoria, IL, indicating a moderate level of job availability relative to the overall workforce.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 200 employees in the Peoria, IL area with a job density of 1.19 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 Peoria, IL