Quality managers, also known as quality assurance managers, are health insurance executives who oversee teams that evaluate the policyholder experience. Quality managers oversee and implement new standards, policies and procedures that affect quality. They work closely with the customer service team. These professionals require strong communication skills and an understanding of quality management.
Quality managers made a median salary of approximately $86,000 in June 2023, with the top earners making $122,000, according to career compensation resource Payscale. Earning potential varies depending on the job, location and experience.
Risk Manager
Risk management specialists play a key role in the health insurance industry. They evaluate potential risks and minimize the associated financial costs that may arise. Insurers rely on risk managers to conduct risk assessments of health insurance policies, implement risk management plans and conduct audits to increase profits. At the highest levels, risk managers can act as executives serving as chief risk officers.
Professionals in risk management reported a median salary of about $94,000 as of June 2023, with the best-compensated risk managers earning a base salary of $137,000, according to Payscale. Total compensation can reach as high as $151,000. Risk managers typically see their compensation increase with experience.
Chief Underwriting Officer
Underwriters evaluate applicants to determine their health risks in order to decide who to insure and to determine coverage policy. Chief underwriting officers oversee the process at the highest level. They determine underwriting standards for their organizations, evaluate the quality of underwriting operations and ensure compliance with underwriting regulations.
Chief underwriting officers earned a median salary of approximately $142,000 as of April 2023, according to Payscale. The top-paying roles in this health insurance career reported base salaries of $223,000, with total compensation reaching as high as $243,000.
Senior Compliance Officer
Health insurers must follow complex laws and regulations. Senior compliance officers ensure that their organizations’ policies and operations meet these regulations. They track new regulations and implement changes to policy language.
In addition to roles focused on compliance, insurance industries also have executives who specialize in government. For example, government affairs managers monitor legislation that affects the insurance industry. The chief compliance officer represents the highest executive title in health insurance compliance.
Senior compliance officers earned a median salary of about $101,000 as of May 2023, according to Payscale data. At the top end, base salaries reached $157,000, with total compensation reaching as high as $179,000.
Chief Information Officer
The insurance industry relies heavily on technology and data analytics, and information security is a top priority. Chief information officers (CIOs) manage the IT strategy for their organizations. CIOs oversee everything from digital customer interfaces to cybersecurity policies. They ensure that organizations have the digital tools to achieve their goals.
CIOs tend to earn high salaries. The field reports a median annual pay of approximately $174,000, with top roles paying up to $262,000, according to June 2023 data from Payscale. CIOs can see total compensation of up to $317,000.
Earn an EMHA to Work in Executive Health Insurance Careers
The health care and health insurance industries are evolving at a fast pace. Access to health care and the cost of health care services are key issues in which effective leadership makes a difference. By earning your Executive Master of Health Administration (EMHA) degree from USC Price, you can prepare to move into leadership roles and help make a positive impact for your organization and the health insurance industry as a whole.
This program helps you build crucial, leadership-oriented skills through coursework in areas like risk management, health information systems, IT, operations management and health care financing and reimbursement. Find out how USC’s expert faculty can prepare you for the next step in your career with an EMHA degree.
Recommended Readings
5 Ways an EMHA Can Advance Your Health Care Career
National Patient Safety Goals: How They Improve Care Delivery
What Can You Do With a Health Administration Degree? Careers Overview
Sources:
IBISWorld, “Health & Medical Insurance Industry in the US”
Indeed, “21 Insurance Job Titles (Plus Primary Duties and Salaries)”
Payscale, “Average Chief Information Officer (CIO) Salary”
Payscale, “Average Chief Underwriter Salary”
Payscale, “Average Quality Manager Salary”
Payscale, “Average Risk Manager Salary”
Payscale, “Average Sr. Compliance Officer Salary”