Insurance Risk Analyst II Salary in Chicago, Illinois

How much does an Insurance Risk Analyst II make in Chicago, IL? The average Insurance Risk Analyst II salary in Chicago, IL is $85,895 as of December 27, 2022, but the range typically falls between $74,120 and $100,031. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target. 

About Chicago, Illinois    Chicago (/ʃɪˈkɑːɡoʊ/ (listen), locally also /-ˈkɔː-/), officially the City of Chicago, is the most populous city in Illinois, as well as the third mos....More

Chicago, Illinois  area prices were up 0.8% from a year ago    View the Cost of Living in Chicago, Illinois

Job Description

Analyzes the insurance needs of an organization to provide optimum coverage, costs, and claim settlements. Collects, classifies, and analyzes data from multiple sources such as audits, claims, renewals and financial reporting. Creates risk forecasting models and reporting using business intelligence tools. Collaborates with cross-functional teams to ensure reporting and processing of all policy audits, payments, claims, and renewals. Supports loss prevention and safety initiatives. Requires a bachelor's degree. Typically reports to a supervisor or manager. Occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. Typically requires 2 -4 years of related experience. (Copyright 2023 Salary.com)

Take just three simple steps below to generate your own personalized salary report.

Step of 3

Understand the total compensation opportunity for a Insurance Risk Analyst II, base salary plus other pay elements

Average Base Salary

Core compensation

 
 
 
74120
100031
85895

Average Total Cash Compensation

Includes base and annual incentives

 
 
 
76675
106954
89541
These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Insurance Risk Analyst II in Chicago, IL. The base salary for Insurance Risk Analyst II ranges from $74,120 to $100,031 with the average base salary of $85,895. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $76,675 to $106,954 with the average total cash compensation of $89,541.
Step of 3

Discover how your pay is adjusted for skills, experience, and other factors

How much should you be paid?

For a real-time salary target, tell us more about your role in the four categories below.

74120
100031

 

Step of 3

Recalculate your target pay based on your unique skills and experiences

Career Path for this job

  1. Down a level:

    Insurance Risk Analyst I

    0 - 2 years experience
    Bachelor's Degree

  2. This Job:

    Insurance Risk Analyst II

    2 - 4 years experience
    Bachelor's Degree

  3. Up a level:

    Insurance Risk Analyst III

    4 - 7 years experience
    Bachelor's Degree

Salary for

Are you an HR manager or compensation specialist?

Salary.com's CompAnalyst platform offers:

  • Detailed skills and competency reports for specific positions
  • Job and employee pricing reports
  • Compensation data tools, salary structures, surveys and benchmarks.
Learn about CompAnalyst
Job Openings for Insurance Risk Analyst II in Chicago, IL