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The differences between health insurance agents and insurance brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance broker has an average salary of $94,006, which is higher than the $49,934 average annual salary of a health insurance agent.
The top three skills for a health insurance agent include HIPAA, health insurance and customer service. The most important skills for an insurance broker are customer service, life insurance products, and lead generation.
| Health Insurance Agent | Insurance Broker | |
| Yearly salary | $49,934 | $94,006 |
| Hourly rate | $24.01 | $45.20 |
| Growth rate | 6% | 6% |
| Number of jobs | 112,235 | 38,403 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 64% |
| Average age | 46 | 46 |
| Years of experience | - | - |
Health Insurance Agents are salespeople whose primary product is health insurance. Insurance companies hire them to reach sales targets. They are trained to sell insurance to individuals or groups of people. They are expected to be familiar with all the products of the company. Health Insurance Agents should assess their clients' needs and recommend the best health insurance product that fits their needs. They should be able to explain the product's features and answer any inquiries that the clients may have. Health Insurance Agents should also know how to compute insurance premiums and estimate payouts.
Insurance brokers are responsible for assisting clients to determine their liability risks and in selecting the appropriate policies for their family, home, business, or automobile to ensure their protection. They direct clients in creating a sound decision and supply them with a variety of quotes that best suit their needs. Their duties include demonstrating the benefits, terms, conditions, and suspension for a number of participating insurance policies. Also, they may negotiate lesser rates for their clients and continue in guiding these clients in technical issues like filing a claim or changing their insurance coverage.
Health insurance agents and insurance brokers have different pay scales, as shown below.
| Health Insurance Agent | Insurance Broker | |
| Average salary | $49,934 | $94,006 |
| Salary range | Between $34,000 And $72,000 | Between $62,000 And $141,000 |
| Highest paying City | Tacoma, WA | Birmingham, AL |
| Highest paying state | Alaska | Washington |
| Best paying company | DialAmerica | Liberty Mutual Insurance |
| Best paying industry | Finance | Insurance |
There are a few differences between a health insurance agent and an insurance broker in terms of educational background:
| Health Insurance Agent | Insurance Broker | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between health insurance agents' and insurance brokers' demographics:
| Health Insurance Agent | Insurance Broker | |
| Average age | 46 | 46 |
| Gender ratio | Male, 43.5% Female, 56.5% | Male, 62.5% Female, 37.5% |
| Race ratio | Black or African American, 9.2% Unknown, 3.6% Hispanic or Latino, 15.8% Asian, 4.9% White, 66.5% American Indian and Alaska Native, 0.1% | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 15.9% Asian, 4.9% White, 66.2% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |