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The differences between 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 $51,936 average annual salary of an insurance agent.
The top three skills for an insurance agent include customer service, insurance sales and health insurance. The most important skills for an insurance broker are customer service, life insurance products, and lead generation.
| Insurance Agent | Insurance Broker | |
| Yearly salary | $51,936 | $94,006 |
| Hourly rate | $24.97 | $45.20 |
| Growth rate | 6% | 6% |
| Number of jobs | 67,977 | 38,403 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 64% |
| Average age | 46 | 46 |
| Years of experience | - | - |
An insurance agent is responsible for inviting potential clients to the insurance company by offering different insurance services. Insurance agents must have a comprehensive knowledge of insurance types to provide the clients with the best insurance option in the market. The insurance agents should evaluate a client's long-term needs and financial goals to create individual packages as the insurance company allowed. An insurance agent also handles policy renewals and keeps customers' insurance files for reference.
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.
Insurance agents and insurance brokers have different pay scales, as shown below.
| Insurance Agent | Insurance Broker | |
| Average salary | $51,936 | $94,006 |
| Salary range | Between $30,000 And $88,000 | Between $62,000 And $141,000 |
| Highest paying City | New York, NY | Birmingham, AL |
| Highest paying state | Hawaii | Washington |
| Best paying company | Z Capital Group | Liberty Mutual Insurance |
| Best paying industry | Finance | Insurance |
There are a few differences between an insurance agent and an insurance broker in terms of educational background:
| Insurance Agent | Insurance Broker | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance agents' and insurance brokers' demographics:
| Insurance Agent | Insurance Broker | |
| Average age | 46 | 46 |
| Gender ratio | Male, 51.6% Female, 48.4% | Male, 62.5% Female, 37.5% |
| Race ratio | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 15.8% Asian, 4.9% White, 66.4% 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% |