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The differences between insurance agents and licensed agents can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance agent has an average salary of $51,936, which is higher than the $42,315 average annual salary of a licensed agent.
The top three skills for an insurance agent include customer service, insurance sales and health insurance. The most important skills for a licensed agent are HIPAA, customer service, and inbound calls.
| Insurance Agent | Licensed Agent | |
| Yearly salary | $51,936 | $42,315 |
| Hourly rate | $24.97 | $20.34 |
| Growth rate | 6% | 6% |
| Number of jobs | 67,977 | 68,666 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 52% |
| 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.
Licensed Agents act as authorized brokers acting on behalf of an individual owner or organization in selling a product, service, or property. There are many different pathways a licensed agent can delve into, such as in real estate, insurance, and banking. For instance, a real estate agent uses its license to be able to sell and rent properties. Their duties include gathering property information, evaluating property estimates, marketing properties, and represent sellers in the process of negotiation. They seek prospective buyers, monitor the sale process between stakeholders, and reach a mutually agreed price.
Insurance agents and licensed agents have different pay scales, as shown below.
| Insurance Agent | Licensed Agent | |
| Average salary | $51,936 | $42,315 |
| Salary range | Between $30,000 And $88,000 | Between $28,000 And $62,000 |
| Highest paying City | New York, NY | Kirkland, WA |
| Highest paying state | Hawaii | Alaska |
| Best paying company | Z Capital Group | HPOne |
| Best paying industry | Finance | Insurance |
There are a few differences between an insurance agent and a licensed agent in terms of educational background:
| Insurance Agent | Licensed Agent | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance agents' and licensed agents' demographics:
| Insurance Agent | Licensed Agent | |
| Average age | 46 | 46 |
| Gender ratio | Male, 51.6% Female, 48.4% | Male, 41.3% Female, 58.7% |
| 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, 9.2% Unknown, 3.6% Hispanic or Latino, 15.8% Asian, 4.9% White, 66.4% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |