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The differences between insurance agents and licensed insurance producers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a licensed insurance producer has an average salary of $66,026, 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 a licensed insurance producer are work ethic, lead generation, and annuities.
| Insurance Agent | Licensed Insurance Producer | |
| Yearly salary | $51,936 | $66,026 |
| Hourly rate | $24.97 | $31.74 |
| Growth rate | 6% | 6% |
| Number of jobs | 67,977 | 54,872 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 57% |
| 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.
An Insurance producer, also called an insurance agent that promotes and sells insurance benefits and packages to clients. This includes life insurance, property, and health insurance that is offered by not only one company. They are responsible for promoting customer service and creates a good relationship between the company and the insurer. They also serve as a point of a contract if there are insurers that need someone who can assist them with what particular package they can get.
Insurance agents and licensed insurance producers have different pay scales, as shown below.
| Insurance Agent | Licensed Insurance Producer | |
| Average salary | $51,936 | $66,026 |
| Salary range | Between $30,000 And $88,000 | Between $44,000 And $97,000 |
| Highest paying City | New York, NY | Washington, DC |
| Highest paying state | Hawaii | Washington |
| Best paying company | Z Capital Group | Berkshire Hathaway |
| Best paying industry | Finance | Finance |
There are a few differences between an insurance agent and a licensed insurance producer in terms of educational background:
| Insurance Agent | Licensed Insurance Producer | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 57% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance agents' and licensed insurance producers' demographics:
| Insurance Agent | Licensed Insurance Producer | |
| Average age | 46 | 46 |
| Gender ratio | Male, 51.6% Female, 48.4% | Male, 39.2% Female, 60.8% |
| 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, 9.4% Unknown, 3.6% Hispanic or Latino, 16.1% Asian, 4.9% White, 65.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |