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The differences between insurance brokers and carriers 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 $37,242 average annual salary of a carrier.
The top three skills for an insurance broker include customer service, life insurance products and lead generation. The most important skills for a carrier are logistics, newspapers, and delivery sequence.
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.
The duties of a carrier primarily depend on their industry or organization of employment. In the logistics industry, a carrier is responsible for delivering goods in a timely and efficient manner. Their tasks usually include traveling to different areas to deliver or pick-up packages, handling documentation, coordinating with logistics managers, and communicating with the clients to answer any inquiries or provide delivery updates. Moreover, a carrier performs regular vehicle maintenance checks and complies with traffic rules and regulations for a smooth and efficient workflow.
Insurance brokers and carriers have different pay scales, as shown below.
| Insurance Broker | Carrier | |
| Average salary | $94,006 | $37,242 |
| Salary range | Between $62,000 And $141,000 | Between $19,000 And $69,000 |
| Highest paying City | Birmingham, AL | Cupertino, CA |
| Highest paying state | Washington | Oregon |
| Best paying company | Liberty Mutual Insurance | Meta |
| Best paying industry | Insurance | Professional |
There are a few differences between an insurance broker and a carrier in terms of educational background:
| Insurance Broker | Carrier | |
| Most common degree | Bachelor's Degree, 64% | High School Diploma, 33% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between insurance brokers' and carriers' demographics:
| Insurance Broker | Carrier | |
| Average age | 46 | 49 |
| Gender ratio | Male, 62.5% Female, 37.5% | Male, 61.7% Female, 38.3% |
| Race ratio | 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% | Black or African American, 10.9% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 6.5% White, 61.1% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 7% | 9% |