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The differences between insurance brokers and insurance producers 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 $65,112 average annual salary of an insurance producer.
The top three skills for an insurance broker include customer service, life insurance products and lead generation. The most important skills for an insurance producer are casualty insurance, customer service, and develop leads.
| Insurance Broker | Insurance Producer | |
| Yearly salary | $94,006 | $65,112 |
| Hourly rate | $45.20 | $31.30 |
| Growth rate | 6% | 6% |
| Number of jobs | 38,403 | 44,922 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 53% |
| Average age | 46 | 46 |
| Years of experience | - | - |
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.
An insurance producer is responsible for selling and buying financial services and products for an insurance company. They negotiate issues regarding health, life insurance, and other properties. Also, an insurance producer maintains a good relationship between clients and prospective clients by offering the best insurance service and ensuring that all the policies and guidelines are fully followed.
Insurance brokers and insurance producers have different pay scales, as shown below.
| Insurance Broker | Insurance Producer | |
| Average salary | $94,006 | $65,112 |
| Salary range | Between $62,000 And $141,000 | Between $45,000 And $93,000 |
| Highest paying City | Birmingham, AL | Madison, WI |
| Highest paying state | Washington | Wisconsin |
| Best paying company | Liberty Mutual Insurance | Dahl Consulting |
| Best paying industry | Insurance | Real Estate |
There are a few differences between an insurance broker and an insurance producer in terms of educational background:
| Insurance Broker | Insurance Producer | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance brokers' and insurance producers' demographics:
| Insurance Broker | Insurance Producer | |
| Average age | 46 | 46 |
| Gender ratio | Male, 62.5% Female, 37.5% | Male, 51.9% Female, 48.1% |
| 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, 9.5% Unknown, 3.6% Hispanic or Latino, 16.1% Asian, 4.9% White, 65.8% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |