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The differences between insurance brokers and insurance sales representatives 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 $61,386 average annual salary of an insurance sales representative.
The top three skills for an insurance broker include customer service, life insurance products and lead generation. The most important skills for an insurance sales representative are customer service, excellent time management, and work ethic.
| Insurance Broker | Insurance Sales Representative | |
| Yearly salary | $94,006 | $61,386 |
| Hourly rate | $45.20 | $29.51 |
| Growth rate | 6% | 6% |
| Number of jobs | 38,403 | 201,879 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 59% |
| 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 sales representative is primarily responsible for securing insurance sales by reaching out to clients through calls, correspondence, and even appointments. They are also responsible for gathering client information, discussing and recommending suitable terms, and even providing advice to meet their needs, all while building rapport to ensure customer satisfaction. There are also instances where they have to adjust existing terms, assist in filling out applications, and produce progress reports. Furthermore, it is essential to devise strategies to find new sales opportunities, as most insurance sales representatives must reach a particular sales target.
Insurance brokers and insurance sales representatives have different pay scales, as shown below.
| Insurance Broker | Insurance Sales Representative | |
| Average salary | $94,006 | $61,386 |
| Salary range | Between $62,000 And $141,000 | Between $38,000 And $97,000 |
| Highest paying City | Birmingham, AL | Washington, DC |
| Highest paying state | Washington | New York |
| Best paying company | Liberty Mutual Insurance | FFL Partners |
| Best paying industry | Insurance | Finance |
There are a few differences between an insurance broker and an insurance sales representative in terms of educational background:
| Insurance Broker | Insurance Sales Representative | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance brokers' and insurance sales representatives' demographics:
| Insurance Broker | Insurance Sales Representative | |
| Average age | 46 | 46 |
| Gender ratio | Male, 62.5% Female, 37.5% | Male, 53.9% Female, 46.1% |
| 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, 9.4% Unknown, 3.6% Hispanic or Latino, 16.2% Asian, 4.9% White, 65.8% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |