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The differences between insurance brokers and licensed 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 $66,026 average annual salary of a licensed insurance producer.
The top three skills for an insurance broker include customer service, life insurance products and lead generation. The most important skills for a licensed insurance producer are work ethic, lead generation, and annuities.
| Insurance Broker | Licensed Insurance Producer | |
| Yearly salary | $94,006 | $66,026 |
| Hourly rate | $45.20 | $31.74 |
| Growth rate | 6% | 6% |
| Number of jobs | 38,403 | 54,872 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 57% |
| 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, 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 brokers and licensed insurance producers have different pay scales, as shown below.
| Insurance Broker | Licensed Insurance Producer | |
| Average salary | $94,006 | $66,026 |
| Salary range | Between $62,000 And $141,000 | Between $44,000 And $97,000 |
| Highest paying City | Birmingham, AL | Washington, DC |
| Highest paying state | Washington | Washington |
| Best paying company | Liberty Mutual Insurance | Berkshire Hathaway |
| Best paying industry | Insurance | Finance |
There are a few differences between an insurance broker and a licensed insurance producer in terms of educational background:
| Insurance Broker | Licensed Insurance Producer | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 57% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance brokers' and licensed insurance producers' demographics:
| Insurance Broker | Licensed Insurance Producer | |
| Average age | 46 | 46 |
| Gender ratio | Male, 62.5% Female, 37.5% | Male, 39.2% Female, 60.8% |
| 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, 16.1% Asian, 4.9% White, 65.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |