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The differences between insurance brokers and wholesalers 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 $59,529 average annual salary of a wholesaler.
The top three skills for an insurance broker include customer service, life insurance products and lead generation. The most important skills for a wholesaler are business plan, annuities, and territory sales.
| Insurance Broker | Wholesaler | |
| Yearly salary | $94,006 | $59,529 |
| Hourly rate | $45.20 | $28.62 |
| Growth rate | 6% | 4% |
| Number of jobs | 38,403 | 6,195 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 80% |
| Average age | 46 | 46 |
| Years of experience | - | 8 |
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.
A wholesaler sources inventory directly from manufacturers in a supply chain and sells it to retailers. They can sell products at a lesser unit price because they are selling in bulk, which reduces the cost and handling time of goods. They are tasked with sourcing products from manufacturers and storing them appropriately. They must have good bargaining skills and effective communication skills, be organized, and have excellent time-keeping skills.
Insurance brokers and wholesalers have different pay scales, as shown below.
| Insurance Broker | Wholesaler | |
| Average salary | $94,006 | $59,529 |
| Salary range | Between $62,000 And $141,000 | Between $41,000 And $84,000 |
| Highest paying City | Birmingham, AL | - |
| Highest paying state | Washington | - |
| Best paying company | Liberty Mutual Insurance | - |
| Best paying industry | Insurance | - |
There are a few differences between an insurance broker and a wholesaler in terms of educational background:
| Insurance Broker | Wholesaler | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 80% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance brokers' and wholesalers' demographics:
| Insurance Broker | Wholesaler | |
| Average age | 46 | 46 |
| Gender ratio | Male, 62.5% Female, 37.5% | Male, 75.6% Female, 24.4% |
| 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, 8.1% Unknown, 4.0% Hispanic or Latino, 15.0% Asian, 6.3% White, 66.1% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 6% |