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The differences between insurance consultants and insurance brokers 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 $68,670 average annual salary of an insurance consultant.
The top three skills for an insurance consultant include insurance products, powerpoint and term care. The most important skills for an insurance broker are customer service, life insurance products, and lead generation.
| Insurance Consultant | Insurance Broker | |
| Yearly salary | $68,670 | $94,006 |
| Hourly rate | $33.01 | $45.20 |
| Growth rate | 6% | 6% |
| Number of jobs | 42,383 | 38,403 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 64% |
| Average age | 46 | 46 |
| Years of experience | - | - |
An insurance consultant works at insurance companies where they are primarily in charge of reviewing and assessing client requirements to match them with the insurance package that fits their needs and financial capabilities. It is also their responsibility to verify client information, conduct research and analyses, perform risk assessments, issue insurance quotations, and process insurance claims. An insurance consultant also assists clients by answering inquiries, helping them understand every procedure, recommending options, and solving issues and concerns should there be any.
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.
Insurance consultants and insurance brokers have different pay scales, as shown below.
| Insurance Consultant | Insurance Broker | |
| Average salary | $68,670 | $94,006 |
| Salary range | Between $44,000 And $105,000 | Between $62,000 And $141,000 |
| Highest paying City | Seattle, WA | Birmingham, AL |
| Highest paying state | Washington | Washington |
| Best paying company | AIG | Liberty Mutual Insurance |
| Best paying industry | Media | Insurance |
There are a few differences between an insurance consultant and an insurance broker in terms of educational background:
| Insurance Consultant | Insurance Broker | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance consultants' and insurance brokers' demographics:
| Insurance Consultant | Insurance Broker | |
| Average age | 46 | 46 |
| Gender ratio | Male, 54.4% Female, 45.6% | Male, 62.5% Female, 37.5% |
| Race ratio | Black or African American, 9.5% Unknown, 3.6% Hispanic or Latino, 16.2% Asian, 4.9% White, 65.7% American Indian and Alaska Native, 0.1% | 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% |
| LGBT Percentage | 7% | 7% |