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The differences between insurance consultants and licensed insurance agents can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance consultant has an average salary of $68,670, which is higher than the $54,118 average annual salary of a licensed insurance agent.
The top three skills for an insurance consultant include insurance products, powerpoint and term care. The most important skills for a licensed insurance agent are excellent time management, work ethic, and strong customer service.
| Insurance Consultant | Licensed Insurance Agent | |
| Yearly salary | $68,670 | $54,118 |
| Hourly rate | $33.01 | $26.02 |
| Growth rate | 6% | 6% |
| Number of jobs | 42,383 | 78,016 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 50% |
| 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.
A licensed insurance agent is primarily responsible for finding and utilizing opportunities to secure insurance sales. Moreover, a licensed insurance agent must reach out to potential clients, discuss and negotiate terms, respond to inquiries, and perform various assessments to determine their ability to uphold financial obligations. Besides building a client base, they also need to handle current policies, process renewals, monitor claims, maintain an accurate record of transactions, prepare progress reports and strategies, and distribute policy proceeds according to the company rules and regulations.
Insurance consultants and licensed insurance agents have different pay scales, as shown below.
| Insurance Consultant | Licensed Insurance Agent | |
| Average salary | $68,670 | $54,118 |
| Salary range | Between $44,000 And $105,000 | Between $32,000 And $88,000 |
| Highest paying City | Seattle, WA | Washington, DC |
| Highest paying state | Washington | Hawaii |
| Best paying company | AIG | Torchmark |
| Best paying industry | Media | Finance |
There are a few differences between an insurance consultant and a licensed insurance agent in terms of educational background:
| Insurance Consultant | Licensed Insurance Agent | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance consultants' and licensed insurance agents' demographics:
| Insurance Consultant | Licensed Insurance Agent | |
| Average age | 46 | 46 |
| Gender ratio | Male, 54.4% Female, 45.6% | Male, 39.0% Female, 61.0% |
| 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, 9.2% Unknown, 3.6% Hispanic or Latino, 15.7% Asian, 4.9% White, 66.5% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |