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Insurance producer hiring summary. Here are some key points about hiring insurance producers in the United States:
Here's a step-by-step insurance producer hiring guide:
An insurance producer is responsible for selling and buying financial services and products for an insurance company. They negotiate issues regarding health, life insurance, and other properties. Also, an insurance producer maintains a good relationship between clients and prospective clients by offering the best insurance service and ensuring that all the policies and guidelines are fully followed.
Before you start hiring an insurance producer, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
You should also consider the ideal background you'd like them an insurance producer to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire an insurance producer that fits the bill.
This list shows salaries for various types of insurance producers.
| Type of Insurance Producer | Description | Hourly rate |
|---|---|---|
| Insurance Producer | Insurance sales agents help insurance companies generate new business by contacting potential customers and selling one or more types of insurance. Insurance sales agents explain various insurance policies and help clients choose plans that suit them. | $21-44 |
| Geek Squad Agent | A geek squad agent specializes in providing various computer services such as technical and maintenance support. Their responsibilities typically revolve around communicating with clients through calls or correspondence, troubleshooting, and helping them navigate through complex operations... Show more | $9-24 |
| Field Agent | Field agents are the ones who work and do their job not inside the four corners of the office; instead, they do the assigned task outside. They often are expected to have good communication skills so that they can get a response from the most unwilling person in the area... Show more | $12-24 |
Including a salary range in your insurance producer job description is one of the best ways to attract top talent. An insurance producer can vary based on:
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Wisconsin | $77,608 | $37 |
| 2 | New York | $74,942 | $36 |
| 3 | Illinois | $73,550 | $35 |
| 4 | Washington | $71,007 | $34 |
| 5 | New Jersey | $70,511 | $34 |
| 6 | California | $68,190 | $33 |
| 7 | Ohio | $67,735 | $33 |
| 8 | Maryland | $64,027 | $31 |
| 9 | Virginia | $61,671 | $30 |
| 10 | South Carolina | $60,977 | $29 |
| 11 | Colorado | $60,604 | $29 |
| 12 | Texas | $58,453 | $28 |
| 13 | Pennsylvania | $58,034 | $28 |
| 14 | Georgia | $58,002 | $28 |
| 15 | Nevada | $57,863 | $28 |
| 16 | Missouri | $56,084 | $27 |
| 17 | New Mexico | $54,047 | $26 |
| 18 | North Carolina | $51,074 | $25 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Dahl Consulting | $93,838 | $45.11 | 4 |
| 2 | Frost Bank | $87,171 | $41.91 | 6 |
| 3 | Brandes Investment Partners | $86,502 | $41.59 | |
| 4 | Berkshire Hathaway HomeServices | $83,145 | $39.97 | |
| 5 | Rockstar Games | $82,996 | $39.90 | 1 |
| 6 | William Raveis | $82,825 | $39.82 | |
| 7 | GPAC | $80,408 | $38.66 | |
| 8 | New York Life Insurance | $74,814 | $35.97 | 96 |
| 9 | Univest Financial Corporation | $74,480 | $35.81 | |
| 10 | Aon | $74,209 | $35.68 | 6 |
| 11 | Insurance Incorporated | $70,675 | $33.98 | 4 |
| 12 | Gallagher | $69,863 | $33.59 | |
| 13 | Gia Enterprises Inc | $69,435 | $33.38 | |
| 14 | Grandbridge Real Estate Capital | $69,392 | $33.36 | |
| 15 | Mcgriff, Seibels & Williams | $67,922 | $32.65 | |
| 16 | Johnson Financial Group | $66,951 | $32.19 | |
| 17 | Compass Insurance | $66,781 | $32.11 | |
| 18 | HUB International | $66,485 | $31.96 | 96 |
| 19 | PEAK6 | $65,902 | $31.68 | |
| 20 | MarineMax | $65,834 | $31.65 |
A good insurance producer job description should include a few things:
Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of an insurance producer job description:
To find insurance producers for your business, try out a few different recruiting strategies:
Your first interview with insurance producer candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.
It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've found the insurance producer candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.
It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.
To prepare for the new insurance producer first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
There are different types of costs for hiring insurance producers. One-time cost per hire for the recruitment process. Ongoing costs include employee salary, training, onboarding, benefits, insurance, and equipment. It is essential to consider all of these costs when evaluating hiring a new insurance producer employee.
You can expect to pay around $65,112 per year for an insurance producer, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for insurance producers in the US typically range between $21 and $44 an hour.