Insurance rater vs agent

The differences between insurance raters and agents can be seen in a few details. Each job has different responsibilities and duties. Additionally, an agent has an average salary of $37,864, which is higher than the $33,455 average annual salary of an insurance rater.

The top three skills for an insurance rater include cancellations, commercial property and policy changes. The most important skills for an agent are insurance products, customer service, and life insurance.

Insurance rater vs agent overview

	Insurance Rater	Agent
Yearly salary	$33,455	$37,864
Hourly rate	$16.08	$18.20
Growth rate	6%	6%
Number of jobs	36,345	184,325
Job satisfaction	-	2
Most common degree	Bachelor's Degree, 39%	Bachelor's Degree, 44%
Average age	46	46
Years of experience	-	-

Insurance rater vs agent salary

Insurance raters and agents have different pay scales, as shown below.

	Insurance Rater	Agent
Average salary	$33,455	$37,864
Salary range	Between $27,000 And $40,000	Between $19,000 And $72,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Latham & Watkins
Best paying industry	-	-

Differences between insurance rater and agent education

There are a few differences between an insurance rater and an agent in terms of educational background:

	Insurance Rater	Agent
Most common degree	Bachelor's Degree, 39%	Bachelor's Degree, 44%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Insurance rater vs agent demographics

Here are the differences between insurance raters' and agents' demographics:

	Insurance Rater	Agent
Average age	46	46
Gender ratio	Male, 17.1% Female, 82.9%	Male, 50.5% Female, 49.5%
Race ratio	Black or African American, 9.8% Unknown, 3.6% Hispanic or Latino, 15.1% Asian, 5.0% White, 66.3% American Indian and Alaska Native, 0.1%	Black or African American, 9.2% Unknown, 3.6% Hispanic or Latino, 15.8% Asian, 4.9% White, 66.4% American Indian and Alaska Native, 0.1%
LGBT Percentage	7%	7%

Differences between insurance rater and agent duties and responsibilities

Insurance rater example responsibilities.

Cold-Cal to generate leads for individual life and disability insurance and annuities.
Maintain ISO manuals for branch office.
Complete weekly reports process changes, cancellations and discuss customer accounts issues regarding payroll deductions and problem solving.
Interpret issuance and rating instructions for new business, renewals, policy endorsements, and cancellations for small and middle market.
Facilitate communications between doctors, hospitals, third party insurance companies and patients to obtain and verify patient billing information.
Process Medicare supplemental claims with high quality and quantity performance ratings.

Agent example responsibilities.

Schedule and meet individuals\groups for assign or self-generate leads, assist and enroll eligible individuals in suitable Medicare product.
Verify documentation and coding using CPT and ICD-9 correct coding standards.
Assist TANF customers with obtaining employment.
Direct compliance with all CPT and Medicare guidelines.
Train BDC representatives on phone skills and CRM use.
Bill appropriate ICD-9 codes to the correct insurance companies.

Insurance rater vs agent skills

Common insurance rater skills

Cancellations, 58%
Commercial Property, 15%
Policy Changes, 10%
Audit Transactions, 10%
Workers Compensation, 4%
Premium Charges, 3%

Common agent skills

Insurance Products, 11%
Customer Service, 10%
Life Insurance, 8%
HR, 6%
Inbound Calls, 6%
Financial Services, 6%