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The differences between insurance representatives 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 $35,958 average annual salary of an insurance representative.
The top three skills for an insurance representative include customer service, patients and health insurance. The most important skills for an insurance broker are customer service, life insurance products, and lead generation.
| Insurance Representative | Insurance Broker | |
| Yearly salary | $35,958 | $94,006 |
| Hourly rate | $17.29 | $45.20 |
| Growth rate | 6% | 6% |
| Number of jobs | 87,843 | 38,403 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 45% | Bachelor's Degree, 64% |
| Average age | 46 | 46 |
| Years of experience | - | - |
An insurance representative serves as a client's point of contact in insurance companies. Their responsibilities include researching client opportunities, reaching out to potential clients to offer products and services, discussing terms and policies, providing detailed advice, and assisting in every procedure, ensuring convenience and client satisfaction. Aside from securing sales, an insurance representative may also process applications and claims while adhering to the company's policies and regulations. Furthermore, they may also perform clerical tasks such as handling calls and correspondence, arranging appointments, and maintaining records of all transactions.
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 representatives and insurance brokers have different pay scales, as shown below.
| Insurance Representative | Insurance Broker | |
| Average salary | $35,958 | $94,006 |
| Salary range | Between $29,000 And $44,000 | Between $62,000 And $141,000 |
| Highest paying City | Lacey, WA | Birmingham, AL |
| Highest paying state | Washington | Washington |
| Best paying company | Santander Bank | Liberty Mutual Insurance |
| Best paying industry | Finance | Insurance |
There are a few differences between an insurance representative and an insurance broker in terms of educational background:
| Insurance Representative | Insurance Broker | |
| Most common degree | Bachelor's Degree, 45% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance representatives' and insurance brokers' demographics:
| Insurance Representative | Insurance Broker | |
| Average age | 46 | 46 |
| Gender ratio | Male, 29.8% Female, 70.2% | Male, 62.5% Female, 37.5% |
| Race ratio | Black or African American, 9.4% Unknown, 3.6% Hispanic or Latino, 16.1% Asian, 4.9% White, 65.9% 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% |