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The differences between insurance sales agents 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 $49,587 average annual salary of an insurance sales agent.
The top three skills for an insurance sales agent include customer service, casualty insurance and work ethic. The most important skills for an insurance broker are customer service, life insurance products, and lead generation.
| Insurance Sales Agent | Insurance Broker | |
| Yearly salary | $49,587 | $94,006 |
| Hourly rate | $23.84 | $45.20 |
| Growth rate | 6% | 6% |
| Number of jobs | 73,485 | 38,403 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 64% |
| Average age | 46 | 46 |
| Years of experience | - | - |
An insurance sales agent is an individual who helps an insurance company generate new business by contacting customers and selling one or more types of insurance. Insurance sales agents conduct interviews of prospective clients to get data about their financial resources and explain the features of the various insurance policies. They analyze the clients' existing insurance policies and customize insurance programs to suit their needs. Insurance sales agents also do other administrative tasks, such as keeping records and handling policy renewals.
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 sales agents and insurance brokers have different pay scales, as shown below.
| Insurance Sales Agent | Insurance Broker | |
| Average salary | $49,587 | $94,006 |
| Salary range | Between $30,000 And $80,000 | Between $62,000 And $141,000 |
| Highest paying City | New York, NY | Birmingham, AL |
| Highest paying state | Hawaii | Washington |
| Best paying company | Torchmark | Liberty Mutual Insurance |
| Best paying industry | Finance | Insurance |
There are a few differences between an insurance sales agent and an insurance broker in terms of educational background:
| Insurance Sales Agent | Insurance Broker | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance sales agents' and insurance brokers' demographics:
| Insurance Sales Agent | Insurance Broker | |
| Average age | 46 | 46 |
| Gender ratio | Male, 51.5% Female, 48.5% | 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, 65.8% 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% |