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The differences between insurance sales agents and licensed insurance producers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a licensed insurance producer has an average salary of $66,026, 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 a licensed insurance producer are work ethic, lead generation, and annuities.
| Insurance Sales Agent | Licensed Insurance Producer | |
| Yearly salary | $49,587 | $66,026 |
| Hourly rate | $23.84 | $31.74 |
| Growth rate | 6% | 6% |
| Number of jobs | 73,485 | 54,872 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 57% |
| 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.
An Insurance producer, also called an insurance agent that promotes and sells insurance benefits and packages to clients. This includes life insurance, property, and health insurance that is offered by not only one company. They are responsible for promoting customer service and creates a good relationship between the company and the insurer. They also serve as a point of a contract if there are insurers that need someone who can assist them with what particular package they can get.
Insurance sales agents and licensed insurance producers have different pay scales, as shown below.
| Insurance Sales Agent | Licensed Insurance Producer | |
| Average salary | $49,587 | $66,026 |
| Salary range | Between $30,000 And $80,000 | Between $44,000 And $97,000 |
| Highest paying City | New York, NY | Washington, DC |
| Highest paying state | Hawaii | Washington |
| Best paying company | Torchmark | Berkshire Hathaway |
| Best paying industry | Finance | Finance |
There are a few differences between an insurance sales agent and a licensed insurance producer in terms of educational background:
| Insurance Sales Agent | Licensed Insurance Producer | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 57% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance sales agents' and licensed insurance producers' demographics:
| Insurance Sales Agent | Licensed Insurance Producer | |
| Average age | 46 | 46 |
| Gender ratio | Male, 51.5% Female, 48.5% | Male, 39.2% Female, 60.8% |
| 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, 9.4% Unknown, 3.6% Hispanic or Latino, 16.1% Asian, 4.9% White, 65.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |