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The differences between insurance underwriters, sales and licensed agents can be seen in a few details. Each job has different responsibilities and duties. Additionally, a licensed agent has an average salary of $42,315, which is higher than the $40,226 average annual salary of an insurance underwriter, sales.
The top three skills for an insurance underwriter, sales include lead generation, financial services and customer service. The most important skills for a licensed agent are HIPAA, customer service, and inbound calls.
| Insurance Underwriter, Sales | Licensed Agent | |
| Yearly salary | $40,226 | $42,315 |
| Hourly rate | $19.34 | $20.34 |
| Growth rate | 6% | 6% |
| Number of jobs | 50,699 | 68,666 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 52% |
| Average age | 46 | 46 |
| Years of experience | - | - |
A sales insurance underwriter evaluates new or renewal applications in turn for insurance coverage for companies and individuals. Insurance underwriters analyze insurance proposal risks and identify policy terms. They perform calculations on premiums based on statistical, background, and actuarial information. Several insurance businesses and companies operate graduate schemes that offer to underwrite. Among the necessary skills for this job include communication, decision making, and detail orientation.
Licensed Agents act as authorized brokers acting on behalf of an individual owner or organization in selling a product, service, or property. There are many different pathways a licensed agent can delve into, such as in real estate, insurance, and banking. For instance, a real estate agent uses its license to be able to sell and rent properties. Their duties include gathering property information, evaluating property estimates, marketing properties, and represent sellers in the process of negotiation. They seek prospective buyers, monitor the sale process between stakeholders, and reach a mutually agreed price.
Insurance underwriters, sales and licensed agents have different pay scales, as shown below.
| Insurance Underwriter, Sales | Licensed Agent | |
| Average salary | $40,226 | $42,315 |
| Salary range | Between $28,000 And $56,000 | Between $28,000 And $62,000 |
| Highest paying City | Los Angeles, CA | Kirkland, WA |
| Highest paying state | Wisconsin | Alaska |
| Best paying company | New York Life Insurance | HPOne |
| Best paying industry | Insurance | Insurance |
There are a few differences between an insurance underwriter, sales and a licensed agent in terms of educational background:
| Insurance Underwriter, Sales | Licensed Agent | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters, sales' and licensed agents' demographics:
| Insurance Underwriter, Sales | Licensed Agent | |
| Average age | 46 | 46 |
| Gender ratio | Male, 61.0% Female, 39.0% | Male, 41.3% Female, 58.7% |
| Race ratio | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 16.0% Asian, 4.9% White, 66.1% 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% |