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The differences between insurance underwriters, sales 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 $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 insurance producer are work ethic, lead generation, and annuities.
| Insurance Underwriter, Sales | Licensed Insurance Producer | |
| Yearly salary | $40,226 | $66,026 |
| Hourly rate | $19.34 | $31.74 |
| Growth rate | 6% | 6% |
| Number of jobs | 50,699 | 54,872 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 57% |
| 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.
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 underwriters, sales and licensed insurance producers have different pay scales, as shown below.
| Insurance Underwriter, Sales | Licensed Insurance Producer | |
| Average salary | $40,226 | $66,026 |
| Salary range | Between $28,000 And $56,000 | Between $44,000 And $97,000 |
| Highest paying City | Los Angeles, CA | Washington, DC |
| Highest paying state | Wisconsin | Washington |
| Best paying company | New York Life Insurance | Berkshire Hathaway |
| Best paying industry | Insurance | Finance |
There are a few differences between an insurance underwriter, sales and a licensed insurance producer in terms of educational background:
| Insurance Underwriter, Sales | Licensed Insurance Producer | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 57% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters, sales' and licensed insurance producers' demographics:
| Insurance Underwriter, Sales | Licensed Insurance Producer | |
| Average age | 46 | 46 |
| Gender ratio | Male, 61.0% Female, 39.0% | Male, 39.2% Female, 60.8% |
| 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, 9.4% 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% |