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The differences between licensed insurance agents and insurance producers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance producer has an average salary of $65,112, which is higher than the $54,118 average annual salary of a licensed insurance agent.
The top three skills for a licensed insurance agent include excellent time management, work ethic and strong customer service. The most important skills for an insurance producer are casualty insurance, customer service, and develop leads.
| Licensed Insurance Agent | Insurance Producer | |
| Yearly salary | $54,118 | $65,112 |
| Hourly rate | $26.02 | $31.30 |
| Growth rate | 6% | 6% |
| Number of jobs | 78,016 | 44,922 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 53% |
| Average age | 46 | 46 |
| Years of experience | - | - |
A licensed insurance agent is primarily responsible for finding and utilizing opportunities to secure insurance sales. Moreover, a licensed insurance agent must reach out to potential clients, discuss and negotiate terms, respond to inquiries, and perform various assessments to determine their ability to uphold financial obligations. Besides building a client base, they also need to handle current policies, process renewals, monitor claims, maintain an accurate record of transactions, prepare progress reports and strategies, and distribute policy proceeds according to the company rules and regulations.
An insurance producer is responsible for selling and buying financial services and products for an insurance company. They negotiate issues regarding health, life insurance, and other properties. Also, an insurance producer maintains a good relationship between clients and prospective clients by offering the best insurance service and ensuring that all the policies and guidelines are fully followed.
Licensed insurance agents and insurance producers have different pay scales, as shown below.
| Licensed Insurance Agent | Insurance Producer | |
| Average salary | $54,118 | $65,112 |
| Salary range | Between $32,000 And $88,000 | Between $45,000 And $93,000 |
| Highest paying City | Washington, DC | Madison, WI |
| Highest paying state | Hawaii | Wisconsin |
| Best paying company | Torchmark | Dahl Consulting |
| Best paying industry | Finance | Real Estate |
There are a few differences between a licensed insurance agent and an insurance producer in terms of educational background:
| Licensed Insurance Agent | Insurance Producer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between licensed insurance agents' and insurance producers' demographics:
| Licensed Insurance Agent | Insurance Producer | |
| Average age | 46 | 46 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 51.9% Female, 48.1% |
| Race ratio | Black or African American, 9.2% Unknown, 3.6% Hispanic or Latino, 15.7% Asian, 4.9% White, 66.5% American Indian and Alaska Native, 0.1% | Black or African American, 9.5% Unknown, 3.6% Hispanic or Latino, 16.1% Asian, 4.9% White, 65.8% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |