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The differences between licensed insurance agents and insurance sales representatives can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance sales representative has an average salary of $61,386, 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 sales representative are customer service, excellent time management, and work ethic.
| Licensed Insurance Agent | Insurance Sales Representative | |
| Yearly salary | $54,118 | $61,386 |
| Hourly rate | $26.02 | $29.51 |
| Growth rate | 6% | 6% |
| Number of jobs | 78,016 | 201,879 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 59% |
| 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 sales representative is primarily responsible for securing insurance sales by reaching out to clients through calls, correspondence, and even appointments. They are also responsible for gathering client information, discussing and recommending suitable terms, and even providing advice to meet their needs, all while building rapport to ensure customer satisfaction. There are also instances where they have to adjust existing terms, assist in filling out applications, and produce progress reports. Furthermore, it is essential to devise strategies to find new sales opportunities, as most insurance sales representatives must reach a particular sales target.
Licensed insurance agents and insurance sales representatives have different pay scales, as shown below.
| Licensed Insurance Agent | Insurance Sales Representative | |
| Average salary | $54,118 | $61,386 |
| Salary range | Between $32,000 And $88,000 | Between $38,000 And $97,000 |
| Highest paying City | Washington, DC | Washington, DC |
| Highest paying state | Hawaii | New York |
| Best paying company | Torchmark | FFL Partners |
| Best paying industry | Finance | Finance |
There are a few differences between a licensed insurance agent and an insurance sales representative in terms of educational background:
| Licensed Insurance Agent | Insurance Sales Representative | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between licensed insurance agents' and insurance sales representatives' demographics:
| Licensed Insurance Agent | Insurance Sales Representative | |
| Average age | 46 | 46 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 53.9% Female, 46.1% |
| 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, 9.4% Unknown, 3.6% Hispanic or Latino, 16.2% Asian, 4.9% White, 65.8% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |