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The differences between licensed insurance agents and insurance verification specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a licensed insurance agent has an average salary of $54,118, which is higher than the $33,043 average annual salary of an insurance verification specialist.
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 verification specialist are patients, insurance verification, and customer service.
| Licensed Insurance Agent | Insurance Verification Specialist | |
| Yearly salary | $54,118 | $33,043 |
| Hourly rate | $26.02 | $15.89 |
| Growth rate | 6% | 6% |
| Number of jobs | 78,016 | 71,688 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Associate Degree, 27% |
| 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 verification specialist is responsible for confirming a patient's insurance details and eligibility to receive medical care services. Insurance verification specialists review the insurance documents of the patients, including its coverage and limitations, and escalate concerns to the supervisor for immediate resolution. They process paperwork accordingly upon coordinating with the patients and attending health professionals. An insurance verification specialist must have excellent communication and organizational skills, finishing administrative tasks efficiently under minimal supervision.
Licensed insurance agents and insurance verification specialists have different pay scales, as shown below.
| Licensed Insurance Agent | Insurance Verification Specialist | |
| Average salary | $54,118 | $33,043 |
| Salary range | Between $32,000 And $88,000 | Between $28,000 And $37,000 |
| Highest paying City | Washington, DC | Madison, WI |
| Highest paying state | Hawaii | New Hampshire |
| Best paying company | Torchmark | St. Luke's Cataract & Laser Institute |
| Best paying industry | Finance | Pharmaceutical |
There are a few differences between a licensed insurance agent and an insurance verification specialist in terms of educational background:
| Licensed Insurance Agent | Insurance Verification Specialist | |
| Most common degree | Bachelor's Degree, 50% | Associate Degree, 27% |
| Most common major | Business | Health Care Administration |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between licensed insurance agents' and insurance verification specialists' demographics:
| Licensed Insurance Agent | Insurance Verification Specialist | |
| Average age | 46 | 46 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 11.4% Female, 88.6% |
| 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, 9.3% Unknown, 3.6% Hispanic or Latino, 16.0% Asian, 4.9% White, 66.1% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |