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The differences between licensed insurance agents and licensed agents 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 $42,315 average annual salary of a licensed 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 a licensed agent are HIPAA, customer service, and inbound calls.
| Licensed Insurance Agent | Licensed Agent | |
| Yearly salary | $54,118 | $42,315 |
| Hourly rate | $26.02 | $20.34 |
| Growth rate | 6% | 6% |
| Number of jobs | 78,016 | 68,666 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 52% |
| 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.
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.
Licensed insurance agents and licensed agents have different pay scales, as shown below.
| Licensed Insurance Agent | Licensed Agent | |
| Average salary | $54,118 | $42,315 |
| Salary range | Between $32,000 And $88,000 | Between $28,000 And $62,000 |
| Highest paying City | Washington, DC | Kirkland, WA |
| Highest paying state | Hawaii | Alaska |
| Best paying company | Torchmark | HPOne |
| Best paying industry | Finance | Insurance |
There are a few differences between a licensed insurance agent and a licensed agent in terms of educational background:
| Licensed Insurance Agent | Licensed Agent | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between licensed insurance agents' and licensed agents' demographics:
| Licensed Insurance Agent | Licensed Agent | |
| Average age | 46 | 46 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 41.3% Female, 58.7% |
| 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, 9.2% 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% |