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The differences between licensed insurance agents 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 $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 a licensed insurance producer are work ethic, lead generation, and annuities.
| Licensed Insurance Agent | Licensed Insurance Producer | |
| Yearly salary | $54,118 | $66,026 |
| Hourly rate | $26.02 | $31.74 |
| Growth rate | 6% | 6% |
| Number of jobs | 78,016 | 54,872 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 57% |
| 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, 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.
Licensed insurance agents and licensed insurance producers have different pay scales, as shown below.
| Licensed Insurance Agent | Licensed Insurance Producer | |
| Average salary | $54,118 | $66,026 |
| Salary range | Between $32,000 And $88,000 | Between $44,000 And $97,000 |
| Highest paying City | Washington, DC | Washington, DC |
| Highest paying state | Hawaii | Washington |
| Best paying company | Torchmark | Berkshire Hathaway |
| Best paying industry | Finance | Finance |
There are a few differences between a licensed insurance agent and a licensed insurance producer in terms of educational background:
| Licensed Insurance Agent | Licensed Insurance Producer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 57% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between licensed insurance agents' and licensed insurance producers' demographics:
| Licensed Insurance Agent | Licensed Insurance Producer | |
| Average age | 46 | 46 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 39.2% Female, 60.8% |
| 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, 16.1% Asian, 4.9% White, 65.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |