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Licensed insurance producer hiring summary. Here are some key points about hiring licensed insurance producers in the United States:
Here's a step-by-step licensed insurance producer hiring guide:
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.
The licensed insurance producer hiring process starts by determining what type of worker you actually need. Certain roles might require a full-time employee, whereas part-time workers or contractors can do others.
A licensed insurance producer's background is also an important factor in determining whether they'll be a good fit for the position. For example, licensed insurance producers from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
Here's a comparison of licensed insurance producer salaries for various roles:
| Type of Licensed Insurance Producer | Description | Hourly rate |
|---|---|---|
| Licensed Insurance Producer | Insurance sales agents help insurance companies generate new business by contacting potential customers and selling one or more types of insurance. Insurance sales agents explain various insurance policies and help clients choose plans that suit them. | $21-46 |
| Geek Squad Agent | A geek squad agent specializes in providing various computer services such as technical and maintenance support. Their responsibilities typically revolve around communicating with clients through calls or correspondence, troubleshooting, and helping them navigate through complex operations... Show more | $9-24 |
| Agent | Agents are individuals who are employed by their clients to represent them in various dealings. Agents are usually employed by people in the show business industry, such as actors, writers, or directors... Show more | $9-34 |
Including a salary range in your licensed insurance producer job description is one of the best ways to attract top talent. A licensed insurance producer can vary based on:
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | District of Columbia | $81,271 | $39 |
| 2 | Washington | $77,174 | $37 |
| 3 | Wisconsin | $75,662 | $36 |
| 4 | Massachusetts | $75,239 | $36 |
| 5 | New Hampshire | $75,077 | $36 |
| 6 | New York | $74,110 | $36 |
| 7 | Oregon | $73,092 | $35 |
| 8 | Minnesota | $71,047 | $34 |
| 9 | California | $70,733 | $34 |
| 10 | New Jersey | $70,381 | $34 |
| 11 | Nebraska | $70,374 | $34 |
| 12 | Connecticut | $70,224 | $34 |
| 13 | North Dakota | $69,862 | $34 |
| 14 | Indiana | $67,539 | $32 |
| 15 | Ohio | $66,591 | $32 |
| 16 | Illinois | $66,220 | $32 |
| 17 | Maine | $66,129 | $32 |
| 18 | Michigan | $65,846 | $32 |
| 19 | Delaware | $65,262 | $31 |
| 20 | Pennsylvania | $65,145 | $31 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Berkshire Hathaway | $104,967 | $50.46 | 14 |
| 2 | S & L International | $72,675 | $34.94 | |
| 3 | Alliance Co | $71,926 | $34.58 | |
| 4 | Crum & Forster | $71,823 | $34.53 | |
| 5 | Porch | $70,462 | $33.88 | |
| 6 | Asurea | $67,774 | $32.58 | 293 |
| 7 | National Agents Alliance | $67,732 | $32.56 | |
| 8 | Healthcare Solutions Team | $67,233 | $32.32 | |
| 9 | SelectQuote Insurance Services | $65,647 | $31.56 | |
| 10 | Assurance | $64,297 | $30.91 | |
| 11 | Simplex Homes | $63,402 | $30.48 | |
| 12 | Johnson Automotive | $63,051 | $30.31 | |
| 13 | Concourse Hotel & Conference | $62,215 | $29.91 | |
| 14 | Ibg Holdings LLC | $61,288 | $29.47 | |
| 15 | Brown & Brown | $61,188 | $29.42 | 49 |
| 16 | EverQuote | $58,607 | $28.18 | |
| 17 | Randstad North America, Inc. | $57,768 | $27.77 | 6 |
| 18 | National Indemnity | $51,204 | $24.62 | |
| 19 | newton insurance | $50,596 | $24.32 | 1 |
| 20 | Concentrix | $49,090 | $23.60 | 137 |
A job description for a licensed insurance producer role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's a licensed insurance producer job description:
To find licensed insurance producers for your business, try out a few different recruiting strategies:
To successfully recruit licensed insurance producers, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.
It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've decided on a perfect licensed insurance producer candidate, it's time to write an offer letter. In addition to salary, it should include benefits and perks available to the employee. Qualified candidates may be considered for other positions, so make sure your offer is competitive. Candidates may wish to negotiate. Once you've settled on the details, formalize your agreement with a contract.
It's also good etiquette to follow up with applicants who don't get the job by sending them an email letting them know that the position has been filled.
To prepare for the new employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.
Recruiting licensed insurance producers involves both the one-time costs of hiring and the ongoing costs of adding a new employee to your team. Your spending during the hiring process will mostly be on things like promoting the job on job boards, reviewing and interviewing candidates, and onboarding the new hire. Ongoing costs will obviously involve the employee's salary, but also may include things like benefits.
The median annual salary for licensed insurance producers is $66,026 in the US. However, the cost of licensed insurance producer hiring can vary a lot depending on location. Additionally, hiring a licensed insurance producer for contract work or on a per-project basis typically costs between $21 and $46 an hour.