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The differences between licensed insurance producers and insurance sales representatives 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 $61,386 average annual salary of an insurance sales representative.
The top three skills for a licensed insurance producer include work ethic, lead generation and annuities. The most important skills for an insurance sales representative are customer service, excellent time management, and work ethic.
| Licensed Insurance Producer | Insurance Sales Representative | |
| Yearly salary | $66,026 | $61,386 |
| Hourly rate | $31.74 | $29.51 |
| Growth rate | 6% | 6% |
| Number of jobs | 54,872 | 201,879 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 57% | Bachelor's Degree, 59% |
| Average age | 46 | 46 |
| Years of experience | - | - |
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.
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 producers and insurance sales representatives have different pay scales, as shown below.
| Licensed Insurance Producer | Insurance Sales Representative | |
| Average salary | $66,026 | $61,386 |
| Salary range | Between $44,000 And $97,000 | Between $38,000 And $97,000 |
| Highest paying City | Washington, DC | Washington, DC |
| Highest paying state | Washington | New York |
| Best paying company | Berkshire Hathaway | FFL Partners |
| Best paying industry | Finance | Finance |
There are a few differences between a licensed insurance producer and an insurance sales representative in terms of educational background:
| Licensed Insurance Producer | Insurance Sales Representative | |
| Most common degree | Bachelor's Degree, 57% | 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 producers' and insurance sales representatives' demographics:
| Licensed Insurance Producer | Insurance Sales Representative | |
| Average age | 46 | 46 |
| Gender ratio | Male, 39.2% Female, 60.8% | Male, 53.9% Female, 46.1% |
| Race ratio | 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% | 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% |