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The differences between licensed insurance producers and insurance verification specialists 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 $33,043 average annual salary of an insurance verification specialist.
The top three skills for a licensed insurance producer include work ethic, lead generation and annuities. The most important skills for an insurance verification specialist are patients, insurance verification, and customer service.
| Licensed Insurance Producer | Insurance Verification Specialist | |
| Yearly salary | $66,026 | $33,043 |
| Hourly rate | $31.74 | $15.89 |
| Growth rate | 6% | 6% |
| Number of jobs | 54,872 | 71,688 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 57% | Associate Degree, 27% |
| 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 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 producers and insurance verification specialists have different pay scales, as shown below.
| Licensed Insurance Producer | Insurance Verification Specialist | |
| Average salary | $66,026 | $33,043 |
| Salary range | Between $44,000 And $97,000 | Between $28,000 And $37,000 |
| Highest paying City | Washington, DC | Madison, WI |
| Highest paying state | Washington | New Hampshire |
| Best paying company | Berkshire Hathaway | St. Luke's Cataract & Laser Institute |
| Best paying industry | Finance | Pharmaceutical |
There are a few differences between a licensed insurance producer and an insurance verification specialist in terms of educational background:
| Licensed Insurance Producer | Insurance Verification Specialist | |
| Most common degree | Bachelor's Degree, 57% | 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 producers' and insurance verification specialists' demographics:
| Licensed Insurance Producer | Insurance Verification Specialist | |
| Average age | 46 | 46 |
| Gender ratio | Male, 39.2% Female, 60.8% | Male, 11.4% Female, 88.6% |
| 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, 9.3% 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% |