Insurance Broker Salary

Insurance Brokers in the United States can expect to earn an average of $60K annually. Individual bonuses, profit sharing and commission for Insurance Brokers — as high as $25K, $31K and $99K, respectively — each contribute to the degree of variation within overall compensation, ranging from $31K to $140K. While career length and the particular employer impact pay for this group, location is the most influential factor. Most Insurance Brokers like their work and job satisfaction is high. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 52 percent. A strong majority report receiving medical coverage from their employers and a majority collect dental insurance. The data in this summary comes from the PayScale salary survey.
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$33,176 - $127,844
(Median)
$33K
$60K
$130K
MEDIAN: $59,802
10%
50%
90%

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$9.96 - $23.43
(Median)
$10
$15
$23
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Salary
$33,176 - $127,844  
   
Bonus
$0.00 - $25,013  
Profit Sharing
$-0.49 - $31,340  
Commission
$0.00 - $98,986  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$31,064 - $140,086  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 794
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$25$50$75
Hourly Rate
$9.96 - $23.43  
   
Overtime
$13.75 - $40.93  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Bonus
$0.00 - $25,013  
   
Commission
$0.00 - $98,986  
Profit Sharing
$-0.49 - $31,340  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$31,064 - $140,086  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 100
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Job Description for Insurance Broker

An insurance broker's primary duty is to sell life, property, casualty, health, automotive, or other more specific types of insurance. This goal is accomplished by calling or visiting current and potential clients to explain the benefits of current or offered policies. An insurance broker will need to be able to analyze policies to determine what options will be the best fit for the customer and his or her beneficiaries. An insurance broker might also sell supplemental insurance policies that go above and beyond what a typical policy provides.

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Insurance Broker Tasks

  • Sell life, property, casualty, health, automotive, or other types of insurance.
  • May refer clients to independent brokers, work as independent broker, or be employed by an insurance company.

Common Career Paths for Insurance Broker


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Although it's unusual, some Insurance Brokers transition into jobs as Senior Underwriters. The latter group reports earning a slightly lower median of $72K per year, though.

Insurance Broker Job Listings

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Popular Employer Salaries for Insurance Broker


Leading companies who hire large numbers of Insurance Brokers include Marsh, Inc., AON Corporation, Marsh & Mclennan Companies Inc, Willis Group Ltd, and Amwins Group, Inc. Employees of Marsh & Mclennan Companies Inc can expect to make the most, with the company offering a median salary of $98K; however, pay is widely dispersed from bottom to top, ranging from $55K to $171K.

Popular Skills for Insurance Broker


Insurance Brokers generally report applying a varied skill set to their work. Most notably, skills in Customer Relationship Management, Account Management, Commercial, and Insurance are correlated to pay that is above average, with boosts between 5 percent and 13 percent. At the other end of the pay range are skills like Customer Service and Sales. Most people skilled in Insurance are similarly competent in Customer Relationship Management (CRM), Customer Service, and Commercial. It is often found that people who know Sales are also skilled in Customer Service.

Pay by Experience Level for Insurance Broker

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Experience is an important factor influencing the compensation of Insurance Brokers. Workers in their first five years can expect to earn $48K, but people who have been around for five to 10 years earn a noticeably bigger sum of $68K. People with 10 to 20 years of experience make an average of about $85K in this role. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $94K.

Pay Difference by Location


For those looking to make money, Insurance Brokers in Washington enjoy an exceptional pay rate, 95 percent above the national average. Insurance Brokers can also look forward to large paychecks in cities like San Francisco (+58 percent), Los Angeles (+40 percent), Atlanta (+40 percent), and Phoenix (+33 percent). In San Diego, salaries are 11 percent below the national average and represent the lowest-paying market. Below-median salaries also turn up in Dallas and Boston (11 percent lower and 9 percent lower, respectively).

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Experience Affects Insurance Broker Salaries




National Average
$61,000


Skills That Affect Insurance Broker Salaries


Account Management
up arrow 7%


Insurance
up arrow 3%

Account Sales
0%

National Average
$61,000

up arrow 14%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 172 votes.

Gender

Female
52 %
Male
48 %

Years of Experience

Less than 1 year
5%
1-4 years
32%
5-9 years
22%
10-19 years
25%
20 years or more
16%

Common Health Benefits

medical benefits Medical: 80% dental benefits Dental: 65%
vision benefits Vision: 50% employee benefits None: 18%
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