Insurance Broker Salary
Job Description for Insurance Broker
Insurance brokers often work as agents of large insurance companies or independently; in either case, they work directly with clients and must have necessary licenses in their states of employment.Read More...
Insurance brokers provide insurance quotes via phone, online, or in-person. They must assess consumers’ individual needs prior to providing quotes and may need to conduct valuations of properties or businesses to be insured. They may also take photographs, obtain inspection reports, and compare coverage plans of different insurers. They must always try to secure the best rates without sacrificing quality (above-average ratings by third-party institutions) for their clients and must always be fair, ethical and unbiased in their work.
Some insurance brokers may also need to pass series 6 and 7 exams administered by the Financial Industry Regulatory Authority (FINRA), a government agency. Excellent customer service and interpersonal skills are important in this position; on behalf of their clients, they must research ways to reduce premiums by combining different types of insurance, such as home and auto insurance, for substantial discounts. They must also explain any small print that clients should know, such as terms and conditions, and send them certificates of insurance when necessary. Insurance brokers are encouraged to read professional journals relevant to their industry to stay up-to-date in their careers.
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
Though some Insurance Brokers move into positions like Senior Underwriter (where the average salary is $73K), this progression is not the norm. Insurance Brokers most often move into Insurance Underwriter or Underwriter roles. However, the former pays $10K less on average, and the latter pays $8K less.
Insurance Broker Job Listings
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Popular Employer Salaries for Insurance Broker
Insurance Brokers fill the offices of leading firms Marsh, Inc., Willis Group Ltd, Marsh & Mclennan Companies Inc, Amwins Group, Inc., and AON Corporation. Willis Group Ltd pays the most with a median salary of $102K, though with a large amount of variation, going from a low of $49K to a high of $206K.
Popular Skills for Insurance Broker
Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Account Management, Commercial, Insurance, and Customer Relationship Management are correlated to pay that is above average, with boosts between 4 percent and 13 percent. Skills that are correlated to lower pay, on the other hand, include Sales Management and Customer Service. Most people experienced in Customer Service also know Sales.
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. Those in the early stages of their career can expect to make around $48K; however, individuals with five to 10 years of experience bring in $65K on average — a distinctly larger sum. Insurance Brokers who work for 10 to 20 years in their occupation tend to earn about $74K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $89K, which is substantially larger than the medians reported by folks with fewer years on their resumes.
Pay Difference by Location
For Insurance Brokers, working in the bustling city of Washington has its advantages, including an above-average pay rate. Insurance Brokers can also look forward to large paychecks in cities like Chicago (+57 percent), Boston (+42 percent), Denver (+28 percent), and Dallas (+27 percent). Atlanta is the lowest-paying area, 4 percent south of the national average.