Insurance Producer Salary

Insurance Producers aren't exactly in the most profitable line of business; these folks earn a belt-tightening average of $35K per year. Total cash earnings of Insurance Producers range from $22K on the low end to $66K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $12K and $8K, respectively. Earnings for this group are mostly affected by residence, followed by the company and years of experience. Two in five enjoy medical while nearly one-fourth get dental coverage. Vision coverage is also available to nearly one in five. Most Insurance Producers like their work and job satisfaction is high. Female Insurance Producers make up most of the survey respondents at 70 percent. Participants in PayScale's salary questionnaire provided the particulars of this report.
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$22,215 - $66,011
(Median)
$22K
$35K
$66K
MEDIAN: $35,417
10%
50%
90%

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$9.91 - $18.41
(Median)
$9
$13
$18
MEDIAN: $13.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$23K$46K$69K
Salary
$22,215 - $66,011  
   
Bonus
$0.00 - $12,080  
Profit Sharing
$0.00 - $7,600  
Commission
$202.03 - $22,726  
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).
)
$22,357 - $66,481  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 669
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$12$24$36
Hourly Rate
$9.91 - $18.41  
   
Hourly Tips
$3.13  
Overtime
$0.00 - $29.15  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$24K$48K$72K
Bonus
$0.00 - $12,080  
   
Commission
$202.03 - $22,726  
Profit Sharing
$0.00 - $7,600  
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).
)
$22,357 - $66,481  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 400
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Job Description for Insurance Producer

Insurance producers are licensed and trained in sales and customer service, and they are responsible for selling insurance and insurance-related products to prospective clients. Additionally, insurance producers must ensure that the policies they offer comply with all insurance regulations, maintain a knowledge of all commercially available products and monitor all clients' insurance policies to be sure that the highest level of service is provided. Insurance producers must also maintain excellent relationships with current clients, which may help secure new client referrals; this includes resolving any client issues and claims quickly and efficiently.

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Insurance Producer Tasks

  • Process the paperwork to enroll customers in policies and calculate premiums.
  • Explain insurance policies to customers and help them customize policies to fit their needs.
  • Sell insurance policies to businesses or individuals.
  • Utilize referrals, phone calls, mailings, and other forms of advertising to generate new customers.

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Popular Employer Salaries for Insurance Producer


State Farm Insurance Company, Allstate, Allstate Insurance Company, Farmers Insurance Group, and Arthur J. Gallagher & Company are all popular places to work. Insurance Producers flock to Arthur J. Gallagher & Company for generous paychecks, where average earnings of $74K lead the pack in compensation.

Farmers Insurance Group lags the field greatly in terms of pay, offering a median salary 177 percent lower than the top payer ($27K).

Popular Skills for Insurance Producer


Survey results show that Insurance Producers use a fair number of skills. Most notably, facility with Customer Relationship Management and Customer Relations are correlated to pay that is significantly above average, leading to increases of 38 percent and 34 percent, respectively. At the other end of the pay range are skills like Customer Service. It is often found that people who know Customer Service are also skilled in Insurance.

Pay by Experience Level for Insurance Producer

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


Insurance Producers with a lot of experience do not necessarily enjoy more money. Relatively untried employees who have less than five years' experience make $31K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $39K. Insurance Producers claiming one to two decades of experience make an estimated median of $41K. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; an Insurance Producer with more than 20 years of experience can earn $45K on average.

Pay Difference by Location

National Average: $34,741

Larger city markers indicate a job is popular in that location.

Insurance Producers will find that New York offers an impressive pay rate, one which exceeds the national average by 126 percent. Insurance Producers will also find cushy salaries in Cleveland (+80 percent), Los Angeles (+40 percent), Boston (+40 percent), and Seattle (+38 percent). With compensation 12 percent below the national average, Las Vegas is not known for hefty paychecks and actually represents the lowest-paying market. Below-median salaries also turn up in Charlotte and Dallas (11 percent lower and 7 percent lower, respectively).

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Experience Affects Insurance Producer Salaries




National Average
$35,000


Skills That Affect Insurance Producer Salaries

Customer Relationship Management (CRM)
up arrow 38%

Customer Relations
up arrow 34%

Sales
up arrow 2%

National Average
$35,000

Insurance
up arrow 2%

Customer Service
up arrow 4%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 208 votes.

Gender

Female
70 %
Male
30 %

Years of Experience

Less than 1 year
5%
1-4 years
47%
5-9 years
21%
10-19 years
19%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 39%
dental benefits
Dental: 25%
medical benefits
Vision: 20%
dental benefits
None: 60%
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