Insurance Producer Salary

It's impossible to make it big as a Insurance Producers in the United States; the average employee scrapes together only around $33K annually. Total cash compensation to Insurance Producers bottoms out near $23K and approaches $61K on the high end; the biggest paychecks include approximately $12K from bonuses and almost $8K from profit sharing. The particular firm is the biggest factor affecting pay for this group, followed by geography and experience level. Most Insurance Producers report high levels of job satisfaction. Female Insurance Producers make up most of the survey respondents at 70 percent. Over a third enjoy medical while slightly more than a fifth get dental coverage. Vision coverage is also available to just under one-fifth. Participants in PayScale's salary questionnaire provided the particulars of this report.
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$21,488 - $64,582
$21K
$33K
$65K
MEDIAN: $33,122
10%
50%
90%

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$10.03 - $18.41
$10
$13
$18
MEDIAN: $13.40
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$22K$44K$66K
Salary
$21,488 - $64,582  
   
Bonus
$294.02 - $12,032  
Profit Sharing
$0.00 - $7,600  
Commission
$990 - $20,736  
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).
)
$22,978 - $61,044  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 566
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$11$22$33
Hourly Rate
$10.03 - $18.41  
   
Overtime
$0.00 - $25.34  
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$22K$44K$66K
Bonus
$294.02 - $12,032  
   
Commission
$990 - $20,736  
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).
)
$22,978 - $61,044  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 332

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United States (change)

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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

  • Sells products that protect businesses or individuals from financial loss.
  • Maintains relationship with clients, and advises of changes in coverage.
  • Prepares reports, seek out new business, and maintains records.
  • Serves as a first contact with the customer.

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Popular Employer Salaries for Insurance Producer


Insurance Producers flock to State Farm Insurance Company, Allstate, Farmers Insurance Group, Allstate Insurance Company, and American Family Insurance Group, highly regarded companies that employ a generous number of people in this profession. Arthur J. Gallagher & Company attracts talent by shelling out the biggest paychecks in the area — the median in that office is $80K.

With a median salary of only $28K (186 percent less than the top paying company), Farmers Insurance Group lags significantly in the earnings department.

Popular Skills for Insurance Producer


Insurance Producers seem to wield many skills on the job. Most notably, facility with Strategic Sales, Sales Management, and Customer Relationship Management (CRM) are correlated to pay that is significantly above average, leading to increases of 76 percent, 21 percent, and 4 percent, respectively. Skills that seem to negatively impact pay include Inside Sales, licensed, and Spanish Language. Most people who know Insurance also know Customer Service.

Pay by Experience Level for Insurance Producer

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


In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. The average worker who claims fewer than five years of experience earns around $31K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $37K. After working for 10 to 20 years, Insurance Producers make a median salary of $40K. Insurance Producers who have acquired more than 20 years of relevant experience earn significantly more than folks with fewer years on their resumes; the average income in this veteran group is $48K.

Pay Difference by Location

National Average: $33,566

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

For Insurance Producers, busy New York offers a higher-than-average pay rate, 97 percent above the national average. Insurance Producers can also look forward to large paychecks in cities like Cleveland (+87 percent), Seattle (+86 percent), Denver (+46 percent), and Boston (+45 percent). Place of residence plays a huge part in an Insurance Producer's salary, with Las Vegas Insurance Producers earning salaries that are 22 percent less than the national average. A couple other locations with smaller-than-average paychecks include Indianapolis (13 percent lower) and Charlotte (7 percent lower).

Related Job Salaries

Key Stats for Insurance Producer

Gender

Female
70 %
Male
30 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 163 votes.
Less than 1 year
6%
1-4 years
51%
5-9 years
16%
10-19 years
18%
20 years or more
9%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Insurance Producer Salaries

▲42%

▲19%

▲12%

National Average
$34,000

▼9%

Skills That Affect Insurance Producer Salaries

Strategic Sales
▲76%

Sales Management
▲21%


▲3%


Insurance
▼0%

National Average
$34,000


Office Management
▼1%

Spanish Language
▼7%

licensed
▼8%

Inside Sales
▼18%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 163 votes.

Gender

Female
70 %
Male
30 %

Years of Experience

Less than 1 year
6%
1-4 years
51%
5-9 years
16%
10-19 years
18%
20 years or more
9%

Common Health Benefits

medical benefits
Medical: 37%
dental benefits
Dental: 23%
vision benefits
Vision: 19%
dental benefits
None: 62%
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