Insurance Producer Salary

Insurance Producers in the United States can expect only a modest salary, with average pay of just $35K per year. The range in cash compensation to Insurance Producers (largely between $22K and $66K) includes potential earnings of $12K from bonuses, $8K from profit sharing, and commissions of $23K in exceptional cases. The most important factor affecting compensation for this group is geographic location, followed by the company and years of experience. Most workers in this position report high levels of job satisfaction. Close to two-fifths report receiving medical coverage from their employers and one in four collect dental insurance. Female Insurance Producers make up most of the survey respondents at 70 percent. The information for this snapshot was generated by responses to the PayScale salary survey.
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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


Many Insurance Producers can be found at State Farm Insurance Company, Allstate, Allstate Insurance Company, Farmers Insurance Group, and Arthur J. Gallagher & Company, firms that are at the top of the field. Arthur J. Gallagher & Company offers the largest salaries in town — $74K on average.

With a median salary of only $27K (177 percent lower than the top payer), Farmers Insurance Group lags significantly in the earnings department.

Popular Skills for Insurance Producer


Job skills reported by Insurance Producers are limited. 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. Skills that are correlated to lower pay, on the other hand, include Customer Service. Those educated in Customer Service tend to be well versed in Insurance.

Pay by Experience Level for Insurance Producer

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


Insurance Producers do not generally earn higher incomes from more experience in the field. Survey participants with less than five years' experience pocket $31K on average, but those with five to 10 years of experience enjoy a much bigger median of $39K. Insurance Producers with one to two decades of relevant experience report an average salary of approximately $41K. Ultimately, more time spent in the workforce does seem to translate to bigger paychecks; seasoned veterans with more than 20 years of experience report a median income of $45K.

Pay Difference by Location

National Average: $34,741

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

For Insurance Producers, New York provides a pay rate that is 126 percent greater than the national average. Insurance Producers will also find cushy salaries in Cleveland (+80 percent), Los Angeles (+40 percent), Boston (+40 percent), and Seattle (+38 percent). Las Vegas is home to the smallest salaries in the field, lagging the national average by 12 percent. Employers in Charlotte and Dallas also lean toward paying below-median salaries (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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