Insurance Producer Salary
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.Read More...
Insurance producers typically work directly for an insurance agency, although they may occasionally work for an insurer directly. They generally work during regular business hours in an office environment. Travel within the specified insurance territory is required and may be extensive at times. Excellent written and oral communication skills are essential, and successful insurance producers have a positive attitude, are sales goal-oriented, and able to close sales effectively.
Insurance producer jobs typically require at least a high school diploma or equivalent. Additionally, many states require any person who is in the business of selling insurance to hold an insurance license. As licensed insurance professionals, insurance producers must stay up to date with the changing insurance marketplace by completing a set number of continuing education hours every year; the number of hours required varies depending on the state.
Insurance Producer Tasks
- Sell insurance policies to businesses or individuals.
- Utilize referrals, phone calls, mailings, and other forms of advertising to generate new customers.
- 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.
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Popular Employer Salaries for Insurance Producer
State Farm Insurance Company, Allstate, Farmers Insurance Group, Allstate Insurance Company, and American Family Insurance Group are among the top companies that take on many Insurance Producers. Arthur J. Gallagher & Company offers the highest compensation with a median salary of $80K.
Popular Skills for Insurance Producer
Insurance Producers report using a deep pool of skills on the job. Most notably, facility with Strategic Sales and Sales Management are correlated to pay that is significantly above average, leading to increases of 76 percent and 21 percent, respectively. Skills that pay less than market rate include Inside Sales, Spanish Language, and licensed. 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. 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 $37K. The average pay reported by folks with 10 to 20 years of experience is around $41K. Seasoned veterans with 20 years under their belts enjoy a median income of $48K.
Pay Difference by Location
For those looking to make money, Insurance Producers in New York enjoy an exceptional pay rate, 139 percent above the national average. Insurance Producers can also look forward to large paychecks in cities like Cleveland (+88 percent), Seattle (+86 percent), Denver (+47 percent), and Los Angeles (+46 percent). Insurance Producers in Las Vegas make 24 percent less than the national average, proving that location is a major factor in pay. Below-median salaries also turn up in Indianapolis and Charlotte (13 percent lower and 6 percent lower, respectively).
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Key Stats for Insurance Producer
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