Insurance Sales Agent Salary
Insurance Sales Agents aren't exactly in the most profitable line of business; these folks earn a belt-tightening average of $36K annually. With some bonuses approaching $15K and certain profit sharing proceeds approaching $10K, overall incomes of Insurance Sales Agents spread between $23K and $62K depending on individual performance. Earnings for this group are mostly affected by the specific employer, followed by geography and experience level. Most workers in this position report high levels of job satisfaction. There are more female Insurance Sales Agents who answered the questionnaire than male, making up 69 percent. Unfortunately, some people in this line of work are without benefits — over one-half lack coverage. On the flip side, just over two-fifths have medical insurance and slightly less than a third receive dental plans. This report is based on answers to PayScale's salary questionnaire.
Job Description for Insurance Sales Agent
An insurance sales agent is a person who helps individuals choose a policy that most closely fits their needs. The sales agent will typically represent and work for an individual company, but independent agents who represent many smaller insurance entities exist as well. In any event, these sales-oriented employees help to match up individuals with home, car, and life insurance policies that offer acceptable coverage to the consumer and provide a profit to the company. In some cases, the sales agent may also be the first contact when an insured person needs to file a claim.Read More...
Employees in insurance sales are expected to generate new business, as well as retain existing business. This can involve cold-calling, sales seminars, and other creative ways to generate new leads. Sales agents will also look to add coverage options to existing accounts by offering bundling discounts for customers willing to have multiple policy options from the same provider. Some state and local laws may also assist the sales agent, in places where certain coverages are mandated. Such laws help provide a constant infusion of new consumers into the marketplace.
Insurance sales agents must be excellent verbal and written communicators and have an aptitude and facility for salesmanship. While post-secondary education isn't a strict requirement for this job, many insurance companies will either put candidates through their own training programs or seek out applicants with prior insurance sales experience. Most insurance sales agents work business hours during the week in an office environment, but field work involving visiting potential clients or working in advisement seminars is also typical. In some jurisdictions agents must pass certification testing to ensure full understanding of the industry and its obligations to consumers.
Insurance Sales Agent 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.
Common Career Paths for Insurance Sales Agent
Insurance Sales Agents who transition into an Insurance Broker role may receive large pay increases as the latter position pays an average $59K per year. An Insurance Sales Agent may also move into a role as an Insurance Agent or an Insurance Office Branch Manager.
Insurance Sales Agent Job Listings
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Popular Employer Salaries for Insurance Sales Agent
Known for taking on a considerable number of Insurance Sales Agents, State Farm Insurance Company, Allstate, Farmers Insurance Group, Geico, and Allstate Insurance Company are leading firms in the industry. New York Life Insurance Company leads the field in terms of pay, with a median salary of $60K. Liberty Mutual Insurance Group, Humana, Inc., and Usaa Insurance also offer top salaries for Insurance Sales Agents. Workers at these firms can expect to earn about $58K, $52K, and $46K, respectively.
Others at the bottom of the scale for this job include All State at $31K, and Allstate where $32K is the norm, but it is worth noting that some Insurance Sales Agents there earn up to $48K.
Popular Skills for Insurance Sales Agent
Insurance Sales Agents seem to wield many skills on the job. Most notably, facility with Field Sales, Sales Management, and Marketing Communications are correlated to pay that is significantly above average, leading to increases of 44 percent, 10 percent, and 5 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Office Administration, Spanish Language, and Customer Service. Those proficient in Insurance are, more often than not, also skilled in Customer Service.
Pay by Experience Level for Insurance Sales Agent
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Insurance Sales Agents, more experience in the field does not usually mean bigger paychecks. Respondents with less than five years' experience take home $32K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $38K. Insurance Sales Agents with one to two decades of relevant experience report an average salary of approximately $42K. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; an Insurance Sales Agent with more than 20 years of experience can earn $47K on average.
Pay Difference by Location
For those looking to make money, Insurance Sales Agents in New York enjoy an exceptional pay rate, 38 percent above the national average. Insurance Sales Agents can also look forward to large paychecks in cities like Phoenix (+35 percent), Sacramento (+28 percent), Los Angeles (+20 percent), and San Antonio (+10 percent). Those in the field find the lowest salaries in Corpus Christi, 19 percent below the national average. Workers in Orlando and Atlanta earn less than others in this profession; their salaries fall short of the national average by 6 percent.
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Key Stats for Insurance Sales Agent
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