Insurance Sales Agent Salary
With a median pay of $76K, Liberty Mutual Insurance Group Insurance Sales Agents make much more than the national average ($36K per year) for those in this field. Other leaders in compensation levels are Humana, Inc. at $52K, New York Life Insurance Company at $50K, and Usaa Insurance, where Insurance Sales Agents annually earn $45K. The information for this rundown comes from respondents who completed 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 may experience a large salary bump if they progress into a role such as Insurance Broker. The latter position pays an average of $59K annually. Becoming an Insurance Agent or an Insurance Office Branch Manager is often the next step for an Insurance Sales Agent.
Insurance Sales Agent Job Listings
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Popular Employer Salaries for Insurance Sales Agent
Popular Skills for Insurance Sales Agent
Insurance Sales Agents report using a large range of skills on the job. Most notably, facility with Field Sales, Sales Management, and Leadership are correlated to pay that is significantly above average, leading to increases of 30 percent, 11 percent, and 6 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Office Administration, Spanish Language, and Customer Service. For most people, competency in Insurance indicates knowledge of Customer Service.
Pay by Experience Level for Insurance Sales Agent
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Insurance Sales Agents, extensive experience does not lead to significantly more money. Salaries of relatively inexperienced workers fall in the neighborhood of $32K, but folks who have racked up five to 10 years see a notably higher median of $38K. The average pay reported by folks with 10 to 20 years of experience is around $41K. As Insurance Sales Agents reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $47K.
Pay Difference by Location
With a pay rate for Insurance Sales Agents that is 37 percent greater than the national average, New York offers a comfortable salary for those in this profession. Insurance Sales Agents will also find cushy salaries in Phoenix (+35 percent), San Antonio (+14 percent), Los Angeles (+11 percent), and Miami (+10 percent). Trailing the national average by 19 percent, Corpus Christi is the market with the smallest paychecks. Not at the bottom but still paying below the median are employers in Tampa and Orlando (8 percent lower and 6 percent lower, respectively).