Insurance Sales Representative Salary
Job Description for Insurance Sales Representative
The insurance sales representative takes on the responsibility of communicating with new and existing clients for the purpose of selling insurance policies, advising clients, and gathering information. These representatives are tasked not only with selling a policy to clients, but also with developing strong working relationships by getting to know clients' needs, resources, and property or persons to be insured. As many insurance agencies offer many different types of insurance, the insurance sales representative must know all available policies and remain up to date on organizational practices and requirements.Read More...
A successful insurance sales representative must possess a number of skill sets. Effective verbal and written communications skills are necessary to establish and maintain contact with new customers and existing clients, as well as educating them about coverage and premiums. Strong analytical skills are necessary to perform calculations, compute financial data, and produce accurate estimates. Knowledge of computer systems, especially word processing and financial software, is also important.
Employers prefer prospective applicants to have an educational background in business or economics, though an applicant who displays proven ability and has a significant sales background may also be considered. Insurance agents must also be licensed, and separate licenses are required to sell different kinds of insurance such as life, property, and health.
Insurance Sales Representative 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 Sales Representative
Many Insurance Sales Representatives can be found at State Farm Insurance Company, Allstate, Liberty Mutual Insurance Group, Usaa Insurance, and Farmers Insurance Group, firms that are at the top of the field. Although Liberty Mutual Insurance Group boasts the highest average salary in town at $47K, employee compensation still varies greatly — workers can make as little as $25K or as much as $84K. Other big spenders include Progressive Casualty Insurance Company, Allstate Insurance Company, and Usaa Insurance, top-paying firms where Insurance Sales Representatives see paychecks nearing $43K, $43K, or $41K.
Others at the bottom of the scale for this job include Bankers Life and Casualty Company at $28K, and State Farm Insurance Company where $31K is the norm, but it is worth noting that some Insurance Sales Representatives there earn up to $46K.
Popular Skills for Insurance Sales Representative
Insurance Sales Representatives report using a wide range of professional skills. Most notably, skills in Office Management, Sales Management, Sales, and Insurance are correlated to pay that is above average, with boosts between 3 percent and 12 percent. At the other end of the pay range are skills like Bilingual. Most people familiar with Customer Service also know Insurance.
Pay by Experience Level for Insurance Sales Representative
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Insurance Sales Representatives, more experience in the field does not usually mean bigger paychecks. Relatively untried employees who have less than five years' experience have a median salary of $31K. Those who have been around for five to 10 years can expect to take home more — $35K on average. The average pay reported by folks with 10 to 20 years of experience is around $38K. Insurance Sales Representatives who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $43K.
Pay Difference by Location
For Insurance Sales Representatives, Pittsburgh provides a pay rate that is 45 percent greater than the national average. Insurance Sales Representatives can also look forward to large paychecks in cities like San Francisco (+28 percent), Dallas (+26 percent), Baltimore (+20 percent), and Denver (+17 percent). Insurance Sales Representatives in Birmingham make 22 percent less than the national average, proving that location is a major factor in pay. San Antonio and Spokane are a couple other places where companies are known to pay below the median — salaries are 8 percent lower and 3 percent lower, respectively.