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
Known for taking on a considerable number of Insurance Sales Representatives, State Farm Insurance Company, Allstate, Liberty Mutual Insurance Group, Usaa Insurance, and Farmers Insurance Group are leading firms in the industry. Those at Humana, Inc. can expect to make the most, with the company offering a median salary of $74K. Also paying near the top of the field are Progressive Casualty Insurance Company at $47K, Liberty Mutual Insurance Group at $44K, and Usaa Insurance, where Insurance Sales Representatives annually earn $41K.
Farmers Insurance Group, Geico, and State Farm Insurance Company are a few other employers known for handing out relatively lightweight salaries ($27K, $32K, and $32K respectively).
Popular Skills for Insurance Sales Representative
Insurance Sales Representatives report using a diverse set of skills on the job. 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. Skills that seem to negatively impact pay include Bilingual. Those proficient in Customer Service are, more often than not, also skilled in Insurance.
Pay by Experience Level for Insurance Sales Representative
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Insurance Sales Representatives with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. The average worker who claims fewer than five years of experience earns around $31K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $35K. On average, Insurance Sales Representatives make $39K following one to two decades on the job. After two decades in the workforce, the average Insurance Sales Representative generally earns more than ever; median pay for this group is estimated at $43K.
Pay Difference by Location
Philadelphia offers some of the highest pay in the country for Insurance Sales Representatives, 58 percent above the national average. Insurance Sales Representatives can also look forward to large paychecks in cities like Pittsburgh (+44 percent), San Francisco (+27 percent), Dallas (+25 percent), and Baltimore (+20 percent). Location significantly influences compensation, with Birmingham Insurance Sales Representatives earning much less — 22 percent less — than the national average. Below-median salaries also turn up in San Antonio and Spokane (11 percent lower and 3 percent lower, respectively).
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