Life & Health Insurance Agency Management Statistics


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Life & Health Insurance Agency Management Statistics 2023: Facts about Life & Health Insurance Agency Management outlines the context of what’s happening in the tech world.

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Top Life & Health Insurance Agency Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Life & Health Insurance Agency Management Statistics on this page 🙂

Life & Health Insurance Agency Management “Latest” Statistics

  • The employment of insurance sales agents is anticipated to increase by 6% between 2021 and 2031, which is approximately average for all professions, according to U.S Bureau of Labor Statistics.[1]
  • 26% of direct premiums issued are for accident and health insurance, which includes unique products outside typical health insurance.[2]
  • 106 million Americans lack life insurance or proper coverage, according to the 2022 Insurance Barometer Study, conducted by LIMRA and Life Happens.[2]
  • According to LIMRA’s 2021 Insurance Barometer Study, since 2016, when online purchase was first offered as a choice in the research, consumer preference for purchasing life insurance online has climbed by 29%.[2]
  • The market share held by independent insurance brokers for personal life insurance increased from 44% to 50% between 2012 and 2021.[2]
  • Life/annuity and P/C insurers are key players in capital markets, with $9.7 trillion in cash and invested assets in 2020, according to S&P Global Market Intelligence.[2]
  • 13% of the assets held by life insurance companies are mortgage loans for property with a maturity of seven years or more.[2]
  • The focus has turned to annuities, which made about 48% of direct life insurance premiums sold in 2021.[2]
  • 68% of families with life insurance think they would be financially comfortable if the major pay earner unexpectedly went away, compared to 47% of households without life insurance.[2]
  • 40.8% of these individuals worked in agencies, brokerages, and other insurance related businesses, while 56.2% were insurance carriers.[3]
  • The biggest outlay for a new insurance agency will be labor, which costs on average 35.9% of a business’s revenue.[3]
  • According to the national average for all professions, the insurance agent industry is anticipated to continue seeing stable growth of 7% during the next ten years.[3]
  • The industry is anticipated to expand faster than the U.S average in 2019; the workforce of insurance agencies was projected to rise by 5.49% over the next ten years, as opposed to a national growth rate of 3.71% .[3]
  • In the U.S, they oversee 80% of business insurance policies whereas corporate agents oversee 80% of personal insurance policies.[3]
  • In 2022, the cost of healthcare for a hypothetical American family of four covered by an average employer-sponsored preferred provider organization (PPO) plan is $30,260, according to the Milliman Medical Index (MMI).[4]

Also Read

How Useful is Life Health Insurance Agency Management

One of the key benefits of working with a life health insurance agency is the guidance and expertise they provide to their clients. Navigating the health insurance marketplace can be overwhelming for individuals, especially with the numerous options and jargon involved in the process. A knowledgeable agent can help simplify this process by explaining the different types of coverage available, answering questions about policy details, and recommending the best plan based on the client’s needs and budget. This personalized guidance not only helps clients make informed decisions about their health insurance but also saves them time and effort in researching on their own.

Another advantage of agency management is the ongoing support they provide to their clients. Once a policy is purchased, agents continue to assist clients in managing their coverage, handling claims, and dealing with any issues that may arise. This ongoing support is invaluable in navigating the complexities of health insurance, ensuring that clients receive the care and coverage they need when they need it. Whether it’s clarifying billing disputes, updating policy information, or reviewing coverage options during open enrollment, a dedicated agent is there to provide personalized assistance every step of the way.

Effective agency management also helps clients stay informed about changes and updates in the health insurance industry. With the constantly evolving landscape of healthcare policies, regulations, and coverage options, it can be challenging for individuals to keep up with the latest developments. Agents stay up-to-date on industry trends, changes in legislation, and updates from insurance providers to provide clients with accurate and timely information. By keeping clients informed about their coverage options and any changes that may affect their policies, agencies help empower individuals to make informed decisions about their healthcare.

In addition to the guidance and support provided, agency management can also help clients save money on their health insurance. Agents have the expertise to compare quotes from different insurance providers, identify cost-saving opportunities, and negotiate better rates on behalf of their clients. By leveraging their relationships with insurance companies, agents can often secure more competitive premiums and discounts that may not be available to individuals shopping for coverage on their own. This cost-saving potential can make a significant difference in a client’s overall healthcare expenses, helping them get the coverage they need at a price they can afford.

Overall, life health insurance agency management is a valuable resource for individuals and families seeking guidance, support, and cost-saving opportunities in navigating the complexities of health insurance. By providing personalized assistance, ongoing support, information updates, and cost-saving opportunities, agencies play a critical role in helping clients make informed decisions about their healthcare coverage. Collaboration with a trusted agent can ultimately lead to better outcomes for clients in terms of coverage, cost, and overall peace of mind.

Reference

  1. bls – https://www.bls.gov/ooh/sales/insurance-sales-agents.htm
  2. iii – https://www.iii.org/fact-statistic/facts-statistics-life-insurance
  3. insurancebee – https://www.insurancebee.com/blog/insurance-agent-industry-statistics
  4. milliman – https://www.milliman.com/

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