Life & Health Insurance Agency Management Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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.

LLCBuddy editorial team did hours of research, collected all important statistics on Life & Health Insurance Agency Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Life & Health Insurance Agency Management Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

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 ways in which life health insurance agency management is useful is in setting clear goals and objectives for the agency. By defining the agency’s mission, vision, and strategic objectives, managers can provide employees with a clear direction and motivate them to work towards common goals. This can help increase employee engagement, productivity, and overall job satisfaction.

Furthermore, effective agency management can help streamline processes and procedures within the agency. By identifying inefficiencies and implementing solutions to optimize workflows, managers can improve operational efficiency, reduce costs, and enhance overall performance. This can ultimately benefit both the agency and its clients by providing faster, more efficient service.

In addition to internal operations, agency management is also crucial in driving sales and business development. By setting sales targets, implementing effective marketing strategies, and monitoring performance metrics, managers can help ensure the agency meets its revenue and growth objectives. This can help sustain the agency’s financial health and competitiveness in the market.

Moreover, life health insurance agency management also plays a pivotal role in maintaining strong relationships with clients. By overseeing customer service initiatives, resolving client queries and concerns, and proactively addressing client needs, managers can help enhance client satisfaction and loyalty. This can result in increased client retention, referrals, and overall business success.

Furthermore, effective agency management is essential for compliance with industry regulations and standards. By staying up-to-date on industry developments, ensuring adherence to legal requirements, and implementing appropriate risk management practices, managers can help protect the agency against regulatory fines, litigation, and reputational damage. This can help maintain the agency’s credibility and trustworthiness in the eyes of clients, partners, and regulators.

Overall, life health insurance agency management is a critical component of ensuring the success and viability of insurance agencies. By setting clear goals and objectives, optimizing operations, driving sales and business development, enhancing customer service, and ensuring compliance, managers can help maximize the agency’s efficiency, profitability, and client satisfaction. As such, investing in strong agency management is essential for insurance agencies looking to thrive in today’s competitive marketplace.

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/

Leave a Comment