Life & Health Insurance Agency Management Statistics


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Steve Goldstein
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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.

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 🙂

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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 life health insurance agency management is the ability to provide personalized service to clients. Insurance agents are trained professionals who can assess an individual’s unique needs and recommend the most suitable insurance policies. This personalized approach ensures that clients receive the coverage they need without paying for unnecessary extras.

Furthermore, health insurance agencies are adept at managing claims and resolving disputes with healthcare providers. Navigating the world of insurance claims can be daunting for many individuals, but a skilled insurance agent can streamline the process and advocate for their client’s best interests. This ensures that clients receive prompt payment for medical services rendered and helps alleviate the financial burden associated with healthcare expenses.

In addition, life health insurance agencies are instrumental in helping clients understand their insurance policies and make informed decisions about their healthcare coverage. With the ever-changing landscape of healthcare regulations and policies, having a knowledgeable insurance agent in your corner can make all the difference. Whether it’s selecting the right plan during open enrollment or understanding the fine print of a policy, insurance agencies are there to provide clarity and support.

Beyond insurance coverage, health insurance agencies also play a crucial role in promoting preventive healthcare measures. By offering resources and education on preventive care, insurance agents help clients stay healthy and avoid costly medical expenses down the line. This proactive approach to healthcare can lead to better health outcomes for individuals and lower overall healthcare costs for everyone involved.

Moreover, life health insurance agencies can also provide valuable support in times of crisis. Whether it’s a sudden illness, injury, or other unforeseen medical event, having a trusted insurance agent to turn to can provide peace of mind and much-needed assistance during a stressful time. From arranging emergency medical care to coordinating insurance coverage, agents can be a lifeline for clients facing difficult circumstances.

Overall, the usefulness of life health insurance agency management cannot be overstated. From personalized service to claims management to preventive care support, insurance agencies are indispensable partners in navigating the healthcare system and ensuring individuals have access to quality care when they need it most. By leveraging the expertise and resources of insurance agents, clients can rest assured knowing that their healthcare needs are in capable hands.

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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