Industry Benefits Summary

Insurance Carrier Industry- Employee Benefits Summary

The insurance carriers industry has seen rising growth rates in the private finance and insurance sector in recent years. Companies in this industry primarily focus on underwriting annuities and insurance policies, selling insurance policies, and providing a variety of insurance and employee benefit-related services.

Everyone needs a solid insurance policy, including the people who work in the industry themselves. In 2020, ninety percent of private industry workers, including claims adjusters and investigators, policy processing clerks, and insurance sales agents, had access to employer-sponsored benefits. Providing high-quality coverage within the insurance industry helps companies retain a workforce of experienced, healthy, and knowledgeable professionals.

High education and training costs to become medical professionals are incurred and usually result in above average income. To supplement that, employers often need a short and/or long term disability plan that pays above rates, which is usually $15K or higher, and is typically not standard and will take specialized resources such as incredible benefits packages. Competitive benefit packages can help to attract talented employees, lower turnover rates, and lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Additionally, student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.

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The Insurance Carrier Industry Employment Summary

There are about 32,000 insurance carrier businesses across the country, employing over 1.5 million employees. Companies in this industry are mid-sized, with each one having an average of 48 employees. A full 60% of employees in this industry identify as female, and the median employee age is 45 years old.

Insurance Carrier Industry Benefits Comparison

93%

What percent of insurance carriers offer medical insurance?

  • A full 93% of insurance carrier employers offer their employees access to medical insurance. This is well above the national average of 69%.
  • These businesses provide an average monthly employer premium of $1,212 for family coverage. This is above the national average of $1,121.
  • Additionally, these businesses provide an average monthly employer premium of $455 for individual coverage. This is in line with the national average of $458.

77%

What percentage of insurance carriers offer short and/or long-term disability insurance?

77% of insurance carriers offer both short-term and long-term disability insurance. The national average for these metrics is 42% and 34%, respectively.

89%

What percent of insurance carriers offer life insurance?

89% of insurance carriers offer life insurance coverage. This is well above the national average of 56%.

40%

Do insurance carriers provide access to paid family leave?

  • 40% provide access to paid family leave, which is above the national average of 20%.
  • Unpaid family leave is offered by 97% of employers, which is above the national average of 88%.
  • 55% offer consolidated leave plans, which is above the national average of 44%.

Summary

Overall, the insurance carrier industry stands well above the national average when it comes to providing comprehensive employee benefits packages. In order to attract, retain, and incentivize employees, employers in the insurance carrier industry will need to continue down the path of providing employee benefits packages that meet their employee’s needs.

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