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The insurance agents and brokerage industry is primarily concerned with selling life, health, automotive, property, casualty, or other types of insurance, while helping clients navigate their options and choose the policy that works for them. Insurance companies employ insurance agents, but some professionals operate as independent brokers that offer policies from several different insurance companies instead of just one.
Although people can now purchase insurance online, the employment of insurance sales agents is projected to increase by five percent by 2029 because many clients prefer the support of an expert when making important decisions about their coverage. Supplying the right insurance package guarantees that your employees can testify to the importance of a great policy when working with their clients.
As these employees are educated and skilled workers, competitive benefit packages can help to attract talented employees and lower turnover rates. Additionally, benefits can help to lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Some examples of this include student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.
There are about 148,000 insurance agencies and brokerages across the country, employing over 1.05 million employees. Companies in this industry tend to be on the smaller side, with each one only having an average of 7 employees. 55% of employees identify as female, and the median employee age is 44 years old.
77% of insurance agencies and brokerages offer both short-term and long-term disability insurance. The national average for these metrics is 42% and 34%, respectively.
89% offer access to life insurance coverage. This is well above the national average of 56%.
As a whole, the insurance agency and brokerage industry set a great example to other industries when it comes to providing comprehensive benefits packages, as all their benefits offerings are above the national standard. Employers in this industry need to continue to set the bar high for other industries and will be able to show the importance of attracting and retaining employees in the future.
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