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