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Insurance Employment — Numbers Rising ​

Posted By Staff reporter, Tuesday, May 14, 2019

Guess what? Insurance agent numbers are growing. You hear they are not, but the Insurance Information Institute (I.I.I.) has taken Department of Labor statistics and those figures say numbers are up.

So new technologies and cost savings are not causing number drops.

 

The I.I.I. figures say the number of insurance agencies and brokers jumped from 653,300 in 2009 to 825,200 last year. Here are the figures from that decade:

 

2009 — 653,300

2010 — 642,300

2011 — 649,200

2012 — 659,600

2013 — 672,300

2014 — 720,000

2015 — 762,800

2016 — 783,500

2017 — 809,600

2018 — 825,200

 

The I.I.I. says the number of agencies and brokers grows by about 20,000 a year. Those are not insignificant numbers. Doing the math for this 10-year period, that’s a 171,700 gain.

 

In an interview with Insurance Business America, Insuretech and Synechron’s Ashish Nangla said,

 

“The latest technology trends will definitely change how the market works and how people interact with each other, as well as how things are presented in the market. There’s going to be a lot of change around customer engagement and how insurers communicate with their customers, and that might lead to disintermediation.”

 

She pointed out that agents just doing sales are going to experience disruption and be impacted by the changes. However, “agents who are working on value-added services, and who are establishing value in the insurance chain, will be able to continue as a business.”

 

The I.I.I. says insurers are — today — looking for agents and agencies and others that will partner with them to add value to their clients. Other than agents and agencies those people include claims adjusters, third-party administrators of insurance funds and other service personnel such as advisory and insurance ratemaking services.

 

Employment has risen in those groups from 254,200 in 2009 to 343,700 last year. That’s a 89,500 gain.

 

Best of all, the total number of people working in insurance — other than a minor correction in 2010 — has grown significantly since 2009. Here are the figures:

 

2009 — 2,379,600

2010 — 2,340,600

2011 — 2,336,400

2012 — 2,368,300

2013 — 2,388,900

2014 — 2,465,800

2015 — 2,538,300

2016 — 2,592,700

2017 — 2,659,600

2019 — 2,690,400

 

That’s an overall gain of 310,800 in a 10-year period.

 

Source link: Insurance Business America

Tags:  Insurance Employment — Numbers Rising ​ 

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