What percent of insurance agents are independent?
Table of Contents
What percent of insurance agents are independent?
Independent broker-dealers were the largest single distributor of annuities, with 25 percent of sales, higher than in 2016 when they accounted for 21 percent of the market. Independent agents accounted for the second-largest share of annuity sales by channel with 19 percent in 2020, about the same as in 2016.
Do most insurance agents fail?
Developing young talent to become successful young agents is not easy. Chris Burand, president of Burand & Associates, an insurance agency consulting firm, estimates that the new producer failure rate is as high as 70\% to 80\%. Other estimates have pegged failure rates for new agents as high as 50\%.
Are all insurance agents the same?
Insurance agents can either be “captive” agents (meaning the company they represent prohibits them from selling insurance from any other company) or independent agents (who represent more than one company, and are therefore able to sell insurance from multiple carriers).
Why independent insurance agents are better?
They give you a choice – Independent agents represent many different insurance companies that offer a wide variety of coverage options and price points. With their connections and their knowledge of the market, agents can often find a better value for your insurance dollar than you might find searching on your own.
How many black insurance agents are there in the US?
Employed Persons By Occupation, Sex, Race, and Hispanic or Latino Ethnicity, 2019
| Percent of total employed | ||
|---|---|---|
| Occupation | Total employed (in thousands) | Black or African American |
| Total, 16 years and over | 157,538 | 12.3\% |
| Business and financial operations occupations | 7,996 | 9.9 |
| Insurance sales agents | 595 | 10.1 |
What is the point of an insurance agent?
Insurance agents sell and negotiate life, health, property, or other types of insurance to match the needs of their clients. As an insurance agent, you may work for an insurance company, refer clients to independent brokers, or work as an independent broker.
What is the point of having an insurance agent?
An insurance agent can help you buy an insurance policy and make sure you’re purchasing the right amount of coverage for your needs. An agent can help you understand the different insurance terms and coverages.
Why do insurance agents exist?
Agents help clients choose the plans that fit their needs. Agents are aware of more products than consumers are. Independent agents shop several companies and come back with the best prices. Agents offer a range of products so as consumer needs change, their insurance can change with them.