The future of life insurance companies in USA?
In 1970s, there were 1789 life insurance companies in the US. 18. 9 million life policies were purchased in that decade. Average age of a life insurance agent was between 20-40 years old.
Today, there are only 1119 life insurance companies left. 11. 4 million life policies were sold. Average age of a life insurance is agent is around 55-60 years old.
Source: 2006 ACLI Fact Book, US Census Bureau 2006, Best’s Insurance News.
What do you think will happen in the future? I predict there will be less life insurance companies, less life insurance agents since they many will be retiring soon, and many families being unprotected.
March 1st, 2010 at 11:13 am
I work for an insurance company. I can tell you what the future is. Let me say…almost 95% of agents I have dealt with, are rude, not helpful, and lazy. They never call their customers back. When customers have a question, they respond by trying to sell them more insurance. This is why I think the number of agents and life insurance companies are decreasing. Agents are not properly trained, and they do not care about their insureds. They only care about the money they will make from the policy and the rewards they will get and the status they will get.
On average, a day I take about 80 calls in a customer service center. I would say at least 75% of people complain about their agents. I have had people request to speak with their agent. I will call their agent, the agent will flat out tell me to “handle it myself” when the person does not want to speak with ME, they want to speak with their agent.