Tools commonly used in the Insurance-Savings-Bank-Life industry for day-to-day tasks and operations.

• Actuarial software
• Underwriting software
• Policy administration software
• Customer relationship management (CRM) software
• Investment management software
• Risk management software
• Financial planning software
• Claims management software
• Compliance management software
• Data analytics tools

Common products and services typical of NAICS Code 524113-02, illustrating the main business activities and contributions to the market.

• Term life insurance
• Whole life insurance
• Universal life insurance
• Variable life insurance
• Annuities
• Mutual funds
• Retirement savings plans
• Education savings plans
• Disability insurance
• Long-term care insurance

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Life and Health Insurance Agent/broker License: This license is required for individuals who sell life and health insurance policies. It is issued by the state insurance department and ensures that the agent/broker has the necessary knowledge and skills to sell insurance policies. More information can be found on the National Association of Insurance Commissioners website:
• Certified Financial Planner (CFP): This certification is awarded to individuals who have completed a rigorous education and testing process in financial planning. It is issued by the Certified Financial Planner Board of Standards and ensures that the individual has the necessary knowledge and skills to provide financial planning services. More information can be found on the Certified Financial Planner Board of Standards website:
• Chartered Life Underwriter (CLU): This certification is awarded to individuals who have completed a rigorous education and testing process in life insurance and related financial planning topics. It is issued by the American College of Financial Services and ensures that the individual has the necessary knowledge and skills to provide life insurance and related financial planning services. More information can be found on the American College of Financial Services website:
• Series 6 and 63 Licenses: These licenses are required for individuals who sell variable life insurance policies. They are issued by the Financial Industry Regulatory Authority (FINRA) and ensure that the individual has the necessary knowledge and skills to sell variable life insurance policies. More information can be found on the FINRA website:
• Anti-Money Laundering (AML) Certification: This certification is required for individuals who work in the financial services industry, including life insurance. It is issued by various organizations, such as the Association of Certified Anti-Money Laundering Specialists (ACAMS), and ensures that the individual has the necessary knowledge and skills to prevent money laundering. More information can be found on the ACAMS website:

A concise historical narrative of NAICS Code 524113-02 covering global milestones and recent developments within the United States.

• The Insurance-Savings-Bank-Life industry has a long history dating back to the 18th century when the first life insurance company was established in London. The industry has since grown and evolved, with notable advancements such as the introduction of term life insurance in the mid-20th century and the development of universal life insurance in the 1970s. In the United States, the industry has seen significant growth since the 19th century, with the establishment of major life insurance companies such as MetLife and Prudential. In recent years, the industry has faced challenges such as increased competition from other financial services and changing consumer preferences towards alternative investment options.

The anticipated future trajectory of the NAICS 524113-02 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Insurance-Savings-Bank-Life industry in the USA is expected to experience steady growth in the coming years. The industry is expected to benefit from the aging population, which will increase the demand for life insurance products. Additionally, the industry is expected to benefit from the growing popularity of savings bank life insurance products, which offer both life insurance and savings components. However, the industry may face challenges from increasing competition from other financial institutions and the rise of insurtech companies. Overall, the industry is expected to continue to grow in the coming years, albeit at a slower pace than in the past.

Recent groundbreaking advancements and milestones in the Insurance-Savings-Bank-Life industry, reflecting notable innovations that have reshaped its landscape.

• Digital Platforms: Many companies in the Insurance-Savings-Bank-Life industry are investing in digital platforms to make it easier for customers to purchase and manage their policies online.
• Personalized Products: Some companies are offering personalized life insurance products that are tailored to the specific needs of individual customers.
• Wellness Programs: Some companies are offering wellness programs that incentivize customers to live healthier lifestyles in exchange for lower premiums.
• Hybrid Products: Some companies are offering hybrid products that combine life insurance with other financial products, such as annuities or long-term care insurance.
• Simplified Underwriting: Some companies are using data analytics and other technologies to simplify the underwriting process, making it faster and easier for customers to get coverage.