NAICS Code 524210-06 - Insurance-Life (Agents)Marketing Level - NAICS 8-Digit
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NAICS Code 524210-06 Description (8-Digit)
Hierarchy Navigation for NAICS Code 524210-06
Parent Code (less specific)
Tools commonly used in the Insurance-Life (Agents) industry for day-to-day tasks and operations.
- Actuarial software
- Customer relationship management (CRM) software
- Underwriting software
- Insurance rating software
- Policy administration software
- Electronic signature software
- Financial planning software
- Risk management software
- Insurance quoting software
- Data analytics software
Industry Examples of Insurance-Life (Agents)
Common products and services typical of NAICS Code 524210-06, illustrating the main business activities and contributions to the market.
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable life insurance
- Group life insurance
- Key person life insurance
- Mortgage life insurance
- Final expense life insurance
- Indexed universal life insurance
- Survivorship life insurance
Certifications, Compliance and Licenses for NAICS Code 524210-06 - Insurance-Life (Agents)
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Life and Health Insurance License: This license is required for agents to sell life and health insurance policies. It is issued by the state insurance department and the requirements vary by state. The license ensures that agents have the necessary knowledge and skills to sell insurance policies.
- Chartered Life Underwriter (CLU): This certification is awarded by the American College of Financial Services and is designed for professionals who specialize in life insurance and estate planning. It requires completion of a series of courses and exams. The certification demonstrates expertise in life insurance and estate planning.
- Certified Life Underwriter (CLU): This certification is awarded by the American College of Financial Services and is designed for professionals who specialize in life insurance. It requires completion of a series of courses and exams. The certification demonstrates expertise in life insurance.
- Life Insurance Settlement Broker License: This license is required for brokers who facilitate the sale of life insurance policies to third-party investors. It is issued by the state insurance department and the requirements vary by state. The license ensures that brokers have the necessary knowledge and skills to facilitate life insurance settlements.
- National Association Of Insurance and Financial Advisors (NAIFA) Membership: NAIFA is a professional association for insurance and financial advisors. Membership provides access to education, networking, and advocacy resources. It demonstrates a commitment to professional development and ethical standards.
A concise historical narrative of NAICS Code 524210-06 covering global milestones and recent developments within the United States.
- The "Insurance-Life (Agents)" industry has a long history dating back to the 18th century when the first life insurance company was established in London, England. The industry has since grown and expanded globally, with notable advancements such as the introduction of term life insurance in the 1950s 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 the first American life insurance company in 1759. The industry has since undergone various changes, including the introduction of group life insurance policies in the 20th century and the increasing use of technology in recent years to streamline the application and underwriting process.
Future Outlook for Insurance-Life (Agents)
The anticipated future trajectory of the NAICS 524210-06 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
Growth Prediction: StableThe future outlook for the Insurance-Life (Agents) industry in the USA is positive. The industry is expected to grow due to the increasing demand for life insurance policies. The aging population and the need for retirement planning are also expected to drive the growth of the industry. The industry is also expected to benefit from the increasing use of technology, which is making it easier for agents to reach out to potential customers and offer them customized policies. However, the industry is also facing challenges such as increased competition from online insurance providers and changing regulations. Overall, the industry is expected to grow steadily in the coming years.
Industry Innovations for NAICS Code 524210-06
Recent groundbreaking advancements and milestones in the Insurance-Life (Agents) industry, reflecting notable innovations that have reshaped its landscape.
- Digital Platforms: Many insurance companies are now using digital platforms to reach out to customers and offer them customized policies. These platforms use data analytics and machine learning algorithms to analyze customer data and offer personalized policies.
- Mobile Apps: Insurance companies are also developing mobile apps that allow customers to manage their policies, file claims, and get in touch with agents. These apps are making it easier for customers to interact with insurance companies and are improving the overall customer experience.
- Social Media: Insurance companies are using social media platforms such as Facebook and Twitter to reach out to potential customers and offer them customized policies. Social media platforms are also being used to educate customers about the benefits of life insurance policies.
- Telematics: Telematics is a technology that allows insurance companies to track the driving behavior of customers and offer them customized policies based on their driving habits. This technology is being used by many insurance companies to offer usage-based insurance policies.
- Artificial Intelligence: Many insurance companies are now using artificial intelligence to analyze customer data and offer personalized policies. AI algorithms can analyze large amounts of data and identify patterns that can be used to offer customized policies to customers.
NAICS Code 524210-06 - Insurance-Life (Agents)
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