NAICS Code 524210-09 - Insurance Agents Brokers & ServiceMarketing Level - NAICS 8-Digit
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NAICS Code 524210-09 Description (8-Digit)
Hierarchy Navigation for NAICS Code 524210-09
Parent Code (less specific)
Tools commonly used in the Insurance Agents Brokers & Service industry for day-to-day tasks and operations.
- Customer relationship management (CRM) software
- Insurance rating software
- Underwriting software
- Claims management software
- Document management software
- Electronic signature software
- Marketing automation software
- Social media management tools
- Email marketing software
- Web conferencing software
- Video conferencing software
- Accounting software
- Project management software
- Business intelligence software
- Compliance management software
- Cybersecurity software
- Mobile apps for insurance agents and brokers
- Online insurance marketplaces
- Insurance policy comparison tools
- Insurance premium calculators
Industry Examples of Insurance Agents Brokers & Service
Common products and services typical of NAICS Code 524210-09, illustrating the main business activities and contributions to the market.
- Health insurance policies
- Property insurance policies
- Liability insurance policies
- Auto insurance policies
- Workers' compensation insurance policies
- Disability insurance policies
- Long-term care insurance policies
- Pet insurance policies
- Marine insurance policies
- Aviation insurance policies
- Crop insurance policies
- Flood insurance policies
- Cyber insurance policies
- Event insurance policies
- Surety bonds
Certifications, Compliance and Licenses for NAICS Code 524210-09 - Insurance Agents Brokers & Service
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Property and Casualty Insurance License: This license is required for insurance agents to sell property and casualty insurance policies. It is issued by the state insurance department. [source]
- Life and Health Insurance License: This license is required for insurance agents to sell life and health insurance policies. It is issued by the state insurance department. [source]
- Certified Insurance Counselor (CIC): This certification is awarded to insurance agents who complete a series of courses and exams on insurance and risk management. It is issued by the National Alliance for Insurance Education and Research. [source]
- Chartered Property Casualty Underwriter (CPCU): This certification is awarded to insurance professionals who complete a series of courses and exams on property and casualty insurance. It is issued by the American Institute for CPCU. [source]
- Certified Risk Manager (CRM): This certification is awarded to insurance professionals who complete a series of courses and exams on risk management. It is issued by the National Alliance for Insurance Education and Research. [source]
A concise historical narrative of NAICS Code 524210-09 covering global milestones and recent developments within the United States.
- The Insurance Agents Brokers & Service industry has a long history dating back to the 17th century when the first insurance company was established in London. The industry has since grown to become a vital part of the global economy, providing individuals and businesses with protection against financial loss. In the United States, the industry has seen significant growth since the 19th century, with the establishment of the first insurance agency in 1853. The industry has since undergone several notable advancements, including the introduction of new insurance products, the use of technology to streamline operations, and the expansion of services to include risk management and financial planning.
Future Outlook for Insurance Agents Brokers & Service
The anticipated future trajectory of the NAICS 524210-09 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 Agents Brokers & Service industry in the USA is positive. The industry is expected to grow due to the increasing demand for insurance products and services. The rise in disposable income and the aging population are also expected to contribute to the growth of the industry. The industry is also expected to benefit from the increasing use of technology, which is making it easier for customers to purchase insurance products online. However, the industry is also facing challenges such as increased competition and regulatory changes, which could impact its growth in the future.
Industry Innovations for NAICS Code 524210-09
Recent groundbreaking advancements and milestones in the Insurance Agents Brokers & Service industry, reflecting notable innovations that have reshaped its landscape.
- Artificial intelligence (AI) and machine learning are being used to improve the efficiency of insurance agents and brokers. AI-powered chatbots are being used to provide customers with quick and accurate responses to their queries.
- The use of blockchain technology is increasing in the insurance industry, which is helping to reduce fraud and improve the efficiency of claims processing.
- Insurance companies are increasingly using telematics to monitor the driving behavior of their customers. This is helping to reduce the risk of accidents and improve the accuracy of insurance premiums.
- The use of drones is increasing in the insurance industry, which is helping to improve the accuracy of damage assessments and reduce the time taken to process claims.
- Insurance companies are increasingly using social media to engage with their customers and provide them with personalized insurance products and services.
NAICS Code 524210-09 - Insurance Agents Brokers & Service
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