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Outlook Bright for Agents, U.S. Labor Department Says

Long term prospects for insurance agents are bright, according to the U.S. Labor Department. In The Occupational Outlook Handbook 2008-2009, published by the department's Bureau...
April 21, 2009

Long term prospects for insurance agents are bright, according to the U.S. Labor Department. In The Occupational Outlook Handbook 2008-2009, published by the department's Bureau of Labor Statistics, says employment of insurance sales agents is expected to increase by 13 percent over the 2006-16 period. The report also says:

"In many ways, the Internet should not greatly threaten agents' jobs as was widely thought. The automation of policy and claims processing is allowing insurance agents to take on more clients. Most clients value their relationship with their agent and still prefer discussing their policies directly with their agents, rather than through a computer."

"Insurance and investments are becoming more complex, and many people and businesses lack the time and expertise to buy insurance without the advice of an agent."

The report also points out an increasing need for multilingual agents and agents who understand insurance terminology. "Multilingual agents should have good job prospects because they can serve a wider range of customers. Additionally, insurance language tends to be quite technical, so agents who have a firm understanding of relevant technical and legal terms will also be desirable to employers." The report also takes note of the need for young people to enter the industry. "Many job openings are likely to result from the need to replace agents who leave the occupation or retire, as a large number of agents are expected to retire over the next decade."

More information is available from the Bureau of Labor Statistics.

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