Overview
1. Automation Risk
2. User Poll
3. Growth
4. Wages
5. Volume
Decription
Resources
Comments

Insurance Sales Agents

AUTOMATION RISK
CALCULATED
80%
risk level
POLLING
56%
Based on 188 votes
LABOR DEMAND
GROWTH
6.3%
by 2031
WAGES
$57,860
or $27.82 hourly
VOLUME
445,540
as of 2022
SUMMARY
JOB SCORE
4.4/10
Vote
Comments (16)

Automation risk

80% (High Risk)

High Risk (61-80%): Jobs in this category face a significant threat from automation, as many of their tasks can be easily automated using current or near-future technologies.

More information on what this score is, and how it is calculated is available here.

Some quite important qualities of the job are difficult to automate:

  • Persuasion

  • Negotiation

  • Social Perceptiveness

User poll

56% chance of full automation within the next two decades

Our visitors have voted that it's unclear if this occupation will be replaced. However, the automation risk level we have generated suggests a much higher chance of automation: 80% chance of automation.

What do you think the risk of automation is?

What is the likelihood that this occupation will be replaced by robots or AI in the next 20 years?






Growth

Fast growth relative to other professions

The number of 'Insurance Sales Agents' job openings is expected to rise 6.3% by 2031

Total employment, and estimated job openings

* Data from the Bureau of Labor Statistics for the period between 2021 and 2031.
Updated projections are due Sep 2023.

Wages

Moderately paid relative to other professions

In 2022, the median annual wage for 'Insurance Sales Agents' was $57,860, or $27.82 per hour

'Insurance Sales Agents' were paid 24.9% higher than the national median wage, which stood at $46,310

Wages over time

* Data from the Bureau of Labor Statistics

Volume

Significantly greater range of job opportunities compared to other professions

As of 2022 there were 445,540 people employed as Insurance Sales Agents within the United States.

This represents around 0.30% of the employed workforce across the country.

Put another way, around 1 in 331 people are employed as Insurance Sales Agents.

Job description

Sell life, property, casualty, health, automotive, or other types of insurance. May refer clients to independent brokers, work as an independent broker, or be employed by an insurance company.

SOC Code: 41-3021.00

Resources

If you're thinking of starting a new career, or looking to change jobs, we've created a handy job search tool which might just help you land that perfect new role.

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Comments

Jim says
As an Independent Agent, I have had people leave us and go to a "direct" company for a small savings. It's funny though, when they are involved in an accident or any other type of claim they will call me for help dealing with their company. There is not anyone advocating for them or getting them through the claim process. It is then they understand the need for an agent and usually come back.

Claims are the product we sell. No claims, no need for an Agent or a company for that matter
Jul 14, 2021 at 02:20 PM
Alejandro Lechere says
Esto tiene que ver mucho en donde se desarrolle la practica, en lugares donde la digitalizacion sea cultural, va a avanzar. Hay que ver como impacta en la decision de los clientes, lo que se contrata es algo intangible y es un servicio a futuro a cumplir el contrato. Por lo que la base puntual de esto es la confianza, la solidez de la empresa(imagen), pero lo sociocultural tiene que ver, la infraestructura de cada pais, tambien, si bien puede avanzar en paises desarrollados, puede que tenga trabas por otro lados. La globalizacion genera cambios de por si, pero su entorno juega en contra. Si bien la calidad de servicio personal generalmente es de mejor calidad, no por eso, va a ser mas rapida y eficiente. Creo que pueden ser mejores socios, pero a corto plazo, lo veo mas dificil que a largo.

Si nos quedan 20 años, me quedo contento, con eso. Los que amamos dicha actividad, cuando las empresas en este caso de Argentina, dan un paso para lo virtual, se encuentran con muchos problemas. (El fraude es uno de los principales costos) como tambien el costo operartivo (comisiones estructura de las empresas), pero si la ecuacion es bajar el costo, y esto hace subir los fraudes, no veo la ventaja.

Mar 23, 2021 at 04:27 PM
Bobby G (Small chance) says
People can buy any type of insurance without an agent now. And yet, agents still make a living. Unless companies no longer employ or accept applications from agents, there will still be sales by agents
Aug 06, 2020 at 02:22 PM
Keith says
There will always be top companies willing to commission a good insurance broker. The companies that hire on salary and our captive are the ones who make the shift. These companies know good sales people drive revenue. We can use quote tech and other tech to service more people. AI will never sale as fast as a person because? There is zero emotion. As long as you have the ability to get a license, use tech to your advantage, and buy leads you’re safe for decades.
Apr 02, 2020 at 06:06 PM
Dr. Yo (No chance) says
You cannot sell life insurance on advertisement, it creates anti-selection. Mostly those who are more likely to die will respond to the sales pitch. The sales PERSON should convince someone who absolutely don't need this product and will never use it for themselves to buy it - then it becomes profitable. The process is too emotional to outsource it to AI.
Mar 09, 2020 at 06:21 PM
Luiz Antonio (No chance) says
I voted 'no chance' because insurance sales are very personal and based on trust. The A.I. can have all the technical knowledge to do this. But it can't physically meet with clients, take them to dinner, understand their personal problems, and earn their trust. Although i believe A.I. will help increase insurance sales in the next two decades.
Jan 02, 2020 at 12:52 PM
Bobby G says
There are those people (Group 1) who can understand things by reading and doing for themselves and there are people (Group 2) who hate reading or who read stuff and become more confused or still cannot use what they've read to make a decision. AI will not be able to help many in the 2nd group, so therefore, these people will need someone to explain it to them. Currently, anyone can get any type of insurance on their own, either by using the internet or calling directly to the company and use the company's in house agent. And yet, independent agents are still able to make a living. So, therefore, unless agents will no longer be employed and companies only employ AI, agents, especially independent agents, will still exist. So, Luiz, there will be some loss of Group 2 to AI (maybe 25%), you are partially correct
Aug 06, 2020 at 02:20 PM
Swifty says
Auto, Home, and Travel insurance is already being automated now in Poland. The Polish company LINK4 is already doing it. https://www.link4.pl/o-link4/about-link4

And like another has said referring to Amazon, all Amazon has to do is optimize Alexa so she can talk back to you and ask you all the questions needed to properly underwrite and sell you your policy.

Another company to take a look at is Spixii
https://www.spixii.com/infobot
Oct 18, 2019 at 06:07 PM
Billy Johnson (Small chance) says
Robots won't be bright enough to go through the nuances of a specific and unique risk like insurance is. Perhaps for something simple like auto insurance but not for home, business, life, health, etc that is far more personalized to each person walking through the door.
Aug 07, 2019 at 05:43 PM
Chris Duncan says
Where insurance is a commodity with more standardized coverages (BOP, Work Comp, Life, retail property, auto) for personal lines and small commercial, the disintermediation of insurance agents and brokers is already happening in the insurtech world. However, for complex risks and custom insurance for large companies (complex property, liability, product liability, D&O, even "advisor" driven complex decisions like health insurance), it'll be a while. So, rapid change in internet enabled sales and service of routine solutions, but more custom work, still needs advisors.
Jun 23, 2019 at 05:14 PM
Bill Purmort says
The world of risk transfer will continue to be very complex and a artificial replacement may add to the transaction but will never replace it
Apr 01, 2019 at 02:19 PM
Your Friendly Neighbourhood Insurance Broker says
Until it does - look at these online insurer's and brokers. Policy Genius in the US offers quotes across many P&C and Life companies already.

As a client who has unlimited access to information and reviews online, I can spend an hour's time myself comparing 10+ different companies from my couch and never have to step into an insurance office (which face it is extremely dull no matter who you are).

Big players like TD are disrupting the market in Canada with their self serve online P&C products and another of the big ones in Canada, The Co-operators, is pushing their group plans which are completely self serve and offer steep discounts compared to their regular products (I've seen less than half price). Which they can do because they cut out the middle man.

Amazon has also been speculated to start dabbling in the insurance business. Bezos is a conqueror and once he comes for you, it is only a matter of time.

When companies stand to save millions of dollars per year, it will happen. And it will happen quicker than you think.
Apr 26, 2019 at 05:58 AM
Bryan Cryznski says
You're acting like you're smart enough to pick coverage for yourself. Never has there been an industry where people know less than insurance. It's people like you who think you can do it from your couch that are always crying when they have a loss because they chose cheap over adequate coverage on the internet and you'll be complaining to a robot/call center that doesn't care.
Aug 07, 2019 at 05:46 PM
Ryan says
"Never has there been an industry where people know less than insurance." Bold statement there, Bryan. I'd hazard to say that the medical field, in many instances, are far and away more complicated and 'less known' than insurance. But, sure. Let's work with that premise.

Have you worked with AI and algorithms and machine learning before? I can tell you that personal insurance, with as many different factors that there can be, there certainly are solutions for all of the coverage requirements and options. If an insurance company can build in redundancy-proof errors, it wouldn't be a stretch at all to implement those redundancy-proofs to an online, automated, customer-driven platform to purchase insurance.

As soon as a client enters their license number, we can extract their license history, claims history, insurance history and conviction history. AI could easily take out the important information and calculate accordingly.

Who cares if they choose the insurance that isn't the best for them? Is that your personal responsibility to worry about what everyone chooses for every aspect of their life? Caveat emptor. Google it. Read it. Understand it.

There are many, many industries that take advantage of general ignorance. You've made a straw man argument that does not stand up to actual scrutiny. Brokers are on the way out. It is a matter of time, not opinion.
Jan 28, 2020 at 11:26 PM
Ryan M. says
"Brokers are on the way out. It is a matter of time, not opinion." Bold statement there, Ryan. You've identified real threats to a broker's career choice without proving the certainty of your conclusion. I believe a decent term for someone who emphatically predicts the future without appropriate evidence is "fraud". AI will be a viable option for purchasing insurance, and so will brokers. Who will win out? I don't know, but it's a very big space with more than enough room for robots and humans alike.
Dec 12, 2020 at 01:54 AM
Bobby G says
"Your Friendly Neighbourhood Insurance Broker says When companies stand to save millions of dollars per year, it will happen". As if AI doesn't cost money to program. And the changes in prices and regulations have to be programmed in every year. The savings won't be that much. This is not a repetitive procedure like building a car. I think you are oversimplifying the sale of insurance. With competing products, people need to understand or some want someone to simplify it and tell them what is best for them. AI cannot do that.
Aug 06, 2020 at 02:27 PM

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