April Group - Competitors

April Group Competition

Now Viewing April Group's competition in: Insurance Agencies

Recent Developments

Louisiana Continues to Attract Insurers - Louisiana is considering another set of incentive payments to insurers willing to offer homeowner policies in the state, which could result in new agencies springing up. The effort is part of a larger legislative strategy that has thus far accumulated over $60 million in funds to disperse. Individual insurance companies have received as much as $29 million in state funds to open up for business in Louisiana.

Information Sharing Picks Up Speed - A growing number of insurance agents and their carriers are signing on to the Real Time/Download Campaign, a combined effort of multiple insurance carriers to speed information sharing with agents in the field. The effort aims to first familiarize agents with technologies to speed information sharing with carriers, which can eventually improve agent efficiency. According to experts, the number of companies interested in the technology has grown rapidly since the campaign's beginning in 2007.

Life Insurance Off in US, Up in Canada - Overall North American life insurance policy applications were down early in 2008, mostly due to a drop in the number of US applications. New policy applications in the US were down 4.8 percent in February 2008 compared to February 2007, but Canadian applications rose 9.5 percent. Canadian applications were up among all age groups, while US applications were down for all age groups under 60.

Competitive Landscape

Demand is related to consumer income and the volume of commercial activity. The profitability of individual agencies depends on effective marketing. Large agencies have advantages in name recognition, connections with more insurers, and the ability to craft more complex insurance packages. Small agencies can compete successfully by specializing in a product, industry, or market. Average annual revenue per employee is close to $200,000.

Full Industry Overview For Insurance Agencies

Insurance Agencies Industry Forecast

from Hoover's/D&B subsidiary First Research

The output of US insurance agencies, brokerages, and related services is forecast to grow at an annual compounded rate of 3 percent between 2007 and 2012.

Insurance Agents, Brokers, Services Growth Even and Slow

First Research forecasts are based on INFORUM forecasts that are licensed from the Interindustry Economic Research Fund, Inc. (IERF) in College Park, MD. INFORUM's "interindustry-macro" approach to modeling the economy captures the links between industries and the aggregate economy.