First Health Group - Competitors

First Health Group Competition

Now Viewing First Health Group's competition in: Insurance Agencies

Recent Developments

Survey Reveals Agency Reactions to Economy - Insurance Journal surveyed insurance agencies on their responses to the current economic climate. In contrast to findings by other research firms that indicate massive layoffs among many American businesses, the predominant responses from insurance agencies have been cost-cutting, more customer communication, and searches for new market opportunities. According to the survey, just over 10 percent of agencies say that they haven't been impacted by the economic downturn.

Agency-Carrier Relationship Worrying Agents - Some agents are worried about their relationship with major insurance carriers, according to survey data collected by Channel Harvest Research and Insurance Journal. Agents worry about the industry's overall image and are concerned that agencies are losing support from carriers long-term. Long-term concerns are heightened by increased emphasis on Internet sales by carriers, instead of selling through agents.

Insurance Industry Measures Slow in 2008 - Even before the economic turmoil that impacted the US economy in fall 2008, insurance industry numbers were down in the first part of the year. Profit for the industry fell just over 57 percent January through June 2008, compared to the same six months in 2007. With investment income also down, insurance agencies will likely soon be impacted if they don't already face concerns.

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, which includes agencies, brokerages, and related services, is forecast to grow at an annual compounded rate of 4.6 percent between 2008 and 2013.

Insurance Growth Even

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.