March 23, 2011

NY Life to Hire More Than 3,500 New Agents in 2011

Company launches new career site for recruiting

New York Life Insurance Co. announced March 14 the launch of its new career website as an adjunct to its efforts to recruit more than 3,500 new insurance agents in 2011. The move follows a level of recruitment in 2010 that topped 3,300 new additions in a continuing trend of expansion.

The site contains information about life insurance and financial services career benefits at all levels of the profession, according to the company, as well as data on opportunities in management.

Mark Pfaff (left), executive vice president in charge of U.S. Life Insurance and Agency, New York Life, said in a statement about the recruiting drive, “With more than 40% of American households reporting they need more life insurance—the highest level ever reported—the demand for professional agents in local communities across the country has never been greater. Through real-life stories on this website, jobseekers will hear from New York Life’s agents and field managers about the benefits of a career with New York Life.” The statistic he cited regarding the high need for life insurance comes from a LIMRA study titled “Trends in Life Insurance Ownership, 2010.”

The company’s recruiting in 2010 specialized in two areas: agents who planned to work within specific ethnic communities, who made up more than 40% of the new additions, and recent college graduates. The latter group represented a 24% increase over similar new hires in 2009. Field manager hires also made up a large proportion of the 2010 hires, coming in at 12%. The company’s hiring rate for agents has been at a compound 16% per year since 2005, and currently totals more than 11,800 licensed agents.

“A career as an agent offers benefits that are diminishing or nonexistent in many other industries—stability, flexibility, significant income potential, health benefits, residual compensation, and a chance to build a financial services business,” Pfaff added. He went on to say that an agent’s work lies in helping families and businesses “achieve financial security by making a significant impact on their lives, the community and even on future generations.”

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