10.24.23

Adding Agents of Color Can Help Close the Life Insurance Gap, Panel Agrees

by: John Hilton

New York Life's agent workforce is more than 20% Asian, 10% Black and 12% Hispanic. Industrywide, insurance agents identify as more than 70% white. At New York Life, about 54% of agents fall into that demographic. It is giving New York Life an advantage in meeting the life insurance protection gap that spans all demographics, but is especially pronounced among minority populations, says Liliana Canedo, corporate vice president, Latino market, New York Life. "Literally for 30 years now, we have had an intentional growth strategy for our target market to increase the diversity of our field force," Canedo said. "We want to be able to identify diverse talent in the field of education for leadership positions and in home office positions as well. And we are looking to keep expanding our support for under-represented communities."

Read the full article on Insurance News Net