John Carroll Interview, Part II: Overcoming the Ned Ryerson stigma

The average insurance agent is older, probably white, and most likely a man. These are trends the industry has tried to change for many years. But young people are shying away from careers in insurance.

It isn't for lack of opportunities. According to the most recent Bureau of Labor Statistics data, the employment of insurance sales agents is projected to grow 6% from 2023 to 2033, faster than the average for all occupations.

John Carroll is the senior vice president and head of insurance and annuities for LIMRA. He agrees that the industry has an image problem.

"Ned Ryerson," he jokes, alluding to the annoying insurance agent who repeatedly pops up to annoy Bill Murray in "Groundhog Day." "He ruined it for everybody."

Carroll is finishing up a 40-year career that took him from Merrill Lynch to Allianz Global Distributors. Retirement is set for June after five years with LIMRA and LOMA.

Carroll sat down with InsuranceNewsNet for a lengthy interview during the April Life Insurance and Annuity Conference in New Orleans. The interview will run in three installments. Part one featured Carroll discussing his career and how products have evolved over four decades.

In Part II, he discusses the industry's ongoing efforts to get younger and attract future agents to fill the need. Millions of baby boomers are retiring every year, and the need for retirement planning and products is greater than ever, Carroll notes.

He also discusses the evolution of distribution and where it might end up amid ongoing investment by private equity firms, the growth of technology, and new arrangements with producer groups.

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.