Life insurance and pension services (excluding reinsurance services)
CPC v2.1 Code: 7131
About life insurance and pension services (excluding reinsurance services)
cpc code 7131 covers the provision of life insurance and pension services, excluding reinsurance. This industry plays a crucial role in the broader financial services sector, offering individuals and businesses essential risk management and long-term savings solutions. By pooling risks and investing premiums, life insurance and pension providers help protect against the financial consequences of mortality, longevity, and other life events, contributing to the overall stability and resilience of the economy.
Production process
The key production techniques in the life insurance and pension services industry involve the underwriting and management of insurance policies and pension plans. This includes assessing risk, determining appropriate premium rates, investing premiums to generate returns, and processing claims and payouts. Actuarial analysis, data analytics, and sophisticated risk modeling are essential tools used by industry professionals to ensure the financial viability and sustainability of their products and services.
Production inputs
The main inputs required for the life insurance and pension services industry include skilled labor, such as actuaries, underwriters, and customer service representatives, as well as robust information technology systems and data management capabilities. Additionally, the industry relies on access to financial markets and investment opportunities to generate returns on the premiums collected, which are then used to fund policy and pension payouts.
Production outputs
The primary outputs of the life insurance and pension services industry are the provision of life insurance policies and pension plans. These products and services are consumed by 6411 Life insurance and 6412 Non-life insurance companies, as well as individual consumers and businesses seeking risk management and long-term savings solutions. The industry's outputs contribute to the overall financial security and well-being of households and the broader economy.
Family tree for life insurance and pension services (excluding reinsurance services)
graph LR
A["<a href='/classifications/cpc/v2-1/7'>7: Financial and related services; real estate services; and rental and leasing services</a>"]
A --> B["<a href='/classifications/cpc/v2-1/71'>71: Financial and related services</a>"]
B --> C["<a href='/classifications/cpc/v2-1/713'>713: Insurance and pension services (excluding reinsurance services), except compulsory social security services</a>"]
C --> D["<a href='/classifications/cpc/v2-1/7131'>7131: Life insurance and pension services (excluding reinsurance services)</a>"]
C --> E["<a href='/classifications/cpc/v2-1/7132'>7132: Accident and health insurance services</a>"]
C --> F["<a href='/classifications/cpc/v2-1/7133'>7133: Other non-life insurance services (excluding reinsurance services)</a>"]
D --> G["<a href='/classifications/cpc/v2-1/71311'>71311: Life insurance services</a>"]
D --> H["<a href='/classifications/cpc/v2-1/71312'>71312: Individual pension services</a>"]
D --> I["<a href='/classifications/cpc/v2-1/71313'>71313: Group pension services</a>"]
%% Color coordination by level
classDef level1 color:#000,fill:#a8f9ff,stroke:#333,stroke-width:2px
classDef level2 color:#000,fill:#e0a458,stroke:#333,stroke-width:1px
classDef level3 color:#000,fill:#419d78,stroke:#333,stroke-width:1px
classDef level4 color:#000,fill:#c04abc,stroke:#333,stroke-width:1px
classDef level5 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
classDef level6 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
classDef highlight color:#000,fill:#fff,stroke:#000,stroke-width:5px
%% Apply classes
class A level1
class B level2
class C level3
class D level4
class E level4
class F level4
class G level5
class H level5
class I level5
class D highlight
%% class A level1
%% class B,C level2
%% class D,E,F,G,H,I level2
%% class J,K,L,M,N,O,P level3
%% class D highlight