Life insurance services

CPC v2.1 Code: 71311

About life insurance services

cpc code 71311 covers the provision of life insurance services, a critical component of the financial services industry. Life insurance plays a vital role in protecting individuals and their families from the financial consequences of unexpected events, such as premature death, disability, or critical illness. This industry is a significant contributor to the broader economy, providing employment opportunities, investment capital, and risk management solutions that support economic growth and stability.

Production process

The life insurance industry utilizes a range of actuarial and underwriting techniques to assess and manage risk. Actuaries analyze mortality data, investment returns, and other factors to determine appropriate premium rates and policy terms. Underwriters evaluate individual applicants' risk profiles to determine eligibility and coverage levels. Insurance companies also employ customer service and claims processing teams to handle policy administration and payouts.

Production inputs

The life insurance industry requires several key inputs, including skilled actuaries and underwriters, robust data and analytics capabilities, a diverse portfolio of investment assets, and a strong regulatory framework. Insurance companies also rely on a network of insurance agents and brokers to distribute their products and services to consumers.

Production outputs

The primary output of the life insurance industry is the provision of financial protection and risk management solutions to individuals and businesses. Life insurance policies provide a lump-sum payment to beneficiaries in the event of the policyholder's death, as well as potential cash value accumulation during the policy's lifetime. The life insurance industry's outputs are often consumed by 52111 Direct life insurance carriers and 52121 Insurance agencies and brokerages.

Family tree for life insurance 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>"]
D --> E["<a href='/classifications/cpc/v2-1/71311'>71311: Life insurance services</a>"]

    D --> F["<a href='/classifications/cpc/v2-1/71312'>71312: Individual pension services</a>"]
D --> G["<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 level5
class F level5
class G level5

  class E 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 E highlight