{
 "api_version": "v1",
 "data": {
  "naics": "524113",
  "label": "Direct Life Insurance Carriers",
  "scope": "United States",
  "operators": 5169,
  "employees": 298850,
  "pay_per_employee_usd": 135353,
  "made_of": {
   "occupation": "Claims Adjusters, Examiners, and Investigators",
   "share_pct": 10.13,
   "concentration_vs_economy": 38.2
  },
  "licence_gate": {
   "occupation": "Insurance Sales Agents",
   "jurisdictions_licensing": 45,
   "jurisdictions_searched": 54,
   "us_jurisdictions_total": 56,
   "exam_gated_licences": 165,
   "matched_by": "soc",
   "marginal": false
  },
  "labour": {
   "defining_occupation": "Claims Adjusters, Examiners, and Investigators",
   "employed_nationally": 122640,
   "median_wage_usd": 76800
  },
  "licensed_occupations": [
   {
    "occ_title": "Insurance Sales Agents",
    "share_pct": 6.51,
    "ratio": 14.9,
    "defining": true,
    "states": 45,
    "licences": 291,
    "matched_by": "soc"
   },
   {
    "occ_title": "Claims Adjusters, Examiners, and Investigators",
    "share_pct": 10.13,
    "ratio": 38.2,
    "defining": true,
    "states": 41,
    "licences": 211,
    "matched_by": "soc"
   },
   {
    "occ_title": "Insurance Underwriters",
    "share_pct": 5.13,
    "ratio": 51.8,
    "defining": true,
    "states": 40,
    "licences": 139,
    "matched_by": "soc"
   },
   {
    "occ_title": "Insurance Claims and Policy Processing Clerks",
    "share_pct": 6.55,
    "ratio": 33.4,
    "defining": true,
    "states": 37,
    "licences": 133,
    "matched_by": "soc"
   },
   {
    "occ_title": "Registered Nurses",
    "share_pct": 3.08,
    "ratio": 1.4,
    "defining": false,
    "states": 50,
    "licences": 348,
    "matched_by": "soc"
   },
   {
    "occ_title": "Management Analysts",
    "share_pct": 3.59,
    "ratio": 6.0,
    "defining": false,
    "states": 12,
    "licences": 15,
    "matched_by": "soc"
   },
   {
    "occ_title": "Software Developers",
    "share_pct": 3.52,
    "ratio": 3.2,
    "defining": false,
    "states": 1,
    "licences": 1,
    "matched_by": "soc"
   }
  ],
  "acquisition_lending": {
   "naics": "524113",
   "business_age": "acquisition",
   "loans": 40,
   "gross_usd": 7687700,
   "guaranteed_usd": 5455600,
   "median_loan_usd": 96423,
   "mean_rate_pct": 7.7,
   "mean_term_months": 111,
   "jobs_supported": 220,
   "years": "FY2010\u2013FY2026",
   "charge_off": {
    "pct": 6.5,
    "charged_off": 2,
    "resolved": 31,
    "usd": 44358,
    "window": "FY2010\u2013FY2020",
    "read": "6.5% of resolved SBA acquisition loans in this industry were charged off, across 31 loans that have actually reached an outcome. Cohorts from FY2021 onward are EXCLUDED from this rate: a loan approved recently has not had time to fail, and counting it would make every industry look safe."
   },
   "peer_rank": null
  },
  "cost_structure": {
   "margin_pct": null,
   "cost_basis": null,
   "receipts_usd": 600733976000,
   "value_added_usd": null,
   "vintage": 2022,
   "read": "Margin computed by the Census Bureau as value added \u2014 receipts less the cost basis named. NULL where Census publishes no cost structure for the sector, which is most service industries; in that case use labour_share_of_receipts_pct and do NOT call it a margin."
  },
  "revenue_distribution": {
   "vintage": 2022,
   "firms": 908,
   "labour_share_of_receipts_pct": 7.1,
   "bands": [
    {
     "band": "<100",
     "lo": 0,
     "hi": 100000,
     "firms": 134,
     "share_pct": 14.8,
     "cumulative_pct": 14.8,
     "labour_share_pct": 33.0,
     "adjusted": true
    },
    {
     "band": "100-499",
     "lo": 100000,
     "hi": 499000,
     "firms": 342,
     "share_pct": 37.7,
     "cumulative_pct": 52.4,
     "labour_share_pct": 28.0,
     "adjusted": true
    },
    {
     "band": "500-999",
     "lo": 500000,
     "hi": 999000,
     "firms": 96,
     "share_pct": 10.6,
     "cumulative_pct": 63.0,
     "labour_share_pct": 27.3,
     "adjusted": true
    },
    {
     "band": "1,000-2,499",
     "lo": 1000000,
     "hi": 2499000,
     "firms": 73,
     "share_pct": 8.0,
     "cumulative_pct": 71.0,
     "labour_share_pct": 18.5,
     "adjusted": true
    },
    {
     "band": "2,500-4,999",
     "lo": 2500000,
     "hi": 4999000,
     "firms": 23,
     "share_pct": 2.5,
     "cumulative_pct": 73.6,
     "labour_share_pct": 13.5,
     "adjusted": true
    },
    {
     "band": "5,000-7,499",
     "lo": 5000000,
     "hi": 7499000,
     "firms": 14,
     "share_pct": 1.5,
     "cumulative_pct": 75.1,
     "labour_share_pct": 16.5,
     "adjusted": true
    },
    {
     "band": "7,500-9,999",
     "lo": 7500000,
     "hi": 9999000,
     "firms": 9,
     "share_pct": 1.0,
     "cumulative_pct": 76.1,
     "labour_share_pct": 20.1,
     "adjusted": true
    },
    {
     "band": "10,000-14,999",
     "lo": 10000000,
     "hi": 14999000,
     "firms": 11,
     "share_pct": 1.2,
     "cumulative_pct": 77.3,
     "labour_share_pct": 7.8,
     "adjusted": true
    },
    {
     "band": "15,000-19,999",
     "lo": 15000000,
     "hi": 19999000,
     "firms": 10,
     "share_pct": 1.1,
     "cumulative_pct": 78.4,
     "labour_share_pct": 9.9,
     "adjusted": true
    },
    {
     "band": "20,000-24,999",
     "lo": 20000000,
     "hi": 24999000,
     "firms": 11,
     "share_pct": 1.2,
     "cumulative_pct": 79.6,
     "labour_share_pct": 12.2,
     "adjusted": true
    },
    {
     "band": "25,000-29,999",
     "lo": 25000000,
     "hi": 29999000,
     "firms": 6,
     "share_pct": 0.7,
     "cumulative_pct": 80.3,
     "labour_share_pct": 4.5,
     "adjusted": true
    },
    {
     "band": "35,000-39,999",
     "lo": 35000000,
     "hi": 39999000,
     "firms": 5,
     "share_pct": 0.6,
     "cumulative_pct": 80.8,
     "labour_share_pct": 14.0,
     "adjusted": true
    },
    {
     "band": "40,000-49,999",
     "lo": 40000000,
     "hi": 49999000,
     "firms": 5,
     "share_pct": 0.6,
     "cumulative_pct": 81.4,
     "labour_share_pct": 9.1,
     "adjusted": true
    },
    {
     "band": "50,000-74,999",
     "lo": 50000000,
     "hi": 74999000,
     "firms": 6,
     "share_pct": 0.7,
     "cumulative_pct": 82.0,
     "labour_share_pct": 5.2,
     "adjusted": true
    },
    {
     "band": "75,000-99,999",
     "lo": 75000000,
     "hi": 99999000,
     "firms": 9,
     "share_pct": 1.0,
     "cumulative_pct": 83.0,
     "labour_share_pct": 9.8,
     "adjusted": true
    },
    {
     "band": "100,000+",
     "lo": 100000000,
     "hi": null,
     "firms": 154,
     "share_pct": 17.0,
     "cumulative_pct": 100.0,
     "labour_share_pct": 7.1,
     "adjusted": true
    }
   ],
   "read": "Firms by RECEIPT SIZE. Labour share is payroll over receipts \u2014 not gross margin, which cannot be derived because Census publishes no cost of goods. Enterprise-level: a firm is counted once at its total size, not per location."
  },
  "standing": {
   "naics4": "5241",
   "percentile": 7,
   "peers": 287,
   "years": [
    2019,
    2023
   ],
   "net_formation_pct": -2.74,
   "band": "shrinking hard",
   "calibration": {
    "rho": 0.57,
    "windows": 4,
    "separation_pp": 42.6
   },
   "read": "Among 287 industries, this one sits at the 7th percentile on net establishment formation over 2019-2023 \u2014 it is shrinking hard. That signal carries a measured rank correlation of 0.57 with the following decade's growth across 4 backtested windows, separating top and bottom deciles by 42.6 percentage points. It describes the INDUSTRY, not a business in it, and it was calibrated against establishment growth rather than returns to an operator."
  },
  "rubric_coverage": {
   "covered": 65,
   "total": 100,
   "partial": 25,
   "absent": 10,
   "rubric": "O1.0-20260804"
  },
  "dimensions": [
   {
    "code": "O1",
    "weight": 25,
    "status": "evidenced",
    "predictive": "predictive",
    "evidence": "5,169 operators employing 298,850 people across 365 counted areas",
    "source": "US Census County Business Patterns"
   },
   {
    "code": "O2",
    "weight": 15,
    "status": "partial",
    "predictive": "not backtested",
    "evidence": "$53,097,976 in federal awards to 13 distinct recipients, largest buyer Department of the Treasury. That is ONE buyer \u2014 federal procurement \u2014 not the private market, so it evidences that this work is paid for at scale, not what a private customer pays.",
    "source": "USASpending.gov \u2014 US federal government work, public domain"
   },
   {
    "code": "O3",
    "weight": 15,
    "status": "evidenced",
    "predictive": "not backtested",
    "evidence": "Claims Adjusters, Examiners, and Investigators \u2014 10.13% of employment here, 38.2\u00d7 its share across the whole economy \u2014 is licensed in 45 jurisdictions, 165 of those licences exam-gated. Matched on SOC 41-3021.",
    "source": "CareerOneStop / ARC, U.S. Department of Labor"
   },
   {
    "code": "O4",
    "weight": 15,
    "status": "evidenced",
    "predictive": "not backtested",
    "evidence": "122,640 Claims Adjusters, Examiners, and Investigators employed nationally at a $76,800 median wage",
    "source": "BLS Occupational Employment and Wage Statistics, May 2024"
   },
   {
    "code": "O5",
    "weight": 10,
    "status": "no producer",
    "predictive": "not backtested",
    "evidence": "Per-operator enforcement records exist for some jurisdictions but are not loaded against industries, only against named businesses.",
    "source": "none"
   },
   {
    "code": "O6",
    "weight": 10,
    "status": "partial",
    "predictive": "not backtested",
    "evidence": "Payroll is 7.1% of receipts industry-wide, across 908 firms. It falls from 33.0% in the smallest revenue band to 7.1% in the largest, which is the scale effect an operator is buying. This is LABOUR SHARE, not margin \u2014 Census publishes no cost of goods, so gross margin remains underivable and is not claimed. It is the largest single cost line in most service businesses and the first one a buyer tests against the seller's numbers.",
    "source": "US Census Statistics of U.S. Businesses 2022"
   },
   {
    "code": "O7",
    "weight": 10,
    "status": "evidenced",
    "predictive": "DESCRIPTIVE ONLY",
    "evidence": "4.82 establishments per firm in 2023 across 5,698 firms and 27,437 establishments: genuinely multi-site \u2014 firms in this industry routinely run many locations. 424 firms closed entirely that year, an establishment exit rate of 13.669%.",
    "source": "US Census Business Dynamics Statistics \u2014 public domain"
   }
  ]
 },
 "sources": [
  "US Census CBP 2023",
  "BLS OEWS 2024",
  "CareerOneStop licence register 2024",
  "Census BDS 1978-2023",
  "USASpending 2021-2025"
 ],
 "gaps": [
  "licence titles in this scope \u2014 none matched 'Claims Adjusters, Examiners, and Investigators', though it is licensed in 45 jurisdictions nationally. The title differs locally, or the record is held municipally.",
  "occupation mix for NAICS 524113 \u2014 the labour statistics carry no rows at this level, so everything about occupations here, including the defining occupation and its licence gate, is measured at NAICS 524100, a broader grouping. Establishment counts are for 524113 itself.",
  "licence coverage \u2014 the register holds 54 of 56 US licensing jurisdictions, and 2,504 of its records carry no jurisdiction at all. A count of 45 is out of 54 searched, not out of 56. The unsearched jurisdictions are not evidence of no licence.",
  "bonding_required_usd \u2014 no producer, and not estimated"
 ],
 "licence": {
  "federal_public_domain": "US Census, BLS and USASpending figures are works of the United States Government, public domain under 17 U.S.C. 105. Freely usable, redistributable and resaleable.",
  "occupational_licences": "Licence data derives from CareerOneStop, sponsored by the US Department of Labor, ETA. Supplied on condition it remains publicly available at no cost and without a log-in.",
  "our_analysis": "Rubrics, scoring, backtests and written analysis are 8th Wave Media LLC. The facts underneath them are not.",
  "not_advice": "Research against public records. Not investment, legal, tax or accounting advice, and no figure here is a prediction about your business."
 },
 "attribution": "RootOptics \u2014 ro.8thwavemedia.com"
}