Independent insurance agencies clearly have put the impact of the pandemic-related shutdowns in the rear-view mirror, according to the 2023 Channel Harvest Research survey. Some three in four agencies grew revenues last year, while fewer than 10% shrank, the annual survey of some 2,600 agency leaders and support staff found. Channel Harvest is a division of Aartrijk.
The number of agents reporting they use a small business quoting platform such as Tarmika or Semsee increased to 14%, up from 5% in 2021, the last time Channel Harvest asked the question.
Other selected key findings include:
- Commercial lines-focused agencies were significantly more likely (87%) to grow in 2022 than personal lines-dominant firms (73%).
- Most agents said more clients are asking them to remarket commercial policies than previously, with over one-third (37%) saying the increase is “substantial” or “huge.”
- Agencies are starting to provide their own self-service options for clients. The majority (57%) said customers have the ability to help themselves via carrier-provided services.
Developed in collaboration with partner insurance carriers, the 2023 Channel Harvest study included new queries about marketing efforts, cross-selling, policyholder self-service, book rolls, and field representative visits. Other questions focused on underwriting relationships, compensation, claims responsiveness and marketing support.
Respondents also ranked specific carriers on a variety of performance metrics.
This is the 16th annual survey of independent agents conducted by Channel Harvest. The quantitative survey centers on agents’ perceptions of carriers with which they do business, as well as of marketplace issues. Respondents included agency owners, producers and service staff.
Channel Harvest provides insurers with a unique, third-party, objective lens. Carriers use the detail to validate what they already may believe about their agency plant, or to gather insight into relevant subject areas.
Insurers interested in participating in future studies may contact Dave Evans, Aartrijk strategist and senior associate, at dave.evans@Aartrijk.com or 703.304.3540.