In today’s complex insurance landscape, the relationship between independent agents and carriers plays a pivotal role in business success. A new report from Vertafore, “Independent agents on improving carrier partnerships: Report for insurance carriers,” sheds light on key factors that influence the agent experience. Based on responses from nearly 1,300 insurance professionals, the findings highlight the importance of relationships, communication, and technology in strengthening agent-carrier partnerships.
Key Findings: What Matters Most to Agents
1. Strong Relationships Drive Business Placement
The underwriting environment is more complicated than ever, and agents value personal relationships with underwriters and strong claims service. The survey found that 60% of producers and account managers prioritize relationships with underwriters, while 75% emphasize claims service as critical factors in placing business.
2. Clear and Reliable Communication is Essential
With market volatility creating challenges for agents, clear and accessible communication from carriers is crucial. Seventy-eight percent of agents ranked ease of communication as a factor in determining where they place business. Additionally, 77% said that efficient and user-friendly carrier portals are essential for success.
3. Competitive and Transparent Compensation Structures Matter
Compensation remains a key consideration for agents when working with carriers. The report highlights that 67% of respondents prioritize clear and accurate compensation statements, while 64% value competitive commission structures.
4. Digital Tools Improve Agent Efficiency
Insurance professionals rely on digital solutions to streamline operations. Customer service representatives (CSRs) noted that being able to check policyholder billing status (83%) and make policy changes online (80%) should be top priorities for carriers looking to enhance their agent experience.
5. Efficient Licensing and Onboarding Drive Productivity
Simplified licensing and compliance processes are crucial for ensuring agents can focus on their core work. Seventy-seven percent of respondents stressed the importance of carriers investing in improved onboarding and licensing tools, while 64% highlighted the need for easy access to authorization, appointment, and renewal status.
Technology as a Key Differentiator
Vertafore’s report underscores the significant role technology plays in improving the agent-carrier relationship. Carriers that invest in user-friendly portals, digital document delivery, and integrated systems can help agents reduce manual workloads and increase efficiency. These investments not only improve the agent experience but also drive better business outcomes across the independent agent channel.
“Efficient, streamlined processes are the foundation of the agent-carrier relationship and a positive agent experience,” said Kelly Maheu, vice president of partnerships and industry relations at Vertafore. “This report highlights how carriers and agents rely on technology to make agents’ work easier while bringing the human element into the process to strengthen relationships across the distribution channel.”
Final Thoughts
In an industry where relationships and efficiency go hand in hand, carriers must prioritize seamless communication, competitive compensation, and technology-driven solutions to enhance the agent experience. Vertafore’s findings serve as a roadmap for carriers looking to build stronger partnerships with independent agents, ensuring they can adapt and thrive in an evolving market.
For more information, visit Vertafore’s website.