The J.D. Power U.S. Independent Agent Performance and Satisfaction StudySM, which was previously known as the J.D. Power U.S. Independent Agent Performance and Satisfaction StudySM, was created in collaboration with the Independent Insurance Agents & Brokers of America (IIABA). It assesses the changing role of independent agents in property and casualty insurance distribution, the general business outlook, management strategy, and overall satisfaction with personal lines and commercial lines insurers in the United States.
"The last two years have been difficult for insurance agents, particularly in the commercial lines space, where many businesses have struggled," said Stephen Crewdson, J.D. Power's senior director of insurance business intelligence. "What we're seeing in the data now is a return to more frequent and positive interactions between agents and carriers." Importantly, we're seeing trends that indicate that changes implemented since the pandemic, such as increased digital engagement and updates to legacy systems with new platforms and portals, are positively impacting the agent/carrier relationship."
The following are the study's key findings:
• Agent satisfaction reaches an all-time high: Overall satisfaction among personal lines agents is 757, a 7-point increase from 2021, while overall satisfaction among commercial lines agents is 756, a 16-point increase from a year ago. Product offerings and risk appetite; support and communication; quoting; and commission have seen the greatest increases in satisfaction with commercial lines.
• Increased engagement, led by digital: This year, the use of digital channels for interaction with carriers increases by 22 percentage points, while in-person interaction increases by 8 percentage points. When agents interact through digital channels, overall satisfaction is highest.
• Seamless portal integration leads to higher satisfaction scores: The industry's widely updated digital carrier platforms and web portals can have a positive effect on agent satisfaction—but only if they are fully integrated. Complete seamless integration between carrier portals and agency management systems significantly increases agent satisfaction, whereas incomplete or inconsistent integration decreases satisfaction. Only 51% of personal lines agents and 46% of commercial lines agents say their carrier portals are seamlessly integrated.
• Maintaining the relationship: Agents with the highest levels of satisfaction have a relationship tenure of 2-10 years. Agents who have worked with carriers for both shorter and longer periods of time are less satisfied overall, implying that carriers' approaches to both newer and more seasoned agents need to be refined.
Study Rankings
Erie Insurance ranks highest among insurers of personal lines, with a score of 838. Auto-Owners Insurance (817) ranks second and The Hanover (805) ranks third.
Auto-Owners Insurance ranks highest among insurers of commercial lines, with a score of 836. Cincinnati Insurance (812) ranks second and The Hartford (794) ranks third.
For the 2022 U.S. Independent Agent Satisfaction Study, P&C insurance independent agents were surveyed, which resulted in 4,670 evaluations of personal and commercial lines insurers with which agents had placed policies during the prior 12 months. The study was fielded from May through July 2022.
For more information about the U.S. Independent Agent Satisfaction Study, visit https://www.jdpower.com/sites/default/files/file/2022-03/2022_US_IndependentAgentStudyMS.pdf.