Despite facing inflation, market volatility, and technological changes, independent insurance agents remain optimistic about their business prospects.
Tag: independent agents
Big “I” 2024 Market Share Report: Independent Agency Channel Places 62.2% of All P&C Insurance
Based on 2023 data, this year’s report found that the independent agency channel places 62.2% of all p&c insurance written in the U.S., demonstrating the channel’s resilience amid the challenges posed by the hard market.
Trusted Choice Survey: How Agents Are Adapting to the Hard Market
How are independent insurance agents adapting to the hard market? Trusted Choice® examined that question in-depth in its newly released report, “Navigating the Hard Market: How Independent Agencies Are Reacting.” Client communication, retention, technology and team morale are among agents’ top priorities, according to the report, which was based on responses from 225 agents operating in varying agency sizes, experience and lines of business.
How Selling Insurance Became One of the Worst Jobs in California
Harper’s job used to be to find good policies on home and auto plans for his clients. Now he breaks bad news: Rates are going up, coverage has been cut, and policies have been canceled.
More Independent Insurance Agents are Shopping Premiums, Even as Carrier Satisfaction Is High
While independent insurance agents continue to be satisfied with their carrier partners, the rising cost of premiums has made these relationships increasingly tenuous.
Hard Market, Inflation Continue to Boost Agency Organic Growth, Says Reagan Consulting
The independent insurance agent and broker channel posted organic growth of 11.2% in the second quarter of 2023 — once again exceeding its previous high-water mark of 11.1%, set in Q1 2023. Moreover, profit margins were high.
How to Help Your Clients in the Tough Property Insurance Market
The commercial property insurance market remains challenging, with several factors contributing to difficult conditions and premium increases. First, the frequency and severity of catastrophic events have caused significant losses globally. Second, reinsurance costs have risen due to catastrophic events, inflation, and selective reinsurance. Third, underinsurance is a concern, with many business owners needing to adjust their policy limits.
BriteCo Expands Top-Rated Jewelry Coverage to Independent Insurance Agents and Brokers
BriteCo has announced today a new Agent & Broker Program that extends its top-rated jewelry insurance to independent insurance agents and brokers in the United States.
2022 Agency Universe Survey: Number of New Agencies Increased
According to the 2022 Agency Universe Study, the number of independent insurance agencies has increased, and business conditions for agencies remain favorable. While the majority of agencies reported revenue growth, the percentage is lower than in the previous 2020 study. Future One, a partnership between the Big “I” and leading independent agency firms, has released… Continue reading 2022 Agency Universe Survey: Number of New Agencies Increased
Direct and Independent Agent Sales Channels Become Ground Zero in Auto Insurers’ Battle to Win New Customers
With just 2-3% of new customers entering the personal lines auto insurance market each year, insurers have only one option when it comes to growing their business: taking market share from competitors. According to the J.D. Power 2019 U.S. Insurance Shopping Study, success in driving new customer acquisition comes down to having a strong brand… Continue reading Direct and Independent Agent Sales Channels Become Ground Zero in Auto Insurers’ Battle to Win New Customers