A new study conducted by Trusted Choice, the consumer brand representing the Independent Insurance Agents & Brokers of America (Big “I”), sheds light on the strategies being employed by independent insurance agents to adapt to the hard market.
The “Navigating the Hard Market: How Independent Agencies Are Reacting” report explores the proactive steps agents are taking to enhance client services, communication, and operational efficiency.
According to the report, a significant 65% of agencies have amplified their communication with policyholders, with nearly 90% increasing email correspondence and 21% boosting their paid advertising efforts. Meanwhile, 32% of small agencies (1-10 staff) and 45% of large agencies (more than 25 staff) have recently incorporated new technologies.
The poll also quizzed agents on strategies to maintain team morale. Responses varied from increased internal communication and company-paid lunches to extra time off and team-building activities, as well as financial incentives like raises or bonuses, budget-permitting.
Big “I” president and chief executive Charles Symington commented: “To work through challenging market conditions, independent insurance agents are innovating and going the extra mile to best serve and provide value to their clients.
“In this difficult market, the agents who are setting themselves apart are those who are adapting and improving communication, customer retention, technology, and the morale of their teams. And no one is better positioned than independent agents to do all of that and assist their clients through these market cycles successfully.”
Kevin Brandt, executive director at Trusted Choice, added: “With the industry’s ever-changing cycles, communication is even more critical than ever. Agents must remain focused on creating efficiencies in their touch points with clients.
“Overcoming market challenges through active communication with clients and delivering innovative actions and solutions is essential. This is precisely how independent agents bring value in such climates.”
The findings of the report are based on a national survey conducted via email among 225 verified agents.
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