Rather than automatically steering business to carriers that offer the lowest price or highest compensation, it turns out that the closer a carrier's relationship is with its independent agents, the more auto and homeowners insurance producers will send its way, a J.D. Power & Associates survey revealed.
Indeed, the more satisfied an agent is with a particular carrier, the more premium the producer anticipates placing with them in the future, the Westlake Village, Calif.-based information services firm noted in its first "Insurance Agency Satisfaction Study."
For a carrier with an overall satisfaction rating coming close to 850 (1,000 being the highest on the satisfaction scale), close to 80 percent of agencies it dealt with see growth with that carrier. On the other hand, for a company with a satisfaction rating close to 550, less than 40 percent of agencies forecast growth.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
