Independent agents are, by their very nature, diggers. It is not something they do; for most of them, it is something they are. They are constantly in the game, always prospecting, always selling. As such, planning for their own retirement and the perpetuation of their agencies is not always top-of-mind.
In one of the most comprehensive studies of independent agents in the U.S. ever completed, NU, the National Association of Professional Insurance Agents (PIA) and Flaspöhler, part of NMG Consulting, joined forces to conduct the 2017 Independent Agent Survey — a project whose findings provide revealing insight into the demographics, books of business and industry challenges of independent Property & Casualty insurance agents, as well as their most highly rated carriers.
Today, in this last installment of our findings, our survey respondents told us whether they had a perpetuation plan for their agency -- and less than half said they did (see the results below). It's an alarming statistic, considering that the average age of those respondents is between 50 and 59, and 92.2% of them identified themselves as either an agency principal or owner, mostly the latter.
We've been beating the drum on this critical topic for some time, most notably in our three-part series "What's YOUR Succession Plan?" If you haven't yet thought about what will happen to the business you've worked so hard to build, what your legacy will be, perhaps now is the time.
We also asked producers how important three key actions were to their agency-expansion plans, and when they were planning to retire. Check out those findings below as well.
Those interested in learning more about subscribing to the report can contact Rick Flaspöhler, Partner, at email@example.com.
Our special thanks to PIA and Flaspöhler, part of NMG Consulting, for their partnership on this research project.