In 2017, NU forged an alliance with the National Association ofProfessional Insurance Agents (PIA) and Flaspöhler |NMG to conduct the inaugural Independent Agent Study — aresearch project designed to annually take the pulse of independentProperty & Casualty insurance agents throughout the U.S. andprovide revealing insight into the demographics, books of businessand challenges they face, and reveal their most highly ratedcarrier partners.
|Flaspöhler has long conducted its own larger annual study ofagents (the Flaspöhler | NMG Producer Study) on behalf of keyP&C carriers, which use the results to help them best meetagent needs. Flaspöhler distributes the expanded questionnaire toNU's proprietary lists of independent agents nationwide aswell as PIA's national membership (in return for the exclusiveright to publish highlights of the findings), resulting in the mostreliable and scientifically sound sample available.
|Among the insights gleaned this year: The exodus of talent onthe agency side remains concerning. Forty-five percent ofour independent-agent study respondents, most of them principals orowners, said they planned to retire in the next nine years.
|Only about 1 in 4 (24%) of PIA members who responded said theirinsurance carrier relationships were improving; 19% said theirrelationships had declined.
|Despite 56% being armed with agency smartphones, only 41% ofrespondents said they can provide quotes to prospects while out inthe field.
|The data included in the study are extracted from Flaspöhler'slarger research study (upward of 300 pages), which the firm makesavailable to rated P&C commercial lines carriers. (Contact[email protected]for more information.)
|Stay tuned to PropertyCasualty360.com throughout the month as weshare the findings of this in-depth study of America's independentagents.
|To kick things off, let's have a look at who responded to thestudy, and what they said would improve their relationships withthe carriers they do business with. Watch the video below!
|Want to continue reading?
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