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With less than 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.
The J.D. Power 2019 U.S. Insurance Shopping Study finds that success in acquiring new customers requires having a strong brand and meeting customer expectations for convenience and competitive pricing. Insurers that are largely reliant on exclusive agents for new business growth are finding it more difficult to meet these needs than direct and independent agents. The direct and independent agent channels continue to show increasingly higher levels of customer satisfaction, while the exclusive agent channel is falling behind.
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