A recent survey conducted by Vertafore found that 77 percent of insurance agencies directly attribute their fiscal growth during 2012-2013 to the use of technology. The survey taken at the recent NetVU (Network of Vertafore Users) conference and was designed to identify the sentiment among insurance agents using technology.
Key findings include:
|- Agencies that were once considered small have increased their revenue size in recent years. As a result, they are now categorized as medium-sized agencies.
- Smaller agencies say mobile technology has been beneficial, and data shows smaller agencies have embraced it more than larger agencies.
"The results of our survey reflect the positive impact that technology is having on the way agents and brokers prospect, conduct, and retain business," says Bruce Winterburn, vice president of industry relations for Vertafore. "As new regulations emerge and business processes change, agents have to adapt and evolve to meet the new demands of their clients."
The survey showed medium-sized firms (26 to 75 employees) grew the most in 2012 with 28 percent experiencing between 10 and 20 percent growth, while 64 percent grew between 2 and 10 percent.
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