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“The [2020 Agency Universe Study] uncovered some key areas in which independent agencies need further support, including finding new business opportunities and offering digital tools and servicing,” said Madelyn Flannagan of the Big “I” in a press release. (Photo eamesBot/Shutterstock)
One-quarter of independent insurance agencies saw significant changes to their operations, revenue and commercial lines customers base during the COVID-19 pandemic, a new study reveals.

The 2020 Agency Universe Study, produced by Future One, a cooperative effort of the Independent Insurance Agents & Brokers of America (Big “I”) and leading insurance agencies, examines agency revenue trends and agency technology use, marketing strategies, and carrier relationships. For 2020, the survey was modified to include questions related to the coronavirus pandemic. The results from these questions were recently published by the Big “I” in its COVID-19 Impact Summary.

“Independent agents and brokers emerged as truly essential anchors in their communities during the challenges of 2020, helping their clients and neighbors find security and peace of mind even as they themselves were impacted by the uncertainties,” said Bob Rusbuldt, Big “I” president & CEO, in a statement. “The 2020 Agency Universe Study highlights how agencies can best tackle the continues obstacles and trends in the post-COVID world.”

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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