Technology, disintermediation, new competition and other changes have hit the independent agent (IA) channel over the past 10 years, and those disruptions haven't stopped. (Panithan/Adobe Stock)
The independent agency (IA) system has long had significant strengths. Demonstrating its appeal, it added nearly 4,000 new agencies during a historically difficult pandemic and economic slowdown in 2020 and 2021, noted the 2022 Agency Universe Study from the Independent Insurance Agents and Brokers of America (Big "I").
The IA channel now has 40,000 agencies, and 62% of those posted increases in revenue from 2020 to 2021. The joint Big "I" and Reagan Consulting "Best Practices" 2022 study showed agencies posting record-breaking organic growth of 9.2% with profitability at all-time highs.
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