In 2017, NU forged an alliance with the National Association of Professional Insurance Agents (PIA) and Flaspöhler | NMG to conduct the inaugural Independent Agent Study — a research project designed to annually take the pulse of independent Property & Casualty insurance agents throughout the U.S. and provide revealing insight into the demographics, books of business and challenges they face, and reveal their most highly rated carrier partners.
Today, we look at independent agents who sell Life & Health products. More than half of the study's PIA respondents said they sell both Life and Health, including Accident & Health offerings — but 79% of them said that Life & Health business represents only 10% or less of their agency revenue. Still, 51% of those agents said they plan to increase their Life & Health revenue over the next five years.
Additionally, there seems to be some disparity in compensation around L&H products: 33% of agents who sell Life & Health said their commissions decreased in the last five years, while 32% said their L&H commisisons increased. Thirty-two percent said their commissions remained the same.
Flaspöhler has long conducted its own larger annual study of agents (the Flaspöhler | NMG Producer Study) on behalf of key P&C carriers, which use the results to help them best meet agent needs. The data included in the study featured in NU and on PropertyCasualty360.com this month are extracted from Flaspöhler's larger research study (upward of 300 pages), which the firm makes available to rated P&C commercial lines carriers. (Contact rick.flaspohler@nmg-group.com for more information.)
Stay tuned to PropertyCasualty360.com throughout the month as we share the findings of this in-depth study of America's independent agents.
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