What are independent agents looking for from insurers?
Independent insurance agents and brokers control a majority of the P&C market, writing nearly 58% of all premium*. They write 35% of all personal lines policies and 81% of all commercial lines policies. These intermediaries are critical to the success and profitability of insurers, and currently no independent industry metric exists to help insurers understand their performance through the lens of the agent and broker. Without such information, how can P&C insurers understand the following critical questions?
- What are the key drivers of insurer performance in the P&C lines?
- What creates the most satisfying experience for an agent/broker and their customers?
- What are the key trends insurers must act on to better satisfy agents/brokers and their customers?
- What impact are digital channels and changing demographics having on insurers and their current processes with agents/brokers and their customers?
- Which insurers are best at dealing with evolving/emerging risks and policies?
The J.D. Power 2018 U.S. Independent Insurance Agent Satisfaction StudySM describes how satisfaction among independent agents and brokers impacts the profitability of an insurance company; examines how each service event in the relationship between an agent or broker and their insurer impacts their overall perception of the company; and identifies critical service standards that drive higher satisfaction. The study provides a broad understanding of how insurers can improve agent and broker satisfaction, loyalty, and advocacy. Evaluations look at the overall personal lines experience and the overall commercial lines experience. The study will examine the following areas for each insurer:
- Quoting—underwriting process
- Claims process
- Product offerings
- Risk appetite
- Servicing policies
- Support and communication
- State and regional information
- Product line satisfaction**
A study subscription provides access to the insights and tools needed to gain a comprehensive, in-depth understanding of what independent agents and brokers think about their experiences with P&C insurers and what industry leaders are doing to position themselves to become a preferred insurer for these agents and brokers.
*Source: A.M. Best 2016 Marketshare Report.
**Not part of the Index Model and on a 1-10 scale