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New research shows that Americans still buy insurance predominantly through independent agents. Two key strategies can help carriers maximize the value and growth potential of their independent agency network.
Rumors of the imminent demise of the agency distribution channel in personal and commercial insurance have been circulating for most of the past decade. Yet, Accenture’s recent survey of US consumers shows this channel remains alive and well – in fact the independent agent channel is the dominant distribution network for the property and casualty business in the United States.
The historically strong value proposition of the independent agent—access to advice, product breadth, carrier choice, and localized personal service—is still very compelling to customers. Yet, without substantial attention to improving the customer experience, independent agents are vulnerable to continued advances in the direct and exclusive agency channels.
To maximize the value and growth potential of their agency network, and create a long-term “win” for all parties, insurance carriers should employ two strategies.
March 13, 2014
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