Policy Price Tag Is Placement Key: Agents
NU Online News Service, July 24, 3:45 p.m. EST?Independent insurance agents' main focus, when they place personal lines business, is on a company's ability to offer competitively priced products, a survey has found.
The research was conducted by the Progressive group, Mayfield Village, Ohio, which recorded responses from more than 1,500 agents across the country who responded to an online survey posted at Progressive's Web site, www.ForAgentsOnly.com. The FAO survey queried agents about the characteristics of the companies they represent.
In the survey, nearly 40 percent of respondents said a company's ability to offer competitive products was the most important thing they consider when deciding where to place their personal lines business.
Nearly 30 percent of respondents said a company's financial stability as reported by A.M. Best was the most important consideration, followed by a company's ability to offer round the clock claims and customer service.
Rounding out the list were agency compensation, technology provided to agents, and advertising or consumer brand recognition.
The survey also revealed that independent agents are looking for improved technology from their personal lines companies--45 percent of respondents said technology is something they would like to see improved.
Progressive, the author of the survey, described its online capabilities as an example of improved technology. Progressive agents recently began quoting and selling polices through the FAO Web site, and can process policy endorsements online through the site.
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