As the sun sets on 2008–a tumultuous year for the U.S. economy–uncertainty permeates all industries, including insurance distribution. While no one can exactly predict the future, these are some of our perspectives on how the agent and broker business–from customers to perpetuation plans–will be affected.
o Customer Impact: Most agents and brokers have customers in a multitude of industries. While some will experience more dramatic impacts than others, all will have to address our economic challenges in some form or fashion.
First, revenues and payrolls will be more often down than up, resulting in lower renewal premiums and commissions. In addition, more companies will face potential insolvency and be forced into a sale or extreme cutbacks–which will lead to diminished renewal revenue, at best.
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