An agent's greatest source of competition? Carriers' direct sales via the online channel, according to a recent Accenture survey of independent agents.
The report, "Evolving to Compete and Win in the Long-Term," said that nearly three-quarters (71%) of the surveyed 1,158 U.S. independent P&C agents indicate that the threat took the form of lower prices, while 48% saw better brand recognition and more effective marketing as key elements of that competition.
Besides the rise of the direct channel, changing consumer behaviors and new technologies are also disrupting independent agents' roles, which include their top priority of retaining and servicing existing customers, and improving the customer experience.
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