P&C insurers are continuously looking to increase share and bring new produts to market, but that often sems to be a one-way conversation. What about the ways that independent agents see them? What qualities or characteristics do producers look for in their carriers?
In one of the most comprehensive studies of independent agents in the U.S. ever completed, NU, the National Association of Professional Insurance Agents (PIA) and Flaspöhler, part of NMG Consulting, joined forces to conduct the 2017 Independent Agent Survey — a project whose findings provide revealing insight into the demographics, books of business and industry challenges of independent Property & Casualty insurance agents, as well as their most highly rated carriers.
Today, we look at what indications of quality our survey respondents value in a P&C carrier (and how much), from commission plans to state-of-the-art IT systems, consistent underwriting, and overall financial strength, among many others. If you're a carrier executive, some of the findings may surprise you.
We also asked producers to rate several factors (on a scale from 1 to 9) how important several key factors were to them when evaluating a commercial carrier. These include superior products and coverages; a strong, positive brand reputation; and a strong claims-handling record.
Those interested in learning more about subscribing to the report can contact Rick Flaspöhler, Partner, at [email protected].
Throughout this week and next, we'll continue to share the results of the study, which can be found in full in our March print edition. Check back on Monday for a revealing look at what independent agents said are the biggest challenges to their business.
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Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
