2018 Agent Study reveals the level of satisfaction with insurers, and how producers perceive the quality of commercial carriers.
In 2017, NU forged an alliance with the National Association of Professional Insurance Agents (PIA) and Flaspöhler | NMG to conduct the inaugural Independent Agent Study — a research project designed to annually take the pulse of independent Property & Casualty insurance agents throughout the U.S. and provide revealing insight into the demographics, books of business and challenges they face, and reveal their most highly rated carrier partners.
Today, we look at the findings around how respondents rate their level of satisfaction with their commercial P&C carrier partners, and the various criteria by which producers perceive the quality of those commercial carriers.
When asked what indications of quality they value most in a commercial P&C carrier, 64.3% of our study respondents said “ease of doing business,” which was the No. 1 response. That was followed by “fair, timely claims handling” (46.1%) and “strong, knowledgeable underwriting” (38.7%) “superior customer service” (37.4%) and “consistent underwriting” (36.5%).
What do those numbers reveal? That independent agents want to serve their clients quickly, effectively and with minimum agony. Carriers would do well to consider in their own workflows what can be done to better facilitate meeting those goals.
When asked to rate their overall level of satisfaction with the commercial carriers they use, 36.8% of respondents said they were “very satisfied” while 52.5% said they were “somewhat satisfied.” While only a small percentage openly said they were unsatisfied, that “somewhat satisfied” segment warrants further listening by carriers. Food for thought: What can be done on both sides to improve those relationships?
Flaspöhler has long conducted its own larger annual study of agents (the Flaspöhler | NMG Producer Study) on behalf of key P&C carriers, which use the results to help them best meet agent needs. The data included in the study featured in NU and on PropertyCasualty360.com this month are extracted from Flaspöhler’s larger research study (upward of 300 pages), which the firm makes available to rated P&C commercial lines carriers. (Contact rick.flaspohler@nmg-group.com for more information.)
https://www.propertycasualty360.com/2018/03/12/are-agents-really-that-satisfied-with-their-pc-car
