Life for an Independent Agency — Business is Good!

A new survey from Keystone Agency Partners (KAP) highlights one of the reasons you are the successful owner of a smaller independent insurance agency, or are working for one. It says you can provide better service to your clients because of the ability to develop closer, personal relationships.

• *52% of those smaller independent agency owners say they either always, or often, win business over national brokerages
• *Just 8% say they always, or often, lose the business

KAP also asked these same owners what they have to do to keep up with the larger carriers:

• *40% say they need more effective marketing solutions
• *37% say they need to develop more and better strategic partnerships
• *36% need access to new and different markets
• *29% say they need to access the best talent
• *24% say they need to always have access to the latest technology

  However, there are still challenges. Here are some the top-five struggles these smaller independent agency owners as outlined by KAP’s survey:

• *40% struggle with finding talented employees
• *26% struggle with pricing competition
• *23% can’t quite master, or budget for, marketing and advertising
• *22% worry about retaining top, talented employees
• *21% struggle with cybersecurity, data privacy and the risk of digital migration

As for the state of their business, 88% of business owners call it good or excellent.

When it comes to working with outside providers like accounting, IT, sales trainers, consultants for management systems and public relations and marketing, 80% say they’re on top of it and already working with these businesses.

Source link: PropertyCasualty360.com — https://bit.ly/3AQZZWv