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.

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About PIA Western Alliance

The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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