According to an inaugural J.D. Power Independent Insurance Agents Satisfaction Study developed in alliance with the Big “I”, carriers with the highest satisfaction rate among agents are able to offer competitive agent commission while maintaining expense ratio discipline—and are ultimately more profitable.
A recent article in Independent Agent magazine explores the study findings and points out that, overall, property-casualty carriers are falling short of agent expectations. The new study shows that among agents, overall satisfaction with carriers is just 696 on a 1,000-point scale for personal lines and 686 for commercial lines—among the lowest scores for business-to-business relationships across all industries in J.D. Power satisfaction studies.
“Consumers tend to be fairly happy with their p-c carrier, and the fact that agents were not was the biggest surprise of the study,” says Greg Hoeg, vice president, insurance practice at J.D. Power. “Or maybe it’s not a not a surprise, because agents are responsible for their clients, and they expect carriers to honor their commitment. It’s a credit to agents that they are being vigilant and ultimately a good filter in improving the end client’s satisfaction with carriers.”
The study examined many topics from the agent perspective, including the quoting/underwriting process, claims process, policy servicing, communications, commissions management, product and service offerings, and insurer risk appetite.
Read the article in Independent Agent.