Independent agencies hitting their stride – Channel Harvest

Survey shows most independent insurance agencies grew revenues in 2022

Independent agencies hitting their stride – Channel Harvest

Insurance News

By Ryan Smith

Independent insurance agencies have largely put the impact of pandemic-related shutdowns behind them, according to a new survey from Channel Harvest Research.

Channel Harvest, a division of Aartrijk, surveyed 2,600 agency leaders and support staff to gather the data.

The survey found that three out of four agencies grew revenues last year, while fewer than 10% shrank.

The number of agents reporting that they used a small business quoting platform such as Tarmika or Semsee rose to 14%, up from 5% in 2021, the survey found.

Other key findings include:

  • Commercial lines-focused agencies were significantly more likely to grow in 2022 (87%) than personal lines-focused agencies (73%)
  • Most agents said that more clients are asking them to remarket commercial policies than before, with 37% describing the increase as “substantial” or “huge.”
  • Agencies are beginning to provide their own self-service options for customers. Fifty-seven percent said customers can help themselves via carrier-provided services

Read next: Broker performance analytics “need to be more targeted”

The study also included questions about marketing efforts, cross-selling, policyholder self-service, book rolls, and field representative visits, as well as underwriting relationships, compensation, claims responsiveness and marketing support.

Respondents were also asked to rank carriers on a spectrum of performance metrics.

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