In the fall of 2016, Hanover Research, with the sponsorship of Vertafore, completed a survey of principals or producers from independent U.S. P&C insurance agencies. This is the third consecutive year the survey has measured agency sentiment and places for investment in growth planning.
Hanover Research conducted the research independently with no influence from Vertafore on the findings.
The online survey asked a series of questions about the agencies' growth experience over the past few years as well as their current and planned business models, products, technologies, and marketing capabilities.
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- Overall, nearly half of (49%) of agency respondents are “very optimistic” about the future success of their agency, and almost 85% of agencies are planning for moderate to aggressive growth over the next three to five years.
- P&C agencies are investing in technology to grow their companies and guard against industry disruption. Specifically, respondents are investing in analytics and CRM capabilities to retain and cross sell to current customers to support their growth plans.
- Respondents noted an increase in both personal and commercial lines, further validating the health and vitality of the independent channel.