State of the Agency 鈥� 2021 report
In the wake of a worldwide pandemic and rapidly evolving market conditions, independent agents are embracing 鈥� and thriving in 鈥� a more progressive work environment.
This is the major trend revealed in our survey of more than 500 independent agency owners across the country, taken over the summer of 2021. The responses we received paint a picture of the industry's future, with agencies expected to offer additional employee flexibility, engage more with customers, and embrace technology to enhance customer and employee experiences.
Agency operations
Our survey found that the pandemic presented agents with an opportunity to reimagine their workplaces.
2 in 3
agencies expect to keep the remote/hybrid model for their workplace
88%
of agencies are open to visitors
45%
have enacted safety measures - e.g. requiring masks, health screenings
Agency resilience
Despite the challenges presented by the pandemic, our report found that:
72%
of independent agencies reported increased customer retention
62%
reported agency growth
"Customers have remained loyal to their independent agents. As agency owners look to the future, it鈥檚 more important than ever that agents maintain strong retention, working with carriers that can support 鈥� and continue to enhance 鈥� business models with increased flexibility for staff and increased digital accessibility and services to take customer and employee experiences to the next level."
鈥� Dick Lavey, President, Hanover Agency Markets
Additional recent trends, reported by agents like you:
Customer relationships
Increased use - and approval - of digital interfacing, especially DocuSign
A decrease in cash payments
Increased preference for transacting business by phone, email or text
Improved agency efficiency due to fewer in-person visits
Technology
Agencies quicker to adapt to new technology
ways to communicate with customers
Commitment to remaining up to date on developing technologies
Considering closing locations and moving to the cloud
Emergency preparedness
Disaster recovery plans work
Minimized impact of inclement weather to operations
Remote work options
Steady or improved productivity
Aids in attracting and retaining employees
Increased focus on communication needed to keep engagement and motivation high
New challenges in training, onboarding and mentoring employees
Agency growth and retention checklist
As you seek to set your agency apart from your competition, you can expect to continue to face challenging market conditions as many agencies try to re-imagine the future of their businesses. This checklist is based on conversations conducted with our survey that revealed trends, developments and evolving agency best practices, to help you retain momentum in the marketplace.
Stay ahead of trends 鈥� Independent agents who understand emerging risks, such as extreme weather, cyber concerns, and workplace safety, will earn customer trust.
Embrace technology 鈥� Online, web- and mobile-based service tools keep today鈥檚 modern customer engaged, and agencies efficient.
Offer complete coverage 鈥� Independent agents have an opportunity to grow their business by writing the total account for customers. This practice can foster customer loyalty and help an agency grow its business.
Communicate with customers 鈥� Increased communication builds customer relationships that last. Encourage customers to provide multiple points of contact, and establish regular touchpoints throughout their policy period.
Work directly with underwriters 鈥� Partnering with carriers who offer a direct, local underwriting model can help you with more complicated and complex accounts. This enables you to offer the greatest flexibility and choice to tailor accounts for each customer.
Retain talent 鈥� Employees expect the continued flexibility they experienced as a result of the pandemic. Agencies that offer remote working options will experience higher volumes of employee retention.
We're dedicated to the success 鈥� and the future 鈥�
of the independent agency channel
Talk to your Hanover representative to see how 华体会 offers the service and innovations you need to continue meeting the evolving expectations of your customers 鈥� and build the agency of the future.
State of the Agency 鈥� 2021 report
In the wake of a worldwide pandemic and rapidly evolving market conditions, independent agents are embracing 鈥� and thriving in 鈥� a more progressive work environment.
This is the major trend revealed in our survey of more than 500 independent agency owners across the country, taken over the summer of 2021. The responses we received paint a picture of the industry's future, with agencies expected to offer additional employee flexibility, engage more with customers, and embrace technology to enhance customer and employee experiences.
Agency operations
Our survey found that the pandemic presented agents with an opportunity to reimagine their workplaces.
2 in 3
agencies expect to keep the remote/hybrid model for their workplace
88%
of agencies are open to visitors
45%
have enacted safety measures - e.g. requiring masks, health screenings
Agency resilience
Despite the challenges presented by the pandemic, our report found that:
72%
of independent agencies reported increased customer retention
62%
reported agency growth
"Customers have remained loyal to their independent agents. As agency owners look to the future, it鈥檚 more important than ever that agents maintain strong retention, working with carriers that can support 鈥� and continue to enhance 鈥� business models with increased flexibility for staff and increased digital accessibility and services to take customer and employee experiences to the next level."
鈥� Dick Lavey, President, Hanover Agency Markets
Additional recent trends, reported by agents like you:
Customer relationships
Increased use - and approval - of digital interfacing, especially DocuSign
A decrease in cash payments
Increased preference for transacting business by phone, email or text
Improved agency efficiency due to fewer in-person visits
Technology
Agencies quicker to adapt to new technology
ways to communicate with customers
Commitment to remaining up to date on developing technologies
Considering closing locations and moving to the cloud
Emergency preparedness
Disaster recovery plans work
Minimized impact of inclement weather to operations
Remote work options
Steady or improved productivity
Aids in attracting and retaining employees
Increased focus on communication needed to keep engagement and motivation high
New challenges in training, onboarding and mentoring employees
Agency growth and retention checklist
As you seek to set your agency apart from your competition, you can expect to continue to face challenging market conditions as many agencies try to re-imagine the future of their businesses. This checklist is based on conversations conducted with our survey that revealed trends, developments and evolving agency best practices, to help you retain momentum in the marketplace.
Stay ahead of trends 鈥� Independent agents who understand emerging risks, such as extreme weather, cyber concerns, and workplace safety, will earn customer trust.
Embrace technology 鈥� Online, web- and mobile-based service tools keep today鈥檚 modern customer engaged, and agencies efficient.
Offer complete coverage 鈥� Independent agents have an opportunity to grow their business by writing the total account for customers. This practice can foster customer loyalty and help an agency grow its business.
Communicate with customers 鈥� Increased communication builds customer relationships that last. Encourage customers to provide multiple points of contact, and establish regular touchpoints throughout their policy period.
Work directly with underwriters 鈥� Partnering with carriers who offer a direct, local underwriting model can help you with more complicated and complex accounts. This enables you to offer the greatest flexibility and choice to tailor accounts for each customer.
Retain talent 鈥� Employees expect the continued flexibility they experienced as a result of the pandemic. Agencies that offer remote working options will experience higher volumes of employee retention.
We're dedicated to the success 鈥� and the future 鈥�
of the independent agency channel
Talk to your Hanover representative to see how 华体会 offers the service and innovations you need to continue meeting the evolving expectations of your customers 鈥� and build the agency of the future.