The insurance landscape of today looks drastically different than it did a few years ago.
Between the upheavals brought about by COVID-19, rapidly evolving technology, the rising expectations of consumers and employees, challenging market conditions and more, insurance agencies have had to adapt to survive.
Top agents have learned to ride the waves of change. Forward-looking agencies know that change is the only constant. They strive to proactively evolve so they can meet future challenges head-on.
At Agent for the Future, we want to help all independent insurance agencies adapt and grow so they can thrive now and in the future. We believe this time of converging challenges can serve as an opportunity for insurance agents to innovate and find new and better ways to serve customers, streamline operations and grow their business.
This playbook explores the keys to success for insurance agencies in 2023 and beyond. It also offers curated resources to help guide strategy and decision-making.
Changing conditions and expectations require adaptability
How top insurance agencies are preparing for the future
Our research team at Liberty Mutual and Safeco Insurance recently surveyed more than 1,100 independent insurance agency leaders and team members to learn about their strategies for growth. The survey explored what agents are worried about and what top agencies are doing to prepare for the future.
Perhaps unsurprisingly, agents are concerned about challenging economic conditions and how rising costs and increasing severity of CATs will impact their businesses. But in the face of these challenges, future-focused agencies are leaning in and building for the long-term across four key areas:
Focusing on customer experience
Streamlining digital capabilities
Investing in strong agency cultures
Adapting to changing markets and looking to the future