Agencies that are high digital adopters tend to grow faster than those that are low adopters.
Year-over-year, low digital adopters grew revenue 7.4% while high adopters grew 12% – equating to a more than 60% higher growth rate for highly digital agencies.
Of the agencies that grew revenue by more than 10% year over year, 15% more were high digital adopters than low digital adopters.
Annual revenue growth of high adopters vs. low adopters
Agencies that adopt digital grow faster
When I left the captive insurance world to go independent, I decided to do things my way and make everything digital.
With the digital setup, everything was automated and more streamlined. I was able to manage 1,500 clients by myself. That would have been nearly impossible in my analog days. When COVID-19 hit, I already had all the digital tools in place to serve clients. My agency ended up quadrupling in size and I had to hire three more employees.
Interestingly, there was no correlation between digital adoption and agency size, location or focus. Urban and rural, small and large, personal lines and small commercial lines agencies are all capable of adopting the digital tools that help their agencies grow.