Section 2

High Digital Adoption = High Growth

High Digital Adoption = High Growth

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

12%
High Digital Adopters
7.4%
Low Digital Adopters

Agencies that adopt digital grow faster

High digital adopters
Low digital adopters
Revenue growth > 10%
44%
29%
PIF growth > 10%
39%
33%
Section 2: High Adoption = High Growth 1

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.

Majda Baltic
President and Owner, Majdas Touch Insurance

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.

Click to the next section to learn about the seven digital capabilities that are highly correlated with revenue growth. 
Share
Scroll for more