The Keys to Success for Independent Insurance Agents in 2023 and Beyond

The Keys to Success in 2023 and Beyond

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

of independent insurance agents anticipate that challenging economic conditions will have a major effect on their agency by 2027 (Liberty Mutual and Safeco Insurance)
of customers have purchased products in a new way in the past two years (Salesforce)
of agents cite bringing in new business as one of their top challenges in 2023 (Liberty Mutual and Safeco Insurance)

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:

Keep reading to access more information and resources for each area.