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Transform your agency

This report was originally published in March 2019.

To succeed in the insurance marketplace of the future, agencies must transform to meet customer needs, adopt new technology and embrace innovation. Agent for the Future has put together the resources below to help you transform your agency. View the infographic below for stats on how agencies are changing, read ACT Executive Director Ron Berg’s expert insight on how to lead technology innovations in your agency, take our fun quiz to learn what type of Insurance Innovator you are, and read our new report to learn practical tips for agency transformation.

IAs are holding steady in the market, but competition is fierce

35%
of all personal lines in 2016 and 2017 were written by IAs
155%
growth in insurtech investments between 2017 and 2018
Source: Global Reinsurance
$1.5b
spent on advertising in 2017 by one large direct-to-consumer carrier

One key to agency transformation is thinking like a customer.

This includes using more digital tools to reach customers. Consumers interact with businesses through traditional and new channels.

In the previous year, consumers used:

  • 60% email or phone calls
  • 54% business website
  • 38% online chat
  • 30% mobile app
  • 28% social media

Sources: Drift, Salesforce and myclever

Audio searches are also increasingly popular: 20% of households now use Alexa or Cortana in their homes.

28% of customers say they would definitely or probably use their digital assistant to perform servicing tasks with their insurance policy.

Source: Safeco data

Our Agent for the Future survey found that most IAs are aware of these shifts.

60%
said customers' increasing need for mobile and digital capabilities would have a major effect on their agency by 2020
48%
said that adding new digital capabilities like mobile and chat were part of their five-year growth plans.
40%
said they are comfortable with offering online account management.

10 technologies that can digitally enable your agency

  1. A streamlined, mobile-friendly website
  2. Customer self-service portal or mobile app
  3. Online chatting or AI chat bot
  4. An agency management system that integrates with other tech
  5. Data management and analysis programs
  6. Automated texting/emails
  7. Remote meeting tools
  8. Video quotes and policy reviews
  9. Audio search functions
  10. A social media strategy

Learn about transforming your agency

Read the report     Take the quiz

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