Agent Growth Hit Its Stride in 2022 Says Latest Channel Harvest Survey
Small Business Quoting Platforms like Tarmika Gaining Traction
Independent insurance agencies have shown remarkable resilience and growth in the face of the pandemic challenges, according to the latest Channel Harvest Research survey. The survey, which collected responses from more than 2,600 agency leaders and staff members, revealed that 75% of agencies increased their revenues in 2022, while only 9% experienced a decline.
This is the 16th annual edition of the survey which aims to provide insights into agents’ perceptions of carriers and market issues. The respondents included agency owners, producers and service staff.
Developed in collaboration with partner insurance carriers, the Channel Harvest study also explores topics such as marketing strategies, cross-selling opportunities, policyholder self-service, book transfers, and field representative visits. In addition, the survey asks agents to rate specific carriers on various performance metrics.
Channel Harvest helps insurers gain a unique, third-party, objective perspective on their agency plant and relevant subject areas. Carriers use the data to validate or improve their performance and relationships with agents.
Key takeaways for agents from the 2023 survey
Other highlighted trends and innovations that are shaping the independent agency channel, such as:
The use of small business quoting platforms, such as Tarmika or Semsee, rose to 14% in 2022, up from 5% in 2021.
Commercial lines-focused agencies were more likely to grow (87%) than personal lines-focused agencies (73%).
More clients are requesting remarketing of their commercial policies, with 37% of agents reporting a substantial or huge increase in this demand.
Agencies are offering more self-service options for their clients, with 57% saying that customers can access carrier-provided services online.
How to obtain a copy of the survey
Channel Harvest is a division of Aartrijk, a branding and marketing firm for the insurance industry. A copy of the survey can be obtained by requesting one from the Aartrijk website.
