Video: Trends impacting the insurance industry today
December 16, 2021
Recent Agency Forward research highlighted some of the challenges agents face in this time of digital acceleration. The research found over half (54%) of agents said they have struggled to maintain clients due to the transition to all-digital relationship models, and 63% have struggled to retain top talent.
View this video to learn more about the trends impacting the industry today.
Considering these trends, insurance agents who don’t utilize digital tools to reach clients and support remote work could miss out on major opportunities to improve their service, expand their existing client bases and attract new talent.
To help service their clients and bolster their brand, some best practices for agents to consider include:
Ensure their profiles provide relevant details and appear professional
Expand their networks often and consider joining industry groups
Aim to post meaningful content three to five times per week and interact with others’ posts regularly
3. Prioritize client relationships
Lastly, it’s vital for agents to utilize virtual resources to foster solid, lasting relationships with their clients. This may entail being readily available for video chats to discuss coverage concerns or sending periodic email newsletters to keep in touch. By having strong relationships with their clients, agents can also rely on these individuals to post positive online reviews and refer their business to friends and family, further expanding their digital reach.
Nationwide commissioned Edelman Data & Intelligence to conduct a 20-minute quantitative online survey among a sample of 2,400 independent U.S. insurance agents, small business owners, middle-market business owners, African American business owners, Hispanic business owners and general consumers between June 22-July 7, 2021, to understand what business owners and consumers value when buying or renewing insurance policies, explore the different challenges each audience faces around insurance, gauge perceptions of the economy, and find out the actions business owners and consumers have taken as a result of COVID-19 and the conversations they’re having with agents. As a member in good standing with The Insights Association and ESOMAR, Edelman Data & Intelligence and Nationwide conduct all research in accordance with local, national and international laws and in line with all Market Research Standards and Guidelines.