OCT. 01, 2020
- 80% of middle-market companies indicated that they are concerned about the future of their business
- 77% of middle-market business owners indicated that they have or will be reassessing their insurance needs due to economic uncertainty
- 68% of middle-market businesses struggle to determine the appropriate levels of coverage for their company’s needs
These days, running a successful business of any size is no small accomplishment. It takes time, effort and dedication. Each year, businesses have new and ongoing challenges to tackle. Whether it’s preparing for the latest cyberthreat, addressing labor trends, dealing with industry disruption, sizing up changes in consumer behavior or complying with new regulatory requirements, businesses have a lot to consider.
Of course, the events of 2020 have drastically changed the landscape for most businesses. The fallout from the COVID-19 pandemic and corresponding economic uncertainty have uprooted life as we know it. Against this backdrop, it’s no surprise that middle-market businesses are increasingly turning to their insurance agents for assistance. The best-equipped insurance agents are those prepared to deliver tailored guidance and value-added services that help their clients effectively manage their business through these uncertain times.
This sentiment was underscored in Nationwide’s latest Agent Authority research, which involved surveying over 600 middle-market businesses and 400 independent insurance agents from across the country. In this article, we will examine key findings from that research and how independent agents can leverage this information to meet the needs of clients and prospects.
COVID-19 and economic uncertainty weigh heavily
There is no denying that the ongoing COVID-19 pandemic and the state of the economy weigh heavily on businesses across the country. This is especially true for middle-market companies.
- Nationwide’s Agent Authority study surveyed over 600 middle-market businesses and 400 independent insurance agents from across the country.
- As middle-market businesses are re-examining their insurance needs, they are coming up against several challenges, from understanding different types of coverage to keeping up with new technology offered by the insurance industry.
- The best-equipped insurance agents are those prepared to deliver tailored guidance and value-added services that help their clients effectively manage their business through these uncertain times.
Nationwide commissioned Edelman Intelligence to conduct a 20-minute quantitative online survey among a sample of 2,600 U.S. independent insurance agents, small-business owners, mid-market business owners, mid-market business owners with fleet vehicles, African American business owners, Hispanic business owners and general consumers between June 9 and June 25, 2020. The goal was to understand what business owners and consumers value when buying or renewing insurance policies, explore the various challenges each audience faces concerning insurance, gauge perceptions of the economy and how each audience is managing uncertainty, and discover the actions that 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 of the Council of American Survey Research Organizations, Edelman Intelligence conducts all research in accordance with the Code of Marketing Research Standards.