AUG. 17, 2020
For insurance agents serving today’s businesses, it’s a complex world. Whether it’s preparing clients for a cyber threat, an active shooter situation or a global pandemic, commercial lines-focused agents must be nimble, responsive, and, perhaps most of all, ready for anything.
According to new Agent Authority research from Nationwide1, mid-market business owners in particular are looking to agents for guidance and to serve as a one-stop shop for insurance and business needs. More than three quarters (77%) of mid-market business owners indicated they have or will be reassessing their insurance needs due to the economy, but the results show they’re seeking more than just insurance advice; they also want to learn about topics like employee benefits, safety and loss control, cybersecurity and disaster planning, to name a few.
For agents, knowledge is power when serving the complex needs of mid-market businesses. But the amount of information needed is just too much for any one person to retain. That’s why many carriers who offer business solutions are developing ways to make information easier for agents to find, access and use.
What is the Commercial Insight Center?
At Nationwide, we’ve recently developed the Commercial Insight Center (or CIC) as a single resource for agents who need access to timely, concise and industry-specific content, as well as information on middle market trends, such as telematics, cybersecurity and emerging risks. The site will feature new articles and topics each month, with contributions from a range of Nationwide experts and thought leaders in commercial lines.
What information agents have access to
The CIC provides resources for insurance agents such as:
- Commercial insurance industry content
- News and trends on middle market companies
- Client-facing resources
Based on feedback directly from agents, we discovered several key insights that informed the creation of the CIC, including:
- Agents want easy access to searchable information, when and where they need it
- They want graphical descriptions and sound bites that make it easier for you to tell a story to your customers
- They don’t have time to search through long-form documents with pages and pages of content
- They value third-party insights to round out an industry perspective
- They seek actionable take-aways and relevant solutions
Resources for educating clients
Our survey showed that mid-market customers value the ability to connect quickly and digitally with their insurance agent. In addition to information for agents, the CIC offers client-facing resources like tips for recruiting the next-gen worker or guidelines for defending against cyber-attacks, which agents can easily share with clients.
Within the survey, more than half of independent agents indicated they struggle with educating clients on coverage needs (55%), understanding the nuances between different industries (53%) and helping clients with disaster preparation (51%).
Visit the Commercial Insight Center
We encourage agents to visit the Commercial Insight Center and share their feedback with us as it grows. We want it to be the go-to resource and a valuable asset as agents support their existing customers and find new ones. It’s also available to any insurance professional, regardless of whether they are a Nationwide partner or not.
We believe our industry expertise and risk management capabilities, together with relationship building and consultative skills from agents, will help clients know they’re well protected, regardless of what comes next.