Channel Harvest Research has completed its 17th annual national survey of independent agents and brokers, with a focus on how they’ve been managing the hard market in property-casualty insurance. More than 1,600 agency owners, producers and customer service representatives responded to this year’s survey conducted by Channel Harvest, a division of Aartrijk.
Developed in collaboration with partner insurance carriers, the 2024 Channel Harvest study asks agents what they need in a carrier relationship and why they prefer to work with certain companies. Respondents also rank specific carriers on a variety of performance metrics.
This year’s findings also include insights on the following:
• Hard market challenges: How is the hard market affecting agencies? Many respondents say this is the toughest market they have experienced, particularly in personal lines, with rising prices and limited coverage availability. Top reasons for customer loss include new carrier restrictions, non-renewals and customers finding lower premiums elsewhere.
• Revenue growth versus policies in force: Three-quarters of respondents reported revenue growth in the past year; however, only 50% saw growth in policies in force. Alarmingly, one in five agencies experienced a net loss of policies in force.
• Digital adoption: While half of the surveyed agencies enable customers to text them directly, the adoption of self-service portals, apps and real-time quoting or binding remains relatively low.
• Importance of in-person visits: Although in-person visits from carrier field representatives remain important to nearly half of agents, there is a notable increase in those who do not consider such visits essential.
Channel Harvest provides insurers with a unique, third-party, objective lens. Carriers use the detail to benchmark what they already may believe about their agent distribution and to gather insight into relevant subject areas. Insurers interested in participating in this survey may contact Dave Evans, Aartrijk strategist and senior associate, at dave.evans@Aartrijk.com or 703.304.3540.
About Aartrijk
Aartrijk is a branding and marketing-communications firm dedicated to the insurance industry, with a specialty in the independent agent channel. Its partners include carriers and managing general agencies, insurtechs, service providers, trade associations, user groups, educators and media companies. Celebrating its 25th year in 2024, the firm offers customer and business partner research, brand strategy, visual identity development, digital marketing, advertising and sponsorship programs, media relations and content development. Visit Aartrijk.com.